Deutsche Bank Initiates Coverage on Align Technology (ALGN)
Equities researchers at Deutsche Bank started coverage on shares of Align Technology (NASDAQ:ALGN) in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage set a “hold” rating and a $250.00 price target on the medical equipment provider’s stock. Deutsche Bank’s target price would suggest a potential upside of 4.85% from the stock’s current price.
Several other analysts have also recently weighed in on the company. Robert W. Baird reaffirmed a “buy” rating and issued a $290.00 price target on shares of Align Technology in a report on Wednesday, November 29th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $276.00 price target (up previously from $261.00) on shares of Align Technology in a report on Tuesday, November 28th. Morgan Stanley raised their price target on Align Technology from $257.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, November 27th. Stifel Nicolaus raised their price target on Align Technology from $245.00 to $265.00 and gave the company a “buy” rating in a report on Tuesday, November 21st. Finally, Zacks Investment Research raised Align Technology from a “hold” rating to a “buy” rating and set a $227.00 price target on the stock in a report on Monday, October 30th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $236.75.
Align Technology (ALGN) traded down $2.95 during trading hours on Friday, hitting $238.43. The company’s stock had a trading volume of 1,004,117 shares, compared to its average volume of 1,024,627. Align Technology has a 1 year low of $88.56 and a 1 year high of $266.41. The stock has a market cap of $18,682.21, a PE ratio of 68.94, a P/E/G ratio of 2.23 and a beta of 1.43.
In other news, CFO John Morici sold 1,500 shares of the stock in a transaction dated Friday, November 24th. The stock was sold at an average price of $255.00, for a total transaction of $382,500.00. Following the transaction, the chief financial officer now directly owns 1,544 shares in the company, valued at approximately $393,720. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Greg J. Santora sold 7,700 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $238.95, for a total value of $1,839,915.00. The disclosure for this sale can be found here. Insiders have sold a total of 52,849 shares of company stock worth $13,494,348 over the last quarter. Corporate insiders own 1.60% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Align Technology by 16.5% during the 2nd quarter. Vanguard Group Inc. now owns 7,299,099 shares of the medical equipment provider’s stock worth $1,095,740,000 after acquiring an additional 1,034,254 shares during the last quarter. Polen Capital Management LLC grew its position in Align Technology by 6.8% during the 2nd quarter. Polen Capital Management LLC now owns 3,362,570 shares of the medical equipment provider’s stock worth $504,789,000 after acquiring an additional 212,773 shares during the last quarter. State Street Corp grew its position in Align Technology by 32.2% during the 2nd quarter. State Street Corp now owns 3,143,095 shares of the medical equipment provider’s stock worth $471,823,000 after acquiring an additional 765,189 shares during the last quarter. Bank of New York Mellon Corp grew its position in Align Technology by 2.2% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,946,097 shares of the medical equipment provider’s stock worth $362,499,000 after acquiring an additional 42,570 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in Align Technology by 11.3% during the 2nd quarter. Renaissance Technologies LLC now owns 1,587,681 shares of the medical equipment provider’s stock worth $238,343,000 after acquiring an additional 160,881 shares during the last quarter. Hedge funds and other institutional investors own 83.91% of the company’s stock.
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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