Zacks Reiterates Neutral Rating for Align Technology (ALGN)
Align Technology (NASDAQ:ALGN)‘s stock had its “neutral” rating restated by Zacks in a report issued on Friday. They currently have a $60.00 target price on the stock. Zacks‘s price objective would suggest a potential upside of 5.01% from the stock’s previous close.
Zacks’ analyst wrote, “Align’s first-quarter 2014 results surpassed the Zacks Consensus Estimate on both fronts. Along with revenues, earnings per share (EPS) remained above the guidance range. Growth was boosted by strong Invisalign sales from international doctors in EMEA and also the Asia Pacific regions. Continued expansion of the company’s customer base and increased Invisalign utilization also propelled growth. Moreover, we are impressed with the company’s recent introduction of Invisalign G5, a new feature enhancement. We expect these to improve ASP going forward. The company’s solid focus on international markets and conversion of countries to direct sales geographies is encouraging. However, we are worried about the ongoing macroeconomic headwinds which continue to cast a negative impact on dental procedures. We are thus Neutral on Align.”
ALGN has been the subject of a number of other recent research reports. Analysts at Credit Suisse reiterated a “neutral” rating on shares of Align Technology in a research note on Thursday, April 24th. They now have a $58.00 price target on the stock. Separately, analysts at Cantor Fitzgerald reiterated a “positive” rating on shares of Align Technology in a research note on Thursday, April 24th. Finally, analysts at Barrington Research upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating in a research note on Monday, April 7th. They now have a $67.00 price target on the stock. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $61.38.
Shares of Align Technology (NASDAQ:ALGN) traded up 0.62% during mid-day trading on Friday, hitting $57.14. The stock had a trading volume of 749,597 shares. Align Technology has a 1-year low of $37.83 and a 1-year high of $65.10. The stock has a 50-day moving average of $53.1 and a 200-day moving average of $54.28. The company has a market cap of $4.665 billion and a price-to-earnings ratio of 33.90.
Align Technology (NASDAQ:ALGN) last released its earnings data on Wednesday, April 23rd. The company reported $0.39 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.35 by $0.04. The company had revenue of $180.60 million for the quarter, compared to the consensus estimate of $177.57 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. The company’s quarterly revenue was up 17.6% on a year-over-year basis. Analysts expect that Align Technology will post $1.73 EPS for the current fiscal year.
Align Technology, Inc (NASDAQ:ALGN), 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.
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