Traders Buy Align Technology (ALGN) on Weakness

Traders purchased shares of Align Technology, Inc. (NASDAQ:ALGN) on weakness during trading hours on Monday. $90.28 million flowed into the stock on the tick-up and $62.25 million flowed out of the stock on the tick-down, for a money net flow of $28.03 million into the stock. Of all equities tracked, Align Technology had the 22nd highest net in-flow for the day. Align Technology traded down ($1.27) for the day and closed at $251.50

ALGN has been the subject of several recent analyst reports. Stifel Nicolaus lifted their price target on Align Technology from $265.00 to $295.00 and gave the company a “buy” rating in a report on Tuesday, January 30th. Morgan Stanley lifted their price target on Align Technology from $257.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, November 27th. Zacks Investment Research upgraded Align Technology from a “hold” rating to a “buy” rating and set a $227.00 price target for the company in a report on Monday, October 30th. Credit Suisse Group upgraded Align Technology to a “buy” rating and set a $276.00 price target for the company 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 for the company. in a report on Friday, January 19th. Four research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $258.54.

The stock has a market cap of $20,480.00, a price-to-earnings ratio of 90.27, a P/E/G ratio of 1.92 and a beta of 1.48.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Tuesday, January 30th. The medical equipment provider reported $1.19 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.23. The business had revenue of $421.30 million for the quarter, compared to analyst estimates of $395.88 million. Align Technology had a return on equity of 28.55% and a net margin of 15.71%. The company’s revenue was up 43.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.59 EPS. research analysts predict that Align Technology, Inc. will post 4.49 EPS for the current year.

In other news, CFO John Morici sold 1,500 shares of Align Technology stock in a transaction dated 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 directly owns 1,544 shares of the company’s stock, valued at approximately $393,720. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Emory Wright sold 5,025 shares of Align Technology stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $263.68, for a total value of $1,324,992.00. Following the completion of the transaction, the vice president now directly owns 80,762 shares in the company, valued at $21,295,324.16. The disclosure for this sale can be found here. Insiders sold a total of 82,029 shares of company stock worth $21,369,243 over the last ninety days. Corporate insiders own 1.60% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGN. Ark Investment Management LLC lifted its stake in shares of Align Technology by 73.5% in the 2nd quarter. Ark Investment Management LLC now owns 12,773 shares of the medical equipment provider’s stock valued at $1,917,000 after purchasing an additional 5,410 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in Align Technology by 155.4% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 6,327 shares of the medical equipment provider’s stock worth $950,000 after acquiring an additional 3,850 shares in the last quarter. Verition Fund Management LLC acquired a new position in Align Technology during the 2nd quarter worth approximately $259,000. Dynamic Technology Lab Private Ltd acquired a new position in Align Technology during the 2nd quarter worth approximately $454,000. Finally, Winslow Evans & Crocker Inc. lifted its position in Align Technology by 9.0% during the 3rd quarter. Winslow Evans & Crocker Inc. now owns 3,116 shares of the medical equipment provider’s stock worth $580,000 after acquiring an additional 256 shares in the last quarter. 80.72% of the stock is currently owned by institutional investors and hedge funds.

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About Align Technology

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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