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.
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.
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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.
