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.
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.
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