Stifel Nicolaus reissued their buy rating on shares of Align Technology, Inc. (NASDAQ:ALGN) in a research note issued to investors on Monday, August 7th. The firm currently has a $205.00 price objective on the medical equipment provider’s stock, up from their previous price objective of $200.00.
ALGN has been the subject of several other reports. Morgan Stanley reissued an overweight rating and set a $175.00 price target on shares of Align Technology in a report on Monday, June 19th. They noted that the move was a valuation call. Leerink Swann raised their price objective on shares of Align Technology from $149.00 to $194.00 and gave the company an outperform rating in a research report on Monday, June 26th. Northcoast Research restated a buy rating and issued a $186.00 price objective (up previously from $164.00) on shares of Align Technology in a research report on Wednesday, June 21st. Robert W. Baird upgraded shares of Align Technology from a neutral rating to an outperform rating and raised their price objective for the company from $105.00 to $155.00 in a research report on Friday, April 28th. Finally, Piper Jaffray Companies restated a buy rating and issued a $176.00 price objective on shares of Align Technology in a research report on Friday, July 28th. Ten research analysts have rated the stock with a buy rating, The stock has a consensus rating of Buy and a consensus target price of $174.40.
Shares of Align Technology (NASDAQ ALGN) traded down 0.44% during midday trading on Monday, hitting $168.61. 1,393,519 shares of the stock were exchanged. Align Technology has a 12-month low of $83.27 and a 12-month high of $179.76. The firm has a market cap of $13.51 billion, a P/E ratio of 57.74 and a beta of 1.55. The stock’s 50 day moving average is $162.73 and its 200 day moving average is $132.63.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Thursday, July 27th. The medical equipment provider reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.73 by $0.12. The company had revenue of $356.50 million during the quarter, compared to the consensus estimate of $343.43 million. Align Technology had a net margin of 19.18% and a return on equity of 23.87%. The firm’s revenue for the quarter was up 32.3% compared to the same quarter last year. During the same period last year, the firm earned $0.62 EPS. On average, equities research analysts forecast that Align Technology will post $3.40 earnings per share for the current fiscal year.
In other Align Technology news, Director Joseph Lacob sold 50,000 shares of Align Technology stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $144.98, for a total value of $7,249,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Sreelakshmi Kolli sold 1,000 shares of Align Technology stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $144.00, for a total transaction of $144,000.00. Following the completion of the transaction, the vice president now directly owns 23,785 shares in the company, valued at approximately $3,425,040. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 54,874 shares of company stock valued at $7,950,701. Corporate insiders own 2.00% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in ALGN. Vanguard Group Inc. raised its position in shares of Align Technology by 16.5% in the second quarter. Vanguard Group Inc. now owns 7,299,099 shares of the medical equipment provider’s stock worth $1,095,740,000 after buying an additional 1,034,254 shares during the last quarter. BlackRock Inc. raised its stake in shares of Align Technology by 5,738.0% in the first quarter. BlackRock Inc. now owns 6,640,531 shares of the medical equipment provider’s stock worth $761,737,000 after buying an additional 6,526,784 shares in the last quarter. Polen Capital Management LLC raised its stake in shares of Align Technology by 6.8% in the second quarter. Polen Capital Management LLC now owns 3,362,570 shares of the medical equipment provider’s stock worth $504,789,000 after buying an additional 212,773 shares in the last quarter. State Street Corp raised its stake in shares of Align Technology by 32.2% in the second quarter. State Street Corp now owns 3,143,095 shares of the medical equipment provider’s stock worth $471,823,000 after buying an additional 765,189 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in shares of Align Technology by 11.3% in the second quarter. Renaissance Technologies LLC now owns 1,587,681 shares of the medical equipment provider’s stock worth $238,343,000 after buying an additional 160,881 shares in the last quarter. 88.07% of the stock is currently owned by hedge funds and other institutional investors.
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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