First Hawaiian Bank Invests $1.85 Million in Align Technology, Inc. (ALGN) Stock
First Hawaiian Bank purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN) during the third quarter, Holdings Channel reports. The fund purchased 4,735 shares of the medical equipment provider’s stock, valued at approximately $1,852,000.
Other institutional investors also recently added to or reduced their stakes in the company. Capital Investment Advisors LLC purchased a new stake in Align Technology during the 3rd quarter worth approximately $222,000. Dorsey Wright & Associates increased its stake in Align Technology by 63.6% during the 3rd quarter. Dorsey Wright & Associates now owns 20,980 shares of the medical equipment provider’s stock worth $8,208,000 after buying an additional 8,157 shares during the period. Iberiabank Corp increased its stake in Align Technology by 28.8% during the 3rd quarter. Iberiabank Corp now owns 9,305 shares of the medical equipment provider’s stock worth $3,640,000 after buying an additional 2,081 shares during the period. Advisors Capital Management LLC purchased a new stake in Align Technology during the 3rd quarter worth approximately $2,601,000. Finally, Ipswich Investment Management Co. Inc. purchased a new stake in Align Technology during the 3rd quarter worth approximately $479,000. 78.56% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Joseph Lacob sold 10,000 shares of the company’s stock in a transaction on Monday, August 27th. The shares were sold at an average price of $382.00, for a total value of $3,820,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Raphael Pascaud sold 10,500 shares of the company’s stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $361.00, for a total transaction of $3,790,500.00. Following the completion of the transaction, the chief marketing officer now owns 25,087 shares of the company’s stock, valued at approximately $9,056,407. The disclosure for this sale can be found here. In the last 90 days, insiders sold 55,648 shares of company stock valued at $20,577,327. Company insiders own 1.40% of the company’s stock.
Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.21. Align Technology had a net margin of 17.00% and a return on equity of 32.61%. The business had revenue of $490.26 million during the quarter, compared to analysts’ expectations of $472.10 million. During the same quarter in the prior year, the business posted $0.85 EPS. The company’s revenue for the quarter was up 37.5% on a year-over-year basis. Sell-side analysts expect that Align Technology, Inc. will post 4.98 earnings per share for the current year.
Several research analysts have commented on ALGN shares. Stifel Nicolaus boosted their price target on shares of Align Technology from $350.00 to $375.00 and gave the stock a “buy” rating in a report on Friday, July 13th. Northcoast Research reiterated a “buy” rating and set a $430.00 price target on shares of Align Technology in a report on Tuesday, June 26th. Bank of America started coverage on shares of Align Technology in a report on Monday, June 25th. They set a “buy” rating and a $420.00 price target for the company. BidaskClub cut shares of Align Technology from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 31st. Finally, Barclays reiterated a “buy” rating on shares of Align Technology in a report on Thursday, July 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $363.09.
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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