Align Technology (NASDAQ:ALGN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday, January 29th. The firm presently has a $318.00 price objective on the medical equipment provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 36.40% from the company’s current price.
According to Zacks, “Post a promising third-quarter 2017 performance by Align Technology, we are encouraged by the company’s solid InvisAlign prospects and growth in North America and internationally, particularly in the Asia-Pacific region. We are particularly impressed with soaring demand for the InvisAlign products in the teen market worldwide. We are also upbeat about the company signing of a distribution agreement with Patterson Dental. The company’s receipt of two U.S. patents for SmartTrack InvisAlign Aligner material buoys optimism. Notably, over the past three months, Align Technology has been trading above the broader industry. On the flip side, adverse foreign currency fluctuation is a concern. Moreover, tough competition and macroeconomic headwinds continue to weigh on the stock.”
Other analysts have also recently issued research reports about the company. Robert W. Baird reaffirmed a “buy” rating and issued a $290.00 price target on shares of Align Technology in a report on Wednesday, November 29th. Stifel Nicolaus raised their price target on Align Technology from $205.00 to $225.00 and gave the company a “buy” rating in a report on Monday, October 23rd. Northcoast Research reaffirmed a “buy” rating and issued a $230.00 price target (up previously from $200.00) on shares of Align Technology in a report on Tuesday, October 10th. Credit Suisse Group raised Align Technology to a “buy” rating and set a $276.00 price target on the stock in a report on Thursday, January 4th. Finally, Stephens cut Align Technology from an “overweight” rating to an “equal weight” rating and set a $230.00 price target on the stock. in a report on Friday, January 19th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $258.54.
Shares of Align Technology (NASDAQ ALGN) opened at $233.13 on Monday. The stock has a market capitalization of $18,390.36, a PE ratio of 82.09, a P/E/G ratio of 1.75 and a beta of 1.48. Align Technology has a 1-year low of $96.40 and a 1-year high of $287.32.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Tuesday, January 30th. The medical equipment provider reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.23. Align Technology had a return on equity of 28.55% and a net margin of 15.71%. The business had revenue of $421.30 million for the quarter, compared to analysts’ expectations of $395.88 million. During the same quarter in the prior year, the firm posted $0.59 EPS. The firm’s quarterly revenue was up 43.7% on a year-over-year basis. analysts anticipate that Align Technology will post 4.49 earnings per share for the current year.
In related news, VP Emory Wright sold 5,025 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $263.68, for a total transaction of $1,324,992.00. Following the transaction, the vice president now directly owns 80,762 shares in the company, valued at approximately $21,295,324.16. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO John Morici sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, November 24th. The stock was sold at an average price of $255.00, for a total value of $382,500.00. Following the transaction, the chief financial officer now owns 1,544 shares in the company, valued at $393,720. The disclosure for this sale can be found here. Insiders have sold a total of 82,029 shares of company stock worth $21,369,243 over the last quarter. Corporate insiders own 1.60% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. QS Investors LLC grew its position in shares of Align Technology by 4.7% in the 2nd quarter. QS Investors LLC now owns 2,729 shares of the medical equipment provider’s stock worth $410,000 after buying an additional 123 shares during the last quarter. CAPROCK Group Inc. grew its position in shares of Align Technology by 13.2% in the 4th quarter. CAPROCK Group Inc. now owns 1,834 shares of the medical equipment provider’s stock worth $474,000 after buying an additional 214 shares during the last quarter. Moody Lynn & Lieberson LLC grew its position in shares of Align Technology by 9.1% in the 4th quarter. Moody Lynn & Lieberson LLC now owns 2,723 shares of the medical equipment provider’s stock worth $735,000 after buying an additional 228 shares during the last quarter. Global X Management Co. LLC grew its position in shares of Align Technology by 10.6% in the 4th quarter. Global X Management Co. LLC now owns 2,399 shares of the medical equipment provider’s stock worth $533,000 after buying an additional 229 shares during the last quarter. Finally, Winslow Evans & Crocker Inc. grew its position in shares of Align Technology by 9.0% in the 3rd quarter. Winslow Evans & Crocker Inc. now owns 3,116 shares of the medical equipment provider’s stock worth $580,000 after buying an additional 256 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.
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Align Technology Company 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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