Shares of Align Technology Inc. (NASDAQ:ALGN) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $84.79 and last traded at $83.44, with a volume of 250,456 shares. The stock had previously closed at $84.37.

ALGN has been the subject of a number of research reports. Zacks Investment Research upgraded shares of Align Technology from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a research note on Wednesday, March 30th. Piper Jaffray Cos. restated an “overweight” rating and set a $82.00 target price (up previously from $74.00) on shares of Align Technology in a research note on Tuesday, May 17th. Morgan Stanley restated a “buy” rating and set a $84.00 target price on shares of Align Technology in a research note on Friday, April 29th. Canaccord Genuity restated a “buy” rating and set a $80.00 target price (up previously from $72.00) on shares of Align Technology in a research note on Thursday, March 24th. Finally, Roth Capital raised their target price on shares of Align Technology from $72.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, March 23rd. Eleven analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Align Technology has an average rating of “Buy” and a consensus target price of $81.91.

The stock has a market cap of $6.68 billion and a PE ratio of 45.49. The company’s 50-day moving average is $80.13 and its 200-day moving average is $71.72.

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

In other news, Director George J. Morrow sold 50,000 shares of the stock in a transaction that occurred on 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 sale, the director now owns 56,400 shares of the company’s stock, valued at $4,383,408. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Thomas M. Prescott sold 64,773 shares of the stock in a transaction that occurred on 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 sale, the director now directly owns 111,253 shares of the company’s stock, valued at approximately $8,292,798.62. The disclosure for this sale can be found here.

Several hedge funds recently added to or reduced their stakes in ALGN. Bank of Montreal Can raised its stake in Align Technology by 398.8% in the fourth quarter. Bank of Montreal Can now owns 61,089 shares of the company’s stock worth $4,023,000 after buying an additional 48,843 shares during the period. Morgan Stanley raised its stake in Align Technology by 38.5% in the fourth quarter. Morgan Stanley now owns 156,995 shares of the company’s stock worth $10,338,000 after buying an additional 43,682 shares during the period. Mutual of America Capital Management LLC raised its stake in Align Technology by 0.5% in the fourth quarter. Mutual of America Capital Management LLC now owns 49,160 shares of the company’s stock worth $3,237,000 after buying an additional 227 shares during the period. Liberty Mutual Group Asset Management Inc. raised its stake in Align Technology by 51.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 46,973 shares of the company’s stock worth $3,093,000 after buying an additional 15,937 shares during the period. Finally, Vanguard Group Inc. raised its stake in Align Technology by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 4,766,319 shares of the company’s stock worth $313,863,000 after buying an additional 73,258 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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