Bank of Montreal Can Increases Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Bank of Montreal Can raised its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 73.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 140,192 shares of the medical equipment provider's stock after acquiring an additional 59,436 shares during the period. Bank of Montreal Can owned approximately 0.19% of Align Technology worth $35,722,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Mather Group LLC. raised its holdings in shares of Align Technology by 52.5% in the 2nd quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider's stock valued at $29,000 after acquiring an additional 42 shares in the last quarter. Quarry LP raised its holdings in shares of Align Technology by 53.0% during the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider's stock valued at $31,000 after buying an additional 44 shares in the last quarter. Crewe Advisors LLC raised its holdings in shares of Align Technology by 36.8% during the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider's stock valued at $41,000 after buying an additional 46 shares in the last quarter. Empirical Finance LLC raised its holdings in shares of Align Technology by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider's stock valued at $632,000 after buying an additional 50 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Align Technology by 0.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider's stock valued at $2,143,000 after buying an additional 54 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analysts Set New Price Targets

ALGN has been the topic of a number of research reports. Robert W. Baird decreased their price objective on Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Morgan Stanley decreased their price objective on Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Stifel Nicolaus reduced their price target on Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a research report on Thursday, October 24th. Piper Sandler reduced their price target on Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a research report on Thursday, October 24th. Finally, Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $276.38.

Align Technology Stock Performance

Shares of ALGN traded up $3.11 on Friday, reaching $232.77. The stock had a trading volume of 307,112 shares, compared to its average volume of 786,188. The firm has a market capitalization of $17.38 billion, a price-to-earnings ratio of 39.19, a price-to-earnings-growth ratio of 5.95 and a beta of 1.65. The company has a 50-day simple moving average of $226.83 and a 200-day simple moving average of $236.87. Align Technology, Inc. has a 12-month low of $196.09 and a 12-month high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating analysts' consensus estimates of $2.31 by $0.04. The company 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%. The firm's revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.62 EPS. On average, analysts expect that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

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.