Traders Buy Align Technology, Inc. (ALGN) on Weakness
Investors purchased shares of Align Technology, Inc. (NASDAQ:ALGN) on weakness during trading hours on Wednesday. $87.75 million flowed into the stock on the tick-up and $29.03 million flowed out of the stock on the tick-down, for a money net flow of $58.72 million into the stock. Of all equities tracked, Align Technology had the 9th highest net in-flow for the day. Align Technology traded down ($2.09) for the day and closed at $183.57
A number of analysts have weighed in on the stock. Robert W. Baird reaffirmed a “buy” rating on shares of Align Technology in a research note on Tuesday. Piper Jaffray Companies reaffirmed a “buy” rating and set a $200.00 target price on shares of Align Technology in a research note on Monday. Leerink Swann reaffirmed an “outperform” rating and set a $199.00 target price (up previously from $194.00) on shares of Align Technology in a research note on Friday, July 28th. Stifel Nicolaus reaffirmed a “buy” rating and set a $205.00 target price (up previously from $200.00) on shares of Align Technology in a research note on Monday, August 7th. Finally, 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. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $176.80.
The firm has a 50 day moving average of $174.44 and a 200 day moving average of $142.87. The firm has a market cap of $14.82 billion, a P/E ratio of 63.30 and a beta of 1.55.
Align Technology (NASDAQ:ALGN) last released its earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 EPS for the quarter, beating the Thomson Reuters’ 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 for the quarter, compared to analyst estimates of $343.43 million. During the same quarter last year, the firm earned $0.62 EPS. The firm’s quarterly revenue was up 32.3% compared to the same quarter last year. Equities analysts forecast that Align Technology, Inc. will post $3.40 EPS for the current year.
Hedge funds have recently added to or reduced their stakes in the stock. CENTRAL TRUST Co grew its holdings in shares of Align Technology by 128.5% during the 2nd quarter. CENTRAL TRUST Co now owns 697 shares of the medical equipment provider’s stock valued at $105,000 after purchasing an additional 392 shares during the last quarter. Schroder Investment Management Group bought a new position in shares of Align Technology during the 2nd quarter valued at $104,000. Bronfman E.L. Rothschild L.P. grew its holdings in shares of Align Technology by 13.0% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 912 shares of the medical equipment provider’s stock valued at $137,000 after purchasing an additional 105 shares during the last quarter. BlueMountain Capital Management LLC bought a new position in shares of Align Technology during the 2nd quarter valued at $148,000. Finally, Trust Co. of Vermont grew its holdings in shares of Align Technology by 15.4% during the 2nd quarter. Trust Co. of Vermont now owns 1,010 shares of the medical equipment provider’s stock valued at $152,000 after purchasing an additional 135 shares during the last quarter. 81.72% of the stock is currently owned by institutional investors.
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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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