Wrapmanager Inc. increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 15.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,439 shares of the medical equipment provider’s stock after purchasing an additional 319 shares during the quarter. Wrapmanager Inc.’s holdings in Align Technology were worth $668,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Horan Capital Advisors LLC. acquired a new position in Align Technology during the first quarter worth $28,000. Harvest Group Wealth Management LLC acquired a new position in Align Technology during the first quarter worth $28,000. Avestar Capital LLC raised its holdings in Align Technology by 687.5% during the first quarter. Avestar Capital LLC now owns 126 shares of the medical equipment provider’s stock worth $32,000 after purchasing an additional 110 shares during the last quarter. Lindbrook Capital LLC raised its holdings in Align Technology by 110.0% during the first quarter. Lindbrook Capital LLC now owns 126 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 66 shares during the last quarter. Finally, FTB Advisors Inc. raised its holdings in Align Technology by 132.2% during the first quarter. FTB Advisors Inc. now owns 137 shares of the medical equipment provider’s stock worth $37,000 after purchasing an additional 78 shares during the last quarter. 83.14% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have weighed in on ALGN shares. Wolfe Research started coverage on Align Technology in a research report on Thursday, May 30th. They set a “peer perform” rating for the company. BidaskClub downgraded Align Technology from a “sell” rating to a “strong sell” rating in a research report on Wednesday. Zacks Investment Research downgraded Align Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, May 21st. Bank of America downgraded Align Technology from a “buy” rating to a “neutral” rating in a research report on Thursday, July 25th. Finally, Piper Jaffray Companies set a $240.00 price target on Align Technology and gave the stock a “buy” rating in a research report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $297.91.
Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.13. The business had revenue of $600.70 million during the quarter, compared to the consensus estimate of $599.86 million. Align Technology had a return on equity of 29.26% and a net margin of 19.06%. The business’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.30 earnings per share. Analysts forecast that Align Technology, Inc. will post 5.03 EPS for the current year.
In other news, Director Joseph Lacob sold 30,000 shares of Align Technology stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $181.79, for a total value of $5,453,700.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Vamsi Mohan Raj Pudipeddi acquired 1,100 shares of the stock in a transaction dated Tuesday, August 6th. The stock was acquired at an average cost of $188.11 per share, with a total value of $206,921.00. Following the transaction, the vice president now owns 1,100 shares of the company’s stock, valued at $206,921. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 48,223 shares of company stock valued at $10,935,336. Company insiders own 1.30% of the company’s stock.
Align Technology Profile
Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.
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