Suntrust Banks Inc. Lowers Position in Align Technology, Inc. (ALGN)

Suntrust Banks Inc. lowered its stake in Align Technology, Inc. (NASDAQ:ALGN) by 40.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,992 shares of the medical equipment provider’s stock after selling 8,983 shares during the period. Suntrust Banks Inc.’s holdings in Align Technology were worth $3,260,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the stock. Redwood Investments LLC acquired a new stake in shares of Align Technology in the first quarter valued at approximately $1,768,000. Amalgamated Bank boosted its stake in Align Technology by 11.0% in the first quarter. Amalgamated Bank now owns 11,517 shares of the medical equipment provider’s stock valued at $2,892,000 after acquiring an additional 1,145 shares during the last quarter. Navellier & Associates Inc boosted its stake in Align Technology by 5.5% in the first quarter. Navellier & Associates Inc now owns 50,280 shares of the medical equipment provider’s stock valued at $12,627,000 after acquiring an additional 2,630 shares during the last quarter. Parsons Capital Management Inc. RI boosted its stake in Align Technology by 91.0% in the first quarter. Parsons Capital Management Inc. RI now owns 4,587 shares of the medical equipment provider’s stock valued at $1,152,000 after acquiring an additional 2,185 shares during the last quarter. Finally, Wesbanco Bank Inc. bought a new position in Align Technology in the first quarter valued at approximately $564,000. 78.07% of the stock is owned by institutional investors and hedge funds.

A number of equities analysts have issued reports on the stock. Jefferies Financial Group raised their price objective on shares of Align Technology to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 24th. Piper Jaffray Companies raised their price objective on shares of Align Technology from $300.00 to $325.00 and gave the company an “overweight” rating in a research note on Thursday, May 24th. BidaskClub cut shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Monday, June 18th. Credit Suisse Group raised their price objective on shares of Align Technology from $290.00 to $300.00 and gave the company an “outperform” rating in a research note on Thursday, April 26th. Finally, Zacks Investment Research cut shares of Align Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, May 15th. Three investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $327.55.

In other news, Director Thomas M. Prescott sold 82,000 shares of Align Technology stock in a transaction on Monday, April 30th. The shares were sold at an average price of $252.75, for a total transaction of $20,725,500.00. Following the transaction, the director now directly owns 222,399 shares of the company’s stock, valued at $56,211,347.25. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Emory Wright sold 27,492 shares of Align Technology stock in a transaction on Monday, May 7th. The stock was sold at an average price of $263.68, for a total transaction of $7,249,090.56. Following the transaction, the senior vice president now directly owns 5,424 shares in the company, valued at $1,430,200.32. The disclosure for this sale can be found here. Over the last three months, insiders have sold 188,434 shares of company stock worth $51,437,919. Insiders own 1.40% of the company’s stock.

Shares of NASDAQ ALGN opened at $343.80 on Friday. The firm has a market cap of $27.47 billion, a PE ratio of 88.38, a PEG ratio of 2.54 and a beta of 1.55. Align Technology, Inc. has a twelve month low of $148.01 and a twelve month high of $371.55.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 25th. The medical equipment provider reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.19. The company had revenue of $436.92 million for the quarter, compared to analysts’ expectations of $408.27 million. Align Technology had a net margin of 16.12% and a return on equity of 30.36%. The business’s quarterly revenue was up 40.8% compared to the same quarter last year. During the same period last year, the firm posted $0.59 earnings per share. research analysts anticipate that Align Technology, Inc. will post 4.75 EPS for the current year.

Align Technology Company 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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Institutional Ownership by Quarter for Align Technology (NASDAQ:ALGN)

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