Westpac Banking Corp Sells 400 Shares of Align Technology, Inc. (NASDAQ:ALGN)
Westpac Banking Corp trimmed its position in Align Technology, Inc. (NASDAQ:ALGN) by 2.3% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 17,023 shares of the medical equipment provider’s stock after selling 400 shares during the period. Westpac Banking Corp’s holdings in Align Technology were worth $4,659,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Stephens Investment Management Group LLC grew its position in shares of Align Technology by 36.2% during the 1st quarter. Stephens Investment Management Group LLC now owns 73,114 shares of the medical equipment provider’s stock valued at $20,789,000 after acquiring an additional 19,452 shares during the period. Allstate Corp grew its position in shares of Align Technology by 253.6% during the 1st quarter. Allstate Corp now owns 3,914 shares of the medical equipment provider’s stock valued at $1,113,000 after acquiring an additional 2,807 shares during the period. Brightworth grew its position in shares of Align Technology by 12.0% during the 2nd quarter. Brightworth now owns 11,478 shares of the medical equipment provider’s stock valued at $3,142,000 after acquiring an additional 1,233 shares during the period. Heritage Investors Management Corp grew its position in shares of Align Technology by 19.9% during the 2nd quarter. Heritage Investors Management Corp now owns 7,817 shares of the medical equipment provider’s stock valued at $2,140,000 after acquiring an additional 1,296 shares during the period. Finally, RDA Financial Network grew its position in shares of Align Technology by 10.4% during the 2nd quarter. RDA Financial Network now owns 2,524 shares of the medical equipment provider’s stock valued at $687,000 after acquiring an additional 237 shares during the period. 83.14% of the stock is owned by institutional investors and hedge funds.
In other Align Technology news, Director Joseph Lacob sold 30,000 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $181.79, for a total value of $5,453,700.00. Following the sale, the director now directly owns 564 shares in the company, valued at approximately $102,529.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Vamsi Mohan Raj Pudipeddi bought 1,100 shares of the stock in a transaction on Tuesday, August 6th. The stock was purchased at an average price of $188.11 per share, for a total transaction of $206,921.00. Following the completion of the purchase, the vice president now directly owns 1,100 shares in the company, valued at $206,921. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 48,223 shares of company stock valued at $10,935,336. 1.30% of the stock is owned by insiders.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.13. The company had revenue of $600.70 million during the quarter, compared to the consensus estimate of $599.86 million. Align Technology had a net margin of 19.06% and a return on equity of 29.26%. Align Technology’s revenue for the quarter was up 22.5% on a year-over-year basis. During the same period last year, the firm earned $1.30 EPS. Research analysts forecast that Align Technology, Inc. will post 5 earnings per share for the current fiscal year.
ALGN has been the subject of a number of research reports. Bank of America downgraded shares of Align Technology from a “buy” rating to a “neutral” rating in a research report on Thursday, July 25th. Barclays increased their target price on shares of Align Technology from $335.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. BidaskClub downgraded shares of Align Technology from a “sell” rating to a “strong sell” rating in a research report on Wednesday. Piper Jaffray Companies set a $240.00 target price on shares of Align Technology and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, UBS Group set a $230.00 target price on shares of Align Technology and gave the company a “hold” rating in a research report on Friday, July 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $297.91.
About Align Technology
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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