Align Technology Inc. (ALGN) Shares Gap Up to $93.76
Shares of Align Technology Inc. (NASDAQ:ALGN) gapped up before the market opened on Friday . The stock had previously closed at $93.25, but opened at $93.76. Align Technology shares last traded at $95.37, with a volume of 441,440 shares.
ALGN has been the topic of several research analyst reports. Stifel Nicolaus upped their price objective on shares of Align Technology from $82.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Piper Jaffray Cos. reiterated an “overweight” rating and set a $82.00 target price (up from $74.00) on shares of Align Technology in a research report on Tuesday, May 17th. Zacks Investment Research lowered shares of Align Technology from a “buy” rating to a “hold” rating in a research report on Wednesday, May 11th. Credit Suisse Group AG assumed coverage on shares of Align Technology in a research report on Wednesday, May 11th. They set an “outperform” rating and a $84.00 target price on the stock. Finally, Leerink Swann reiterated a “buy” rating on shares of Align Technology in a research report on Saturday, June 4th. Eleven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Align Technology presently has an average rating of “Buy” and an average target price of $83.09.
The stock has a market cap of $7.67 billion and a P/E ratio of 46.72. The firm has a 50 day moving average of $90.41 and a 200-day moving average of $78.51.
Align Technology (NASDAQ:ALGN) last issued its earnings results on Thursday, July 28th. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.48 by $0.14. During the same quarter in the previous year, the firm posted $0.39 earnings per share. The firm earned $269.40 million during the quarter, compared to analyst estimates of $259.29 million. Align Technology’s quarterly revenue was up 28.6% compared to the same quarter last year. Equities research analysts anticipate that Align Technology Inc. will post $2.27 EPS for the current year.
In related news, VP Julie Tay sold 3,000 shares of Align Technology stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $92.60, for a total transaction of $277,800.00. Following the sale, the vice president now directly owns 3,104 shares of the company’s stock, valued at approximately $287,430.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Zelko Relic sold 13,577 shares of Align Technology stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $95.91, for a total transaction of $1,302,170.07. Following the sale, the vice president now directly owns 1,375 shares in the company, valued at $131,876.25. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in Align Technology stock. State of Tennessee Treasury Department increased its stake in shares of Align Technology Inc. (NASDAQ:ALGN) by 550.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 130,000 shares of the company’s stock after buying an additional 110,000 shares during the period. State of Tennessee Treasury Department owned about 0.16% of Align Technology worth $8,561,000 as of its most recent filing with the SEC.
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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