Align Technology (NASDAQ:ALGN) was downgraded by Stephens from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Friday, MarketBeat Ratings reports. They presently have a $230.00 target price on the medical equipment provider’s stock. Stephens’ price target indicates a potential downside of 14.64% from the stock’s current price.
Several other research analysts have also recently issued reports on the stock. Deutsche Bank started coverage on shares of Align Technology in a report on Friday, December 8th. They issued a “hold” rating and a $250.00 target price on the stock. Morgan Stanley raised their target price on shares of Align Technology from $257.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, November 27th. Leerink Swann restated an “outperform” rating and issued a $250.00 target price on shares of Align Technology in a report on Friday, October 27th. Zacks Investment Research cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 27th. Finally, Credit Suisse Group raised their target price on shares of Align Technology from $175.00 to $209.00 and gave the stock an “outperform” rating in a report on Friday, October 27th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $236.23.
Shares of Align Technology (ALGN) traded down $1.24 during trading on Friday, hitting $269.46. 1,230,000 shares of the stock traded hands, compared to its average volume of 1,080,000. Align Technology has a 1 year low of $88.56 and a 1 year high of $273.60. The company has a market capitalization of $21,510.00, a PE ratio of 81.90, a price-to-earnings-growth ratio of 2.12 and a beta of 1.43.
Align Technology (NASDAQ:ALGN) last issued its earnings results on Thursday, October 26th. The medical equipment provider reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.19. Align Technology had a net margin of 19.98% and a return on equity of 25.60%. The firm had revenue of $385.30 million for the quarter, compared to analysts’ expectations of $359.80 million. During the same quarter last year, the business earned $0.63 earnings per share. The business’s revenue was up 38.3% on a year-over-year basis. sell-side analysts predict that Align Technology will post 3.67 earnings per share for the current year.
In related news, Director Joseph Lacob sold 29,724 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $260.91, for a total value of $7,755,288.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Emory Wright sold 5,025 shares of the firm’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $263.68, for a total value of $1,324,992.00. Following the completion of the sale, the vice president now directly owns 80,762 shares of the company’s stock, valued at approximately $21,295,324.16. The disclosure for this sale can be found here. Insiders sold 52,849 shares of company stock valued at $13,494,348 in the last ninety days. 1.60% of the stock is currently owned by insiders.
Institutional investors have recently made changes to their positions in the business. Schroder Investment Management Group purchased a new position in Align Technology during the second quarter valued at $104,000. Whittier Trust Co. purchased a new position in Align Technology during the third quarter valued at $107,000. BlueMountain Capital Management LLC purchased a new position in Align Technology during the second quarter valued at $148,000. Coldstream Capital Management Inc. purchased a new position in Align Technology during the second quarter valued at $202,000. Finally, Guardian Capital LP purchased a new position in Align Technology during the second quarter valued at $206,000. 82.95% of the stock is owned by institutional investors and hedge funds.
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.