Align Technology Inc. (NASDAQ:ALGN) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $83.18 and last traded at $81.71, with a volume of 498,749 shares. The stock had previously closed at $81.25.

ALGN has been the subject of a number of analyst reports. Zacks Investment Research upgraded Align Technology from a “hold” rating to a “buy” rating and set a $81.00 price target for the company in a research note on Wednesday, March 30th. Piper Jaffray Cos. restated an “overweight” rating and set a $82.00 price objective (up previously from $74.00) on shares of Align Technology in a research report on Tuesday, May 17th. Morgan Stanley restated a “buy” rating and set a $84.00 price objective on shares of Align Technology in a research report on Friday, April 29th. Canaccord Genuity restated a “buy” rating and set a $80.00 price objective (up previously from $72.00) on shares of Align Technology in a research report on Thursday, March 24th. Finally, Roth Capital raised their price objective on Align Technology from $72.00 to $80.00 and gave the company a “buy” rating in a research report on Wednesday, March 23rd. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $80.45.

The stock has a market capitalization of $6.65 billion and a price-to-earnings ratio of 45.32. The stock has a 50 day moving average of $79.50 and a 200 day moving average of $71.23.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Thursday, April 28th. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.10. The firm earned $238.70 million during the quarter, compared to analyst estimates of $236.22 million. The company’s revenue was up 20.5% on a year-over-year basis. During the same quarter last year, the company posted $0.44 EPS. On average, analysts forecast that Align Technology Inc. will post $2.15 EPS for the current year.

In other Align Technology news, Director Thomas M. Prescott sold 64,773 shares of the company’s stock in a transaction dated Tuesday, May 3rd. The shares were sold at an average price of $74.54, for a total value of $4,828,179.42. Following the completion of the transaction, the director now owns 111,253 shares in the company, valued at $8,292,798.62. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director George J. Morrow sold 50,000 shares of the company’s stock in a transaction dated Monday, May 23rd. The stock was sold at an average price of $77.72, for a total transaction of $3,886,000.00. Following the completion of the transaction, the director now owns 56,400 shares of the company’s stock, valued at approximately $4,383,408. The disclosure for this sale can be found here.

Several hedge funds and institutional investors recently added to or reduced their stakes in the company. Engineers Gate Manager LP bought a new position in Align Technology during the fourth quarter valued at $3,955,000. Deere & Co. increased its position in Align Technology by 321.0% in the fourth quarter. Deere & Co. now owns 33,515 shares of the company’s stock valued at $2,207,000 after buying an additional 25,554 shares during the period. New York State Common Retirement Fund increased its position in Align Technology by 4.7% in the fourth quarter. New York State Common Retirement Fund now owns 286,747 shares of the company’s stock valued at $18,882,000 after buying an additional 12,995 shares during the period. Dimensional Fund Advisors LP increased its position in Align Technology by 4.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 382,245 shares of the company’s stock valued at $25,171,000 after buying an additional 17,998 shares during the period. Finally, Columbia Wanger Asset Management LLC increased its position in Align Technology by 138.7% in the fourth quarter. Columbia Wanger Asset Management LLC now owns 2,942,240 shares of the company’s stock valued at $193,747,000 after buying an additional 1,709,750 shares during the period.

Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design and 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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