Shares of Align Technology, Inc. (NASDAQ:ALGN) hit a new 52-week high during trading on Friday . The stock traded as high as $181.87 and last traded at $181.60, with a volume of 235,417 shares trading hands. The stock had previously closed at $179.99.

ALGN has been the subject of several recent analyst reports. Zacks Investment Research cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 21st. Morgan Stanley reiterated an “overweight” rating and issued a $175.00 price objective on shares of Align Technology in a research note on Monday, June 19th. They noted that the move was a valuation call. Leerink Swann raised their price objective on shares of Align Technology from $149.00 to $194.00 and gave the company an “outperform” rating in a research note on Monday, June 26th. Bank of America Corporation upgraded shares of Align Technology from a “neutral” rating to a “buy” rating and raised their price objective for the company from $175.00 to $193.00 in a research note on Friday, July 28th. Finally, Northcoast Research reiterated a “buy” rating and issued a $186.00 price objective (up previously from $164.00) on shares of Align Technology in a research note on Wednesday, June 21st. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $174.40.

The firm has a market capitalization of $14.55 billion, a PE ratio of 62.16 and a beta of 1.55. The firm’s 50-day moving average is $170.95 and its 200-day moving average is $140.21.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.12. Align Technology had a net margin of 19.18% and a return on equity of 23.87%. The company had revenue of $356.50 million during the quarter, compared to the consensus estimate of $343.43 million. During the same period in the prior year, the company earned $0.62 EPS. Align Technology’s revenue was up 32.3% on a year-over-year basis. Analysts anticipate that Align Technology, Inc. will post $3.40 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Honkamp Krueger Financial Services Inc. lifted its holdings in Align Technology by 1.7% in the 2nd quarter. Honkamp Krueger Financial Services Inc. now owns 2,037 shares of the medical equipment provider’s stock valued at $306,000 after acquiring an additional 34 shares during the last quarter. Intellectus Partners LLC lifted its holdings in Align Technology by 1.2% in the 1st quarter. Intellectus Partners LLC now owns 3,498 shares of the medical equipment provider’s stock valued at $401,000 after acquiring an additional 41 shares during the last quarter. Buckingham Asset Management LLC lifted its holdings in Align Technology by 3.3% in the 2nd quarter. Buckingham Asset Management LLC now owns 1,861 shares of the medical equipment provider’s stock valued at $279,000 after acquiring an additional 59 shares during the last quarter. Security Asset Management lifted its holdings in Align Technology by 0.5% in the 2nd quarter. Security Asset Management now owns 12,735 shares of the medical equipment provider’s stock valued at $1,912,000 after acquiring an additional 65 shares during the last quarter. Finally, Van ECK Associates Corp lifted its holdings in Align Technology by 6.9% in the 1st quarter. Van ECK Associates Corp now owns 1,057 shares of the medical equipment provider’s stock valued at $121,000 after acquiring an additional 68 shares during the last quarter. 81.72% of the stock is owned by institutional investors.

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Align Technology Company Profile

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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