Align Technology, Inc. (ALGN) Earns “Positive” Rating from Credit Suisse Group
Credit Suisse Group reiterated their positive rating on shares of Align Technology, Inc. (NASDAQ:ALGN) in a research note released on Thursday morning, The Fly reports. The firm currently has a $261.00 price objective on the medical equipment provider’s stock, up from their prior price objective of $209.00.
ALGN has been the subject of several other reports. Stifel Nicolaus reaffirmed a buy rating and set a $225.00 price objective (up from $205.00) on shares of Align Technology in a research note on Thursday, October 19th. Northcoast Research reaffirmed a buy rating and set a $230.00 price objective (up from $200.00) on shares of Align Technology in a research note on Tuesday, October 10th. Bank of America Corporation raised shares of Align Technology from a neutral rating to a buy rating and upped their price objective for the company from $175.00 to $193.00 in a research note on Friday, July 28th. Zacks Investment Research raised shares of Align Technology from a hold rating to a buy rating and set a $227.00 price objective for the company in a research note on Monday, October 30th. Finally, Robert W. Baird reaffirmed a buy rating on shares of Align Technology in a research note on Tuesday, September 12th. Eleven analysts have rated the stock with a buy rating, The stock presently has an average rating of Buy and an average target price of $219.18.
Align Technology (NASDAQ:ALGN) traded down $0.17 during midday trading on Thursday, reaching $249.46. 927,500 shares of the company’s stock traded hands, compared to its average volume of 1,295,819. The stock has a market capitalization of $20,001.21, a price-to-earnings ratio of 73.80, a price-to-earnings-growth ratio of 2.39 and a beta of 1.42. Align Technology has a twelve month low of $88.56 and a twelve month high of $254.19.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Thursday, October 26th. The medical equipment provider reported $1.01 EPS for the quarter, beating the consensus estimate of $0.82 by $0.19. The firm had revenue of $385.30 million during the quarter, compared to the consensus estimate of $359.80 million. Align Technology had a net margin of 19.98% and a return on equity of 25.60%. The company’s quarterly revenue was up 38.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.63 earnings per share. equities research analysts forecast that Align Technology will post 3.62 earnings per share for the current year.
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In related news, CMO Raphael Pascaud sold 5,400 shares of the stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $241.88, for a total value of $1,306,152.00. Following the completion of the transaction, the chief marketing officer now directly owns 22,228 shares of the company’s stock, valued at $5,376,508.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Greg J. Santora sold 7,700 shares of the stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $238.95, for a total transaction of $1,839,915.00. The disclosure for this sale can be found here. 1.60% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Zeke Capital Advisors LLC bought a new position in Align Technology in the third quarter worth about $318,000. Dai Ichi Life Insurance Company Ltd bought a new position in shares of Align Technology during the third quarter valued at approximately $211,000. Axiom International Investors LLC DE bought a new position in shares of Align Technology during the third quarter valued at approximately $27,525,000. Schroder Investment Management Group increased its stake in shares of Align Technology by 242.9% during the third quarter. Schroder Investment Management Group now owns 2,400 shares of the medical equipment provider’s stock valued at $439,000 after purchasing an additional 1,700 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Align Technology by 4.6% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 5,867 shares of the medical equipment provider’s stock valued at $1,093,000 after purchasing an additional 257 shares in the last quarter. 81.16% of the stock is owned by 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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