Wesbanco Bank Inc. Reduces Position in Align Technology, Inc. (ALGN)
Wesbanco Bank Inc. decreased its stake in Align Technology, Inc. (NASDAQ:ALGN) by 2.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,743 shares of the medical equipment provider’s stock after selling 311 shares during the period. Wesbanco Bank Inc.’s holdings in Align Technology were worth $2,001,000 at the end of the most recent quarter.
Other large investors also recently modified their holdings of the company. Schroder Investment Management Group bought a new position in Align Technology in the 2nd quarter valued at approximately $104,000. CENTRAL TRUST Co lifted its stake in Align Technology by 128.5% in the 2nd quarter. CENTRAL TRUST Co now owns 697 shares of the medical equipment provider’s stock valued at $105,000 after purchasing an additional 392 shares during the last quarter. Whittier Trust Co. bought a new position in Align Technology in the 3rd quarter valued at approximately $107,000. Bronfman E.L. Rothschild L.P. lifted its stake in Align Technology by 13.0% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 912 shares of the medical equipment provider’s stock valued at $137,000 after purchasing an additional 105 shares during the last quarter. Finally, BlueMountain Capital Management LLC bought a new position in Align Technology in the 2nd quarter valued at approximately $148,000. 81.16% of the stock is owned by institutional investors and hedge funds.
ALGN has been the subject of several research reports. Zacks Investment Research downgraded shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 21st. Stifel Nicolaus reaffirmed a “buy” rating and set a $225.00 price target (up previously from $205.00) on shares of Align Technology in a research note on Thursday, October 19th. Morgan Stanley reaffirmed an “overweight” rating and set a $220.00 price target (up previously from $195.00) on shares of Align Technology in a research note on Friday, October 6th. Northcoast Research reaffirmed a “buy” rating and set a $230.00 price target (up previously from $200.00) on shares of Align Technology in a research note on Tuesday, October 10th. Finally, Robert W. Baird reaffirmed a “buy” rating on shares of Align Technology in a research note on Tuesday, September 12th. Eleven equities research analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and an average target price of $214.45.
In other news, CMO Raphael Pascaud sold 5,400 shares of the stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $241.88, for a total transaction of $1,306,152.00. Following the completion of the sale, the chief marketing officer now directly owns 22,228 shares in the company, valued at $5,376,508.64. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Greg J. Santora sold 7,700 shares of the stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $238.95, for a total transaction of $1,839,915.00. The disclosure for this sale can be found here. Corporate insiders own 1.60% of the company’s stock.
Align Technology, Inc. (NASDAQ:ALGN) traded up $3.15 during mid-day trading on Tuesday, hitting $244.50. 1,062,583 shares of the stock traded hands, compared to its average volume of 1,090,000. The company has a market capitalization of $19,650.00, a P/E ratio of 71.40, a P/E/G ratio of 2.35 and a beta of 1.41. Align Technology, Inc. has a 12-month low of $86.38 and a 12-month high of $246.83.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $1.01 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.19. Align Technology had a net margin of 19.98% and a return on equity of 25.60%. The firm had revenue of $385.30 million during the quarter, compared to the consensus estimate of $359.80 million. During the same quarter last year, the firm earned $0.63 earnings per share. The company’s revenue for the quarter was up 38.3% on a year-over-year basis. equities research analysts anticipate that Align Technology, Inc. will post 3.56 earnings per share for the current year.
Align Technology Profile
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.
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