Robert W. Baird Raises Align Technology (ALGN) Price Target to $425.00

Align Technology (NASDAQ:ALGN) had its target price boosted by Robert W. Baird from $351.00 to $425.00 in a research note released on Thursday, July 26th, The Fly reports. The firm currently has an outperform rating on the medical equipment provider’s stock.

Several other research analysts also recently weighed in on ALGN. Jefferies Financial Group upped their price target on shares of Align Technology to $350.00 and gave the stock a buy rating in a research report on Thursday, May 24th. Piper Jaffray Companies increased their price objective on shares of Align Technology from $300.00 to $325.00 and gave the company an overweight rating in a report on Thursday, May 24th. Stifel Nicolaus increased their price objective on shares of Align Technology from $375.00 to $425.00 and gave the company a buy rating in a report on Thursday, July 26th. BidaskClub upgraded shares of Align Technology from a buy rating to a strong-buy rating in a report on Tuesday, May 8th. Finally, Credit Suisse Group increased their price objective on shares of Align Technology from $290.00 to $300.00 and gave the company an outperform rating in a report on Thursday, April 26th. Three equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average target price of $353.79.

Align Technology opened at $364.53 on Thursday, according to Marketbeat Ratings. Align Technology has a twelve month low of $165.18 and a twelve month high of $385.00. The stock has a market cap of $29.47 billion, a P/E ratio of 93.71, a P/E/G ratio of 2.45 and a beta of 1.50.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.21. Align Technology had a net margin of 17.00% and a return on equity of 32.61%. The firm had revenue of $490.26 million during the quarter, compared to the consensus estimate of $472.10 million. During the same quarter in the prior year, the firm earned $0.85 EPS. The company’s revenue for the quarter was up 37.5% on a year-over-year basis. analysts forecast that Align Technology will post 4.98 earnings per share for the current year.

In other news, SVP Jennifer Olson sold 1,505 shares of the stock in a transaction that occurred on Thursday, May 31st. The shares were sold at an average price of $334.05, for a total value of $502,745.25. Following the completion of the sale, the senior vice president now owns 3,919 shares of the company’s stock, valued at approximately $1,309,141.95. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Joseph Lacob sold 20,000 shares of the stock in a transaction that occurred on Monday, May 14th. The shares were sold at an average price of $289.41, for a total transaction of $5,788,200.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,692 shares of company stock valued at $15,997,128. 1.40% of the stock is owned by insiders.

Institutional investors have recently bought and sold shares of the company. Stelac Advisory Services LLC purchased a new stake in shares of Align Technology in the 2nd quarter valued at approximately $103,000. W.G. Shaheen & Associates DBA Whitney & Co purchased a new stake in shares of Align Technology in the 1st quarter valued at approximately $100,000. Cornerstone Advisors Inc. grew its stake in shares of Align Technology by 133.7% in the 1st quarter. Cornerstone Advisors Inc. now owns 437 shares of the medical equipment provider’s stock valued at $110,000 after buying an additional 250 shares during the period. Nicolet Bankshares Inc. purchased a new stake in shares of Align Technology in the 2nd quarter valued at approximately $222,000. Finally, Checchi Capital Advisers LLC purchased a new stake in shares of Align Technology in the 2nd quarter valued at approximately $232,000. 78.32% 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, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.

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