Align Technology (NASDAQ:ALGN) was upgraded by research analysts at Credit Suisse Group to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $276.00 target price on the medical equipment provider’s stock. Credit Suisse Group’s target price would indicate a potential upside of 18.30% from the company’s current price.
A number of other brokerages also recently issued reports on ALGN. Stifel Nicolaus reissued a “buy” rating and set a $225.00 price objective (up previously from $205.00) on shares of Align Technology in a research report on Thursday, October 19th. Morgan Stanley reissued an “overweight” rating and set a $220.00 price objective (up previously from $195.00) on shares of Align Technology in a research report on Friday, October 6th. Zacks Investment Research raised shares of Align Technology from a “hold” rating to a “buy” rating and set a $227.00 price objective for the company in a research report on Monday, October 30th. Northcoast Research reissued a “buy” rating and set a $230.00 price objective (up previously from $200.00) on shares of Align Technology in a research report on Tuesday, October 10th. Finally, Robert W. Baird reissued a “buy” rating on shares of Align Technology in a research report on Tuesday, September 12th. Two research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $236.75.
Align Technology (NASDAQ:ALGN) traded up $2.10 during trading hours on Thursday, reaching $233.30. 1,363,000 shares of the company’s stock were exchanged, compared to its average volume of 1,089,067. Align Technology has a fifty-two week low of $88.56 and a fifty-two week high of $266.41. The company has a market cap of $19,100.00, a P/E ratio of 70.91, a PEG ratio of 1.81 and a beta of 1.43.
Align Technology (NASDAQ:ALGN) last posted its earnings results on Thursday, October 26th. The medical equipment provider reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.19. Align Technology had a net margin of 19.98% and a return on equity of 25.60%. The business had revenue of $385.30 million during the quarter, compared to the consensus estimate of $359.80 million. During the same quarter in the previous year, the firm posted $0.63 EPS. The firm’s revenue was up 38.3% on a year-over-year basis. equities research analysts expect that Align Technology will post 3.65 EPS for the current year.
In related news, CFO John Morici sold 1,500 shares of the company’s stock in a transaction on Friday, November 24th. The shares were sold at an average price of $255.00, for a total value of $382,500.00. Following the completion of the transaction, the chief financial officer now owns 1,544 shares of the company’s stock, valued at approximately $393,720. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CMO Raphael Pascaud sold 5,400 shares of the company’s stock in a transaction on Friday, November 3rd. The stock was sold at an average price of $241.88, for a total transaction of $1,306,152.00. Following the completion of the transaction, the chief marketing officer now directly owns 22,228 shares of the company’s stock, valued at approximately $5,376,508.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,849 shares of company stock valued at $13,494,348. Insiders own 1.60% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Schroder Investment Management Group bought a new position in Align Technology in the 2nd quarter worth $104,000. Whittier Trust Co. bought a new position in Align Technology in the 3rd quarter worth $107,000. Bronfman E.L. Rothschild L.P. boosted its holdings in Align Technology by 13.0% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 912 shares of the medical equipment provider’s stock worth $137,000 after buying an additional 105 shares during the period. BlueMountain Capital Management LLC bought a new position in Align Technology in the 2nd quarter worth $148,000. Finally, Commonwealth Bank of Australia boosted its holdings in Align Technology by 10.5% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,129 shares of the medical equipment provider’s stock worth $169,000 after buying an additional 107 shares during the period. 82.89% of the stock is owned by institutional investors.
TRADEMARK VIOLATION WARNING: This story was first posted by American Banking News and is the sole property of of American Banking News. If you are reading this story on another site, it was stolen and reposted in violation of United States and international trademark & copyright law. The original version of this story can be viewed at https://www.americanbankingnews.com/2018/01/05/align-technology-algn-rating-increased-to-buy-at-credit-suisse-group.html.
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.