M&T Bank Corp Cuts Stake in Align Technology, Inc. (NASDAQ:ALGN)

M&T Bank Corp decreased its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 18.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,374 shares of the medical equipment provider’s stock after selling 2,275 shares during the period. M&T Bank Corp’s holdings in Align Technology were worth $2,305,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Shelton Capital Management bought a new stake in shares of Align Technology during the fourth quarter valued at approximately $1,548,000. Nicollet Investment Management Inc. acquired a new position in shares of Align Technology during the fourth quarter valued at approximately $1,514,000. ING Groep NV increased its stake in shares of Align Technology by 346.8% during the fourth quarter. ING Groep NV now owns 10,876 shares of the medical equipment provider’s stock valued at $2,417,000 after acquiring an additional 8,442 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its stake in shares of Align Technology by 4.7% during the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 22,540 shares of the medical equipment provider’s stock valued at $5,211,000 after acquiring an additional 1,017 shares during the period. Finally, DSAM Partners London Ltd acquired a new position in Align Technology in the fourth quarter worth approximately $926,000. 80.72% of the stock is currently owned by institutional investors and hedge funds.

In related news, insider Joseph M. Hogan acquired 1,500 shares of the stock in a transaction dated Tuesday, February 13th. The stock was bought at an average price of $233.63 per share, with a total value of $350,445.00. Following the completion of the transaction, the insider now directly owns 42,984 shares of the company’s stock, valued at $10,042,351.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Emory Wright sold 5,025 shares of the stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $263.68, for a total transaction of $1,324,992.00. Following the sale, the vice president now directly owns 80,762 shares of the company’s stock, valued at approximately $21,295,324.16. The disclosure for this sale can be found here. Insiders sold 80,529 shares of company stock valued at $20,986,743 in the last ninety days. Insiders own 1.60% of the company’s stock.

ALGN has been the topic of several research analyst reports. Stifel Nicolaus lifted their target price on shares of Align Technology from $265.00 to $295.00 and gave the company a “buy” rating in a research note on Tuesday, January 30th. Morgan Stanley lifted their target price on shares of Align Technology from $257.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, November 27th. Zacks Investment Research raised shares of Align Technology from a “hold” rating to a “buy” rating and set a $227.00 price objective for the company in a research note on Monday, October 30th. Credit Suisse Group raised shares of Align Technology to a “buy” rating and set a $276.00 price objective for the company in a research note on Thursday, January 4th. Finally, Stephens downgraded shares of Align Technology from an “overweight” rating to an “equal weight” rating and set a $230.00 price objective on the stock. in a report on Friday, January 19th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Align Technology has a consensus rating of “Buy” and an average target price of $258.54.

Shares of Align Technology, Inc. (NASDAQ:ALGN) traded up $5.39 during mid-day trading on Friday, hitting $265.07. 931,148 shares of the stock were exchanged, compared to its average volume of 1,360,000. Align Technology, Inc. has a 12 month low of $100.57 and a 12 month high of $287.32. The firm has a market capitalization of $21,690.00, a price-to-earnings ratio of 68.14, a price-to-earnings-growth ratio of 1.98 and a beta of 1.48.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Tuesday, January 30th. The medical equipment provider reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.96 by $0.23. Align Technology had a net margin of 15.71% and a return on equity of 28.55%. The company had revenue of $421.30 million for the quarter, compared to analyst estimates of $395.88 million. During the same period in the prior year, the business earned $0.59 earnings per share. Align Technology’s quarterly revenue was up 43.7% on a year-over-year basis. equities research analysts anticipate that Align Technology, Inc. will post 4.49 EPS for the current year.

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About Align Technology

Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.

Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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