Align Technology (ALGN) Hits New 52-Week High and Low on Analyst Upgrade

Align Technology, Inc. (NASDAQ:ALGN)’s share price reached a new 52-week high and low on Wednesday after Stifel Nicolaus raised their price target on the stock from $320.00 to $350.00. Stifel Nicolaus currently has a buy rating on the stock. Align Technology traded as low as $306.75 and last traded at $305.25, with a volume of 39839 shares changing hands. The stock had previously closed at $297.85.

Other equities analysts have also recently issued reports about the stock. BidaskClub cut shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 31st. Piper Jaffray Companies reissued a “buy” rating and issued a $300.00 target price on shares of Align Technology in a research note on Wednesday, January 31st. Zacks Investment Research raised shares of Align Technology from a “hold” rating to a “buy” rating and set a $318.00 target price for the company in a research note on Monday, January 29th. Vetr cut shares of Align Technology from a “strong-buy” rating to a “buy” rating and set a $302.42 target price for the company. in a research note on Monday, March 12th. Finally, ValuEngine raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and three have issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $274.08.

In other Align Technology news, Director C Raymond Larkin, Jr. sold 15,000 shares of the firm’s stock in a transaction on Monday, May 7th. The stock was sold at an average price of $264.45, for a total transaction of $3,966,750.00. Following the completion of the sale, the director now owns 97,922 shares of the company’s stock, valued at approximately $25,895,472.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas M. Prescott sold 82,000 shares of the firm’s stock in a transaction on Monday, April 30th. The shares were sold at an average price of $252.75, for a total value of $20,725,500.00. Following the sale, the director now directly owns 222,399 shares of the company’s stock, valued at approximately $56,211,347.25. The disclosure for this sale can be found here. Insiders have sold a total of 161,182 shares of company stock valued at $42,560,991 in the last ninety days. Insiders own 1.40% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the company. W.G. Shaheen & Associates DBA Whitney & Co acquired a new stake in shares of Align Technology during the first quarter worth $100,000. USA Mutuals Advisors Inc. acquired a new stake in shares of Align Technology during the fourth quarter worth $101,000. Cornerstone Advisors Inc. lifted its holdings in shares of Align Technology by 133.7% during the first quarter. Cornerstone Advisors Inc. now owns 437 shares of the medical equipment provider’s stock worth $110,000 after buying an additional 250 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Align Technology by 166.7% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 504 shares of the medical equipment provider’s stock worth $112,000 after buying an additional 315 shares in the last quarter. Finally, Pin Oak Investment Advisors Inc. acquired a new stake in shares of Align Technology during the fourth quarter worth $168,000. 78.38% of the stock is owned by institutional investors.

The firm has a market capitalization of $24.24 billion, a price-to-earnings ratio of 78.60, a price-to-earnings-growth ratio of 2.21 and a beta of 1.48.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, April 25th. The medical equipment provider reported $1.17 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.19. Align Technology had a return on equity of 30.36% and a net margin of 16.12%. The company had revenue of $436.92 million during the quarter, compared to the consensus estimate of $408.27 million. During the same quarter last year, the firm earned $0.59 earnings per share. The company’s revenue was up 40.8% on a year-over-year basis. analysts anticipate that Align Technology, Inc. will post 4.68 EPS for the current year.

About Align Technology

Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.

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