US Bancorp DE Sells 9,880 Shares of Align Technology, Inc. $ALGN

US Bancorp DE reduced its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 13.5% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 63,241 shares of the medical equipment provider’s stock after selling 9,880 shares during the quarter. US Bancorp DE owned 0.09% of Align Technology worth $7,919,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Align Technology by 38.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,551 shares of the medical equipment provider’s stock worth $2,029,000 after purchasing an additional 4,359 shares in the last quarter. AE Wealth Management LLC purchased a new position in shares of Align Technology in the third quarter worth $650,000. Dana Investment Advisors Inc. bought a new position in shares of Align Technology during the third quarter valued at $9,991,000. Hussman Strategic Advisors Inc. purchased a new stake in shares of Align Technology during the third quarter valued at $3,156,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Align Technology in the 3rd quarter worth about $1,327,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

NASDAQ:ALGN opened at $190.10 on Monday. Align Technology, Inc. has a one year low of $122.00 and a one year high of $208.30. The business has a fifty day moving average price of $172.32 and a 200-day moving average price of $151.10. The firm has a market capitalization of $13.64 billion, a price-to-earnings ratio of 33.59, a price-to-earnings-growth ratio of 2.08 and a beta of 1.79.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.99 by $0.30. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.The business had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. During the same quarter in the previous year, the company posted $2.44 earnings per share. Align Technology’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities research analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ALGN. Barclays upped their target price on shares of Align Technology from $170.00 to $200.00 and gave the company an “equal weight” rating in a research note on Wednesday. Mizuho increased their price objective on shares of Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Jefferies Financial Group raised their target price on shares of Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. Piper Sandler boosted their target price on shares of Align Technology from $200.00 to $220.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Finally, Wells Fargo & Company increased their price target on Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a report on Thursday, February 5th. Six analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Align Technology has an average rating of “Hold” and a consensus target price of $198.08.

Insider Activity

In related news, EVP John Morici sold 7,969 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total value of $1,508,611.39. Following the completion of the sale, the executive vice president directly owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. This represents a 49.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.66% of the company’s stock.

Align Technology Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.