Align Technology Inc. (ALGN) Reaches New 1-Year High at $84.79
Shares of Align Technology Inc. (NASDAQ:ALGN) reached a new 52-week high on Wednesday . The company traded as high as $84.79 and last traded at $83.44, with a volume of 250,456 shares changing hands. The stock had previously closed at $84.37.
A number of analysts have recently weighed in on ALGN shares. Roth Capital raised their price target on shares of Align Technology from $72.00 to $80.00 and gave the company a “buy” rating in a report on Wednesday, March 23rd. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $82.00 target price (up from $74.00) on shares of Align Technology in a research note on Tuesday, May 17th. Jefferies Group reiterated a “buy” rating and issued a $85.00 target price on shares of Align Technology in a research note on Friday, April 29th. Morgan Stanley reiterated a “buy” rating and issued a $84.00 target price on shares of Align Technology in a research note on Friday, April 29th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $80.00 target price (up from $72.00) on shares of Align Technology in a research note on Thursday, March 24th. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Align Technology has an average rating of “Buy” and an average target price of $81.91.
The firm’s 50-day moving average is $79.88 and its 200-day moving average is $71.55. The stock has a market capitalization of $6.68 billion and a PE ratio of 45.507.
Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Thursday, April 28th. The company reported $0.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.10. During the same quarter in the prior year, the company earned $0.44 earnings per share. The company earned $238.70 million during the quarter, compared to analysts’ expectations of $236.22 million. The business’s revenue for the quarter was up 20.5% on a year-over-year basis. On average, equities research analysts anticipate that Align Technology Inc. will post $2.15 earnings per share for the current year.
In other Align Technology news, 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 transaction, the director now directly owns 111,253 shares in the company, valued at $8,292,798.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director C Raymond Larkin, Jr. sold 15,000 shares of the stock in a transaction that occurred on Thursday, May 5th. The shares were sold at an average price of $74.36, for a total transaction of $1,115,400.00. Following the completion of the transaction, the director now owns 85,260 shares in the company, valued at $6,339,933.60. The disclosure for this sale can be found here.
Several large investors have recently bought and sold shares of the stock. Columbia Wanger Asset Management LLC increased its stake 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 last quarter. Eagle Asset Management increased its stake in shares of Align Technology by 175.5% in the third quarter. Eagle Asset Management now owns 436,836 shares of the company’s stock valued at $24,794,000 after buying an additional 278,249 shares in the last quarter. US Bancorp DE increased its stake in shares of Align Technology by 544.8% in the fourth quarter. US Bancorp DE now owns 143,717 shares of the company’s stock valued at $9,464,000 after buying an additional 121,429 shares in the last quarter. OppenheimerFunds Inc. bought a new stake in shares of Align Technology during the fourth quarter valued at $7,573,000. Finally, Vanguard Group Inc. increased its stake in shares of Align Technology by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 4,766,319 shares of the company’s stock valued at $313,863,000 after buying an additional 73,258 shares in the last quarter.
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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