Align Technology Inc. (ALGN) Stock Rating Lowered by Zacks Investment Research
Align Technology Inc. (NASDAQ:ALGN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.
According to Zacks, “Align Technology ended the second quarter 2016 on a promising note, squarely beating the Zacks Consensus Estimate. We are also upbeat about the persistently strong Invisalign volumes registered by the company, which in turn drove the top and the bottom line during the quarter. The company also has a strong cash balance position that enables it to adopt attractive share repurchase programs and in turn pay back solid returns to its investors. Going forward, management anticipates consistent growth in its Asia Pacific region, which in turn will mitigate the typical seasonality it usually experiences in the European nations. On the flip side, competitive landscape and ongoing macroeconomic headwinds continue to cast a negative impact on dental procedures.”
ALGN has been the subject of several other research reports. Robert W. Baird downgraded Align Technology from an “outperform” rating to a “neutral” rating and set a $96.00 price objective for the company. in a report on Monday, October 3rd. Stifel Nicolaus boosted their price objective on Align Technology from $82.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Two analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Align Technology has an average rating of “Buy” and a consensus target price of $85.09.
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Align Technology (NASDAQ:ALGN) traded up 0.78% on Wednesday, reaching $90.31. The company’s stock had a trading volume of 320,733 shares. Align Technology has a 12 month low of $55.32 and a 12 month high of $96.90. The firm has a 50 day moving average of $92.94 and a 200 day moving average of $83.44. The firm has a market cap of $7.23 billion, a price-to-earnings ratio of 44.05 and a beta of 1.87.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.14. The firm earned $269.40 million during the quarter, compared to the consensus estimate of $259.29 million. Align Technology had a return on equity of 19.40% and a net margin of 17.67%. The company’s quarterly revenue was up 28.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.39 earnings per share. Analysts anticipate that Align Technology will post $2.28 earnings per share for the current year.
In other news, VP Julie Tay sold 3,000 shares of the company’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $92.60, for a total transaction of $277,800.00. Following the transaction, the vice president now owns 3,104 shares of the company’s stock, valued at approximately $287,430.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jennifer Olson sold 799 shares of the company’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $93.30, for a total value of $74,546.70. Following the transaction, the vice president now directly owns 4,483 shares in the company, valued at approximately $418,263.90. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP boosted its position in shares of Align Technology by 7,138.7% in the first quarter. Wellington Management Group LLP now owns 939,946 shares of the company’s stock worth $68,325,000 after buying an additional 926,961 shares in the last quarter. Fiera Capital Corp purchased a new position in shares of Align Technology during the second quarter worth approximately $61,823,000. Emerald Acquisition Ltd. purchased a new position in shares of Align Technology during the second quarter worth approximately $40,582,000. Vanguard Group Inc. boosted its position in shares of Align Technology by 7.8% in the second quarter. Vanguard Group Inc. now owns 5,552,971 shares of the company’s stock worth $447,292,000 after buying an additional 401,560 shares in the last quarter. Finally, Frontier Capital Management Co. LLC purchased a new position in shares of Align Technology during the second quarter worth approximately $31,296,000. 87.12% of the stock is currently 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 and 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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