Canandaigua National Bank & Trust Co. decreased its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 22.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,090 shares of the medical equipment provider’s stock after selling 1,730 shares during the quarter. Canandaigua National Bank & Trust Co.’s holdings in Align Technology were worth $2,383,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. United Services Automobile Association raised its holdings in shares of Align Technology by 1.7% during the second quarter. United Services Automobile Association now owns 58,876 shares of the medical equipment provider’s stock valued at $20,144,000 after acquiring an additional 995 shares during the last quarter. Iberiabank Corp raised its holdings in shares of Align Technology by 28.8% during the third quarter. Iberiabank Corp now owns 9,305 shares of the medical equipment provider’s stock valued at $3,640,000 after acquiring an additional 2,081 shares during the last quarter. Sapphire Star Partners LP acquired a new position in shares of Align Technology during the second quarter valued at approximately $237,000. HRT Financial LLC acquired a new position in shares of Align Technology during the second quarter valued at approximately $892,000. Finally, Elmwood Wealth Management Inc. acquired a new position in shares of Align Technology during the second quarter valued at approximately $890,000. 78.54% of the stock is owned by institutional investors.
ALGN has been the subject of a number of research analyst reports. Morgan Stanley increased their target price on Align Technology from $315.00 to $320.00 and gave the company an “equal weight” rating in a report on Tuesday, October 9th. Zacks Investment Research cut Align Technology from a “hold” rating to a “sell” rating in a report on Monday, October 22nd. Goldman Sachs Group initiated coverage on Align Technology in a report on Saturday, October 20th. They set a “buy” rating and a $420.00 target price for the company. Piper Jaffray Companies increased their target price on Align Technology to $425.00 and gave the company an “overweight” rating in a report on Friday, July 20th. Finally, BidaskClub raised Align Technology from a “buy” rating to a “strong-buy” rating in a report on Tuesday, August 28th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Align Technology currently has an average rating of “Buy” and an average target price of $354.08.
In related news, Director Warren S. Thaler sold 3,500 shares of the stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $363.62, for a total value of $1,272,670.00. Following the completion of the transaction, the director now directly owns 47,015 shares in the company, valued at $17,095,594.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Stuart A. Hockridge sold 2,753 shares of the stock in a transaction that occurred on Wednesday, August 15th. The stock was sold at an average price of $366.73, for a total value of $1,009,607.69. The disclosure for this sale can be found here. Insiders sold 55,648 shares of company stock valued at $20,577,327 over the last 90 days. Company insiders own 1.40% of the company’s stock.
ALGN stock opened at $228.12 on Tuesday. The company has a market capitalization of $18.45 billion, a PE ratio of 58.64, a P/E/G ratio of 1.99 and a beta of 2.00. Align Technology, Inc. has a 1 year low of $203.12 and a 1 year high of $398.88.
Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 24th. The medical equipment provider reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.19 by $0.05. The business had revenue of $505.30 million during the quarter, compared to analyst estimates of $503.14 million. Align Technology had a return on equity of 34.09% and a net margin of 16.89%. The business’s revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.01 earnings per share. As a group, sell-side analysts predict that Align Technology, Inc. will post 4.89 EPS for the current fiscal year.
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Align Technology Profile
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
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