Align Technology, Inc. (ALGN) Receives Average Rating of “Buy” from Analysts
Shares of Align Technology, Inc. (NASDAQ:ALGN) have earned a consensus rating of “Buy” from the eleven analysts that are currently covering the firm, Marketbeat.com reports. Eleven analysts have rated the stock with a buy recommendation. The average 1 year price objective among analysts that have covered the stock in the last year is $214.45.
ALGN has been the subject of a number of research analyst reports. Credit Suisse Group reiterated an “outperform” rating and issued a $170.00 price target (up from $140.00) on shares of Align Technology in a report on Thursday, July 13th. Morgan Stanley reiterated an “overweight” rating and issued a $182.00 price target (up from $175.00) on shares of Align Technology in a report on Monday, July 17th. Bank of America Corporation upgraded Align Technology from a “neutral” rating to a “buy” rating and boosted their price target for the company from $175.00 to $193.00 in a report on Friday, July 28th. Piper Jaffray Companies reiterated a “buy” rating and issued a $176.00 price target on shares of Align Technology in a report on Friday, July 28th. Finally, Leerink Swann reiterated an “outperform” rating and issued a $199.00 price target (up from $194.00) on shares of Align Technology in a report on Friday, July 28th.
In related news, Director Greg J. Santora sold 7,700 shares of the company’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $238.95, for a total transaction of $1,839,915.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.60% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Oppenheimer & Co. Inc. acquired a new position in Align Technology during the 2nd quarter worth $1,768,000. AQR Capital Management LLC boosted its position in Align Technology by 36.7% during the 1st quarter. AQR Capital Management LLC now owns 94,715 shares of the medical equipment provider’s stock worth $10,865,000 after acquiring an additional 25,422 shares during the period. American Century Companies Inc. boosted its position in Align Technology by 2,236.0% during the 2nd quarter. American Century Companies Inc. now owns 221,009 shares of the medical equipment provider’s stock worth $33,178,000 after acquiring an additional 211,548 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in Align Technology by 17.8% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 90,969 shares of the medical equipment provider’s stock worth $13,657,000 after acquiring an additional 13,753 shares during the period. Finally, Chevy Chase Trust Holdings Inc. acquired a new position in Align Technology during the 2nd quarter worth $9,854,000. Hedge funds and other institutional investors own 80.96% of the company’s stock.
Shares of Align Technology (ALGN) opened at $241.35 on Friday. Align Technology has a twelve month low of $85.56 and a twelve month high of $244.60. The firm has a market capitalization of $19,350.96, a P/E ratio of 71.41, a PEG ratio of 2.35 and a beta of 1.42.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Thursday, October 26th. The medical equipment provider reported $1.01 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.19. Align Technology had a return on equity of 25.60% and a net margin of 19.98%. The business had revenue of $385.30 million during the quarter, compared to the consensus estimate of $359.80 million. During the same period in the previous year, the business earned $0.63 EPS. The business’s quarterly revenue was up 38.3% on a year-over-year basis. sell-side analysts expect that Align Technology will post 3.56 EPS for the current year.
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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