US Bancorp DE Decreases Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

US Bancorp DE reduced its position in Align Technology, Inc. (NASDAQ:ALGN) by 5.5% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 87,422 shares of the medical equipment provider’s stock after selling 5,102 shares during the period. US Bancorp DE owned 0.12% of Align Technology worth $22,233,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of ALGN. Cullen Frost Bankers Inc. grew its holdings in Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 94 shares during the last quarter. Innealta Capital LLC acquired a new position in Align Technology during the 2nd quarter valued at about $26,000. Rothschild Investment LLC purchased a new stake in Align Technology in the second quarter valued at about $26,000. Versant Capital Management Inc boosted its holdings in Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 93 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Align Technology during the first quarter worth about $29,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Trading Up 1.7 %

Shares of NASDAQ:ALGN opened at $208.58 on Friday. Align Technology, Inc. has a 12-month low of $184.89 and a 12-month high of $335.40. The business has a 50 day moving average of $231.05 and a two-hundred day moving average of $246.21. The company has a market capitalization of $15.58 billion, a PE ratio of 35.59, a PEG ratio of 4.98 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to the consensus estimate 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 for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.62 earnings per share. Equities research analysts predict that Align Technology, Inc. will post 7.45 earnings per share for the current fiscal year.

Analyst Ratings Changes

ALGN has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Thursday, October 24th. Morgan Stanley lowered their price objective on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Robert W. Baird dropped their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Stifel Nicolaus reduced their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Finally, Piper Sandler cut their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $276.38.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were acquired at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the transaction, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.62% of the stock is currently owned by company insiders.

About Align Technology

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.