Investors purchased shares of Align Technology, Inc. (NASDAQ:ALGN) on weakness during trading on Wednesday. $87.75 million flowed into the stock on the tick-up and $29.03 million flowed out of the stock on the tick-down, for a money net flow of $58.72 million into the stock. Of all companies tracked, Align Technology had the 9th highest net in-flow for the day. Align Technology traded down ($2.09) for the day and closed at $183.57
ALGN has been the topic of a number of research reports. Piper Jaffray Companies reiterated a “buy” rating and issued a $176.00 price target on shares of Align Technology in a report on Friday, July 28th. Bank of America Corporation raised shares of Align Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $175.00 to $193.00 in a research note on Friday, July 28th. Stifel Nicolaus reissued a “buy” rating and issued a $205.00 price objective (up from $200.00) on shares of Align Technology in a research note on Monday, August 7th. Northcoast Research reaffirmed a “buy” rating and set a $186.00 price target (up from $164.00) on shares of Align Technology in a research note on Wednesday, June 21st. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $150.00 price target on shares of Align Technology in a research note on Thursday, June 1st. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $176.80.
The stock has a 50 day moving average of $172.98 and a 200-day moving average of $142.27. The stock has a market capitalization of $14.71 billion, a PE ratio of 62.87 and a beta of 1.55.
Align Technology (NASDAQ:ALGN) last announced its earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.12. Align Technology had a net margin of 19.18% and a return on equity of 23.87%. The firm had revenue of $356.50 million during the quarter, compared to the consensus estimate of $343.43 million. During the same quarter in the previous year, the company posted $0.62 EPS. The firm’s revenue for the quarter was up 32.3% on a year-over-year basis. On average, equities analysts predict that Align Technology, Inc. will post $3.40 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CENTRAL TRUST Co boosted its stake in shares of Align Technology by 128.5% during the 2nd quarter. CENTRAL TRUST Co now owns 697 shares of the medical equipment provider’s stock valued at $105,000 after buying an additional 392 shares during the last quarter. Schroder Investment Management Group acquired a new stake in shares of Align Technology during the 2nd quarter valued at approximately $104,000. Bronfman E.L. Rothschild L.P. raised its position in shares of Align Technology by 13.0% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 912 shares of the medical equipment provider’s stock valued at $137,000 after acquiring an additional 105 shares in the last quarter. BlueMountain Capital Management LLC acquired a new stake in shares of Align Technology during the 2nd quarter valued at approximately $148,000. Finally, Trust Co. of Vermont raised its position in shares of Align Technology by 15.4% during the 2nd quarter. Trust Co. of Vermont now owns 1,010 shares of the medical equipment provider’s stock valued at $152,000 after acquiring an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 81.72% of the company’s stock.
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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