Align Technology (NASDAQ:ALGN) Raised to Hold at ValuEngine

ValuEngine upgraded shares of Align Technology (NASDAQ:ALGN) from a sell rating to a hold rating in a research report released on Thursday morning, ValuEngine reports.

ALGN has been the topic of several other research reports. Barclays boosted their price objective on Align Technology from $335.00 to $355.00 and gave the stock an overweight rating in a report on Thursday, April 25th. Bank of America downgraded Align Technology from a buy rating to a neutral rating in a report on Thursday, July 25th. Piper Jaffray Companies cut their price objective on Align Technology from $350.00 to $240.00 and set an overweight rating on the stock in a report on Thursday, July 25th. Wolfe Research began coverage on Align Technology in a report on Thursday, May 30th. They set a peer perform rating on the stock. Finally, Zacks Investment Research downgraded Align Technology from a buy rating to a hold rating in a report on Tuesday, May 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $297.91.

NASDAQ ALGN traded down $2.97 on Thursday, hitting $199.38. 1,715,583 shares of the company were exchanged, compared to its average volume of 1,721,914. The company’s 50 day moving average price is $267.31. The company has a quick ratio of 1.74, a current ratio of 1.85 and a debt-to-equity ratio of 0.04. The company has a market cap of $16.19 billion, a price-to-earnings ratio of 40.52, a P/E/G ratio of 1.65 and a beta of 1.95. Align Technology has a twelve month low of $177.93 and a twelve month high of $398.88.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $1.26 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.13 by $0.13. The firm had revenue of $600.70 million for the quarter, compared to the consensus estimate of $599.86 million. Align Technology had a return on equity of 29.26% and a net margin of 19.06%. The business’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.30 EPS. Equities research analysts expect that Align Technology will post 5.03 earnings per share for the current fiscal year.

In other Align Technology news, CMO Raphael Pascaud sold 15,000 shares of Align Technology stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $326.18, for a total transaction of $4,892,700.00. Following the transaction, the chief marketing officer now owns 34,092 shares of the company’s stock, valued at approximately $11,120,128.56. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John Morici sold 2,374 shares of Align Technology stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $286.91, for a total value of $681,124.34. Following the transaction, the chief financial officer now directly owns 2,913 shares in the company, valued at approximately $835,768.83. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 55,283 shares of company stock worth $17,483,871. Company insiders own 1.30% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in ALGN. BlackRock Inc. grew its stake in Align Technology by 4.4% during the 1st quarter. BlackRock Inc. now owns 7,239,770 shares of the medical equipment provider’s stock valued at $2,058,482,000 after acquiring an additional 304,685 shares in the last quarter. Bessemer Group Inc. grew its stake in Align Technology by 16,612.4% during the 2nd quarter. Bessemer Group Inc. now owns 202,721 shares of the medical equipment provider’s stock valued at $55,485,000 after acquiring an additional 201,508 shares in the last quarter. Redmile Group LLC purchased a new position in Align Technology during the 1st quarter valued at about $40,716,000. Frontier Capital Management Co. LLC grew its stake in Align Technology by 93.6% during the 1st quarter. Frontier Capital Management Co. LLC now owns 201,861 shares of the medical equipment provider’s stock valued at $57,395,000 after acquiring an additional 97,597 shares in the last quarter. Finally, Factory Mutual Insurance Co. purchased a new position in Align Technology during the 1st quarter valued at about $20,558,000. 82.67% of the stock is currently owned by institutional investors.

About Align Technology

Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.

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