Whittier Trust Co. Decreases Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Whittier Trust Co. lessened its stake in Align Technology, Inc. (NASDAQ:ALGN) by 13.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 487 shares of the medical equipment provider’s stock after selling 74 shares during the quarter. Whittier Trust Co.’s holdings in Align Technology were worth $118,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Align Technology during the 4th quarter valued at approximately $223,610,000. Brown Advisory Inc. raised its position in shares of Align Technology by 41.4% during the 4th quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after acquiring an additional 441,754 shares in the last quarter. Swedbank AB acquired a new stake in shares of Align Technology during the 1st quarter valued at approximately $96,117,000. Bares Capital Management Inc. raised its position in shares of Align Technology by 44.4% during the 1st quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after acquiring an additional 252,220 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Align Technology by 102.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock valued at $113,648,000 after acquiring an additional 209,419 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Align Technology

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the purchase, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 0.62% of the company’s stock.

Align Technology Stock Up 1.8 %

Shares of ALGN stock opened at $235.15 on Friday. The stock has a 50-day simple moving average of $234.91 and a 200 day simple moving average of $272.96. Align Technology, Inc. has a fifty-two week low of $176.34 and a fifty-two week high of $375.68. The stock has a market capitalization of $17.70 billion, a P/E ratio of 38.74, a P/E/G ratio of 5.18 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the business posted $1.73 earnings per share. The company’s quarterly revenue was up 2.6% on a year-over-year basis. On average, sell-side analysts anticipate that Align Technology, Inc. will post 7.64 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ALGN shares. Stifel Nicolaus dropped their target price on Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. Robert W. Baird dropped their target price on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Morgan Stanley dropped their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Evercore ISI dropped their target price on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, June 10th. Finally, StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research report on Saturday, August 24th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $322.78.

Align Technology Profile

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.