Align Technology, Inc. (NASDAQ:ALGN) Receives Buy Rating from Stifel Nicolaus
Align Technology, Inc. (NASDAQ:ALGN)‘s stock had its “buy” rating reissued by Stifel Nicolaus in a research note issued on Monday. They presently have a $205.00 price target on the medical equipment provider’s stock. Stifel Nicolaus’ price target indicates a potential upside of 18.07% from the stock’s previous close.
Several other brokerages have also weighed in on ALGN. Leerink Swann reissued an “outperform” rating and set a $199.00 price objective (up from $194.00) on shares of Align Technology in a report on Friday, July 28th. Bank of America Corporation raised Align Technology from a “neutral” rating to a “buy” rating and increased their price objective for the company from $175.00 to $193.00 in a report on Friday, July 28th. Piper Jaffray Companies reissued a “buy” rating and set a $176.00 price objective on shares of Align Technology in a report on Friday, July 28th. Morgan Stanley reissued an “overweight” rating and set a $182.00 price objective (up from $175.00) on shares of Align Technology in a report on Monday, July 17th. Finally, Credit Suisse Group reissued an “outperform” rating and set a $170.00 price objective (up from $140.00) on shares of Align Technology in a report on Thursday, July 13th. Ten equities research analysts have rated the stock with a buy rating, The company has a consensus rating of “Buy” and an average price target of $174.40.
Align Technology (NASDAQ ALGN) opened at 173.62 on Monday. Align Technology has a 52 week low of $83.27 and a 52 week high of $176.84. The stock’s 50 day moving average price is $155.86 and its 200 day moving average price is $126.81. The company has a market capitalization of $13.92 billion, a P/E ratio of 59.46 and a beta of 1.55.
Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.73 by $0.12. Align Technology had a return on equity of 23.87% and a net margin of 19.18%. The business had revenue of $356.50 million during the quarter, compared to analyst estimates of $343.43 million. During the same period in the prior year, the company earned $0.62 earnings per share. Align Technology’s revenue was up 32.3% compared to the same quarter last year. Analysts anticipate that Align Technology will post $3.40 earnings per share for the current year.
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In other news, Director Joseph Lacob sold 50,000 shares of the firm’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $144.98, for a total value of $7,249,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Sreelakshmi Kolli sold 1,000 shares of the firm’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $144.00, for a total value of $144,000.00. Following the completion of the transaction, the vice president now directly owns 23,785 shares of the company’s stock, valued at $3,425,040. The disclosure for this sale can be found here. Insiders sold 54,874 shares of company stock valued at $7,950,701 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. CENTRAL TRUST Co raised its position in Align Technology by 128.5% in the second quarter. CENTRAL TRUST Co now owns 697 shares of the medical equipment provider’s stock worth $105,000 after buying an additional 392 shares during the last quarter. Van ECK Associates Corp raised its position in Align Technology by 6.9% in the first quarter. Van ECK Associates Corp now owns 1,057 shares of the medical equipment provider’s stock worth $121,000 after buying an additional 68 shares during the last quarter. Trust Co. of Vermont raised its position in Align Technology by 15.4% in the second quarter. Trust Co. of Vermont now owns 1,010 shares of the medical equipment provider’s stock worth $152,000 after buying an additional 135 shares during the last quarter. FNY Partners Fund LP bought a new position in Align Technology during the first quarter worth approximately $160,000. Finally, Livforsakringsbolaget Skandia Omsesidigt bought a new position in Align Technology during the first quarter worth approximately $161,000. 87.13% of the stock is owned by hedge funds and other institutional investors.
About Align Technology
Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/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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