UMB Bank n.a. Reduces Stake in Align Technology, Inc. (NASDAQ:ALGN)

UMB Bank n.a. decreased its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 18.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 597 shares of the medical equipment provider’s stock after selling 131 shares during the quarter. UMB Bank n.a.’s holdings in Align Technology were worth $124,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in ALGN. Wellington Management Group LLP lifted its position in shares of Align Technology by 49.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after buying an additional 866,663 shares during the last quarter. Holocene Advisors LP acquired a new stake in Align Technology during the 3rd quarter worth $137,287,000. FMR LLC lifted its position in Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after acquiring an additional 367,508 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in Align Technology by 96.3% in the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock valued at $171,493,000 after acquiring an additional 330,807 shares in the last quarter. Finally, Senvest Management LLC grew its holdings in shares of Align Technology by 76.4% during the third quarter. Senvest Management LLC now owns 459,243 shares of the medical equipment provider’s stock worth $116,795,000 after purchasing an additional 198,893 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Trading Up 1.2 %

NASDAQ ALGN opened at $234.89 on Friday. The business’s 50 day moving average is $222.61 and its two-hundred day moving average is $227.87. The stock has a market capitalization of $17.53 billion, a price-to-earnings ratio of 40.08, a PEG ratio of 5.00 and a beta of 1.67. Align Technology, Inc. has a 12-month low of $196.09 and a 12-month high of $335.40.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. The firm had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. Align Technology’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.62 earnings per share. Equities analysts forecast that Align Technology, Inc. will post 7.48 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ALGN has been the subject of a number of research analyst reports. Jefferies Financial Group decreased their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Morgan Stanley cut their target price on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Finally, Piper Sandler dropped their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $267.45.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.