Credit Suisse Group AG Increases Align Technology, Inc. (ALGN) Price Target to $209.00

Align Technology, Inc. (NASDAQ:ALGN) had its target price increased by Credit Suisse Group AG from $175.00 to $209.00 in a research note issued to investors on Friday, October 27th. They currently have an outperform rating on the medical equipment provider’s stock.

A number of other equities analysts have also recently weighed in on the stock. Morgan Stanley restated an overweight rating and set a $182.00 price objective (up from $175.00) on shares of Align Technology in a research report on Monday, July 17th. Stifel Nicolaus reissued a buy rating and set a $205.00 price objective (up previously from $200.00) on shares of Align Technology in a report on Monday, August 7th. Piper Jaffray Companies reissued a buy rating and set a $176.00 price objective on shares of Align Technology in a report on Friday, July 28th. Robert W. Baird reissued a buy rating and set a $245.00 price objective on shares of Align Technology in a report on Friday, October 27th. Finally, Leerink Swann reissued an outperform rating and set a $199.00 price objective (up previously from $194.00) on shares of Align Technology in a report on Friday, July 28th. Eleven analysts have rated the stock with a buy rating, The company has an average rating of Buy and an average target price of $219.18.

Shares of Align Technology (NASDAQ ALGN) traded up $4.27 during mid-day trading on Friday, reaching $253.73. 952,400 shares of the company traded hands, compared to its average volume of 1,005,870. Align Technology has a 12-month low of $88.56 and a 12-month high of $257.60. The firm has a market cap of $20,430.00, a P/E ratio of 73.81, a price-to-earnings-growth ratio of 2.39 and a beta of 1.41.

Align Technology (NASDAQ:ALGN) last released its earnings results on Thursday, October 26th. The medical equipment provider reported $1.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.19. Align Technology had a return on equity of 25.60% and a net margin of 19.98%. The company had revenue of $385.30 million during the quarter, compared to analysts’ expectations of $359.80 million. During the same period in the prior year, the business posted $0.63 EPS. The business’s revenue was up 38.3% on a year-over-year basis. equities analysts expect that Align Technology will post 3.62 EPS for the current fiscal year.

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In related news, Director Greg J. Santora sold 7,700 shares of the stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $238.95, for a total transaction of $1,839,915.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CMO Raphael Pascaud sold 5,400 shares of the stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $241.88, for a total value of $1,306,152.00. Following the sale, the chief marketing officer now directly owns 22,228 shares in the company, valued at approximately $5,376,508.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 16,600 shares of company stock worth $4,031,567. 1.60% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of ALGN. Schroder Investment Management Group bought a new position in shares of Align Technology during the second quarter valued at approximately $104,000. CENTRAL TRUST Co raised its position in Align Technology by 128.5% during the second quarter. CENTRAL TRUST Co now owns 697 shares of the medical equipment provider’s stock worth $105,000 after acquiring an additional 392 shares during the period. Whittier Trust Co. acquired a new position in Align Technology during the third quarter worth $107,000. Bronfman E.L. Rothschild L.P. raised its position in Align Technology by 13.0% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 912 shares of the medical equipment provider’s stock worth $137,000 after acquiring an additional 105 shares during the period. Finally, BlueMountain Capital Management LLC acquired a new position in Align Technology during the second quarter worth $148,000. 80.86% 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.

Analyst Recommendations for Align Technology (NASDAQ:ALGN)

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