Align Technology, Inc. (NASDAQ:ALGN) Receives “Buy” Rating from Stifel Nicolaus
Align Technology, Inc. (NASDAQ:ALGN)‘s stock had its “buy” rating reaffirmed by Stifel Nicolaus in a research note issued on Monday. They currently have a $205.00 target price on the medical equipment provider’s stock. Stifel Nicolaus’ price objective points to a potential upside of 21.09% from the stock’s previous close.
A number of other brokerages also recently commented on ALGN. Piper Jaffray Companies restated a “buy” rating and set a $176.00 target price on shares of Align Technology in a report on Friday, July 28th. Morgan Stanley restated an “overweight” rating and set a $175.00 target price on shares of Align Technology in a report on Monday, June 19th. They noted that the move was a valuation call. Northcoast Research restated a “buy” rating and set a $186.00 target price (up previously from $164.00) on shares of Align Technology in a report on Wednesday, June 21st. Zacks Investment Research upgraded Align Technology from a “hold” rating to a “buy” rating and set a $128.00 target price for the company in a report on Tuesday, April 11th. Finally, Leerink Swann restated an “outperform” rating and set a $199.00 target price (up previously from $194.00) on shares of Align Technology in a report on Friday, July 28th. Ten analysts have rated the stock with a buy rating, The company presently has a consensus rating of “Buy” and a consensus price target of $174.40.
Shares of Align Technology (NASDAQ:ALGN) traded up 2.17% during mid-day trading on Monday, hitting $172.98. 352,060 shares of the stock traded hands. The stock has a market cap of $13.87 billion, a price-to-earnings ratio of 59.24 and a beta of 1.55. Align Technology has a 52 week low of $83.27 and a 52 week high of $174.82. The firm’s 50-day moving average is $153.72 and its 200-day moving average is $125.88.
Align Technology (NASDAQ:ALGN) last announced its earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.12. The company had revenue of $356.50 million during the quarter, compared to the consensus estimate of $343.43 million. Align Technology had a return on equity of 23.87% and a net margin of 19.18%. The firm’s revenue for the quarter was up 32.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.62 earnings per share. On average, analysts forecast that Align Technology will post $3.40 earnings per share for the current year.
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In related news, VP Sreelakshmi Kolli sold 1,000 shares of the company’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $144.00, for a total value of $144,000.00. Following the sale, the vice president now directly owns 23,785 shares of the company’s stock, valued at $3,425,040. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Joseph Lacob sold 50,000 shares of the company’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $144.98, for a total value of $7,249,000.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,874 shares of company stock worth $7,950,701. 2.00% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in the company. Perigon Wealth Management boosted its stake in Align Technology by 3.7% in the third quarter. Perigon Wealth Management now owns 4,604 shares of the medical equipment provider’s stock worth $261,000 after buying an additional 164 shares in the last quarter. DUPONT CAPITAL MANAGEMENT Corp bought a new stake in Align Technology during the fourth quarter worth approximately $1,238,000. Friedberg Investment Management boosted its stake in Align Technology by 28.4% in the fourth quarter. Friedberg Investment Management now owns 43,150 shares of the medical equipment provider’s stock worth $2,841,000 after buying an additional 9,540 shares in the last quarter. Rathbone Brothers boosted its stake in Align Technology by 50.9% in the fourth quarter. Rathbone Brothers now owns 261,000 shares of the medical equipment provider’s stock worth $15,657,000 after buying an additional 88,000 shares in the last quarter. Finally, Kalmar Investments Inc. DE boosted its stake in Align Technology by 4.7% in the fourth quarter. Kalmar Investments Inc. DE now owns 705,685 shares of the medical equipment provider’s stock worth $46,469,000 after buying an additional 31,720 shares in the last quarter. 87.13% of the stock is currently owned by hedge funds and other institutional investors.
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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