Morgan Stanley reissued their equal weight rating on shares of Align Technology (NASDAQ:ALGN) in a research report sent to investors on Thursday. They currently have a $220.00 price target on the medical equipment provider’s stock.
A number of other equities research analysts have also weighed in on the company. Zacks Investment Research lowered Align Technology from a strong-buy rating to a hold rating in a research note on Wednesday, December 27th. Vetr raised Align Technology from a buy rating to a strong-buy rating and set a $302.42 price target for the company in a research report on Monday, March 26th. Stephens lowered Align Technology from an overweight rating to an equal weight rating and set a $230.00 price target for the company. in a research report on Friday, January 19th. Credit Suisse Group raised Align Technology to a buy rating and set a $276.00 price target for the company in a research report on Thursday, January 4th. Finally, Piper Jaffray reaffirmed a buy rating and set a $300.00 price target on shares of Align Technology in a research report on Wednesday, January 31st. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $258.28.
NASDAQ ALGN opened at $247.07 on Thursday. Align Technology has a 1-year low of $118.08 and a 1-year high of $287.32. The stock has a market capitalization of $20,258.79, a PE ratio of 63.51, a P/E/G ratio of 1.91 and a beta of 1.47.
Align Technology (NASDAQ:ALGN) last released its earnings results on Tuesday, January 30th. The medical equipment provider reported $1.19 earnings per share for the quarter, beating 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 company had revenue of $421.30 million during the quarter, compared to analyst estimates of $395.88 million. During the same quarter in the previous year, the company posted $0.59 EPS. Align Technology’s revenue for the quarter was up 43.7% on a year-over-year basis. analysts expect that Align Technology will post 4.53 earnings per share for the current year.
In other news, VP Emory Wright sold 45,780 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $260.08, for a total value of $11,906,462.40. Following the completion of the transaction, the vice president now owns 29,957 shares of the company’s stock, valued at approximately $7,791,216.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Joseph M. Hogan bought 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was purchased at an average cost of $233.63 per share, with a total value of $350,445.00. Following the transaction, the insider now directly owns 42,984 shares in the company, valued at approximately $10,042,351.92. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in ALGN. USA Mutuals Advisors Inc. bought a new position in shares of Align Technology in the 4th quarter worth approximately $101,000. Whittier Trust Co. of Nevada Inc. raised its position in shares of Align Technology by 166.7% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 504 shares of the medical equipment provider’s stock worth $112,000 after acquiring an additional 315 shares in the last quarter. Pin Oak Investment Advisors Inc. bought a new position in shares of Align Technology in the 4th quarter worth approximately $168,000. Cobblestone Capital Advisors LLC NY bought a new position in shares of Align Technology in the 4th quarter worth approximately $200,000. Finally, Meritage Portfolio Management purchased a new stake in shares of Align Technology in the 4th quarter worth approximately $201,000. 80.45% of the stock is owned by hedge funds and other institutional investors.
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About Align Technology
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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