BidaskClub Lowers Align Technology (ALGN) to Hold

BidaskClub cut shares of Align Technology (NASDAQ:ALGN) from a buy rating to a hold rating in a research report sent to investors on Thursday, April 18th, BidAskClub reports.

Other equities analysts have also issued research reports about the stock. Morgan Stanley reduced their price target on shares of Align Technology from $300.00 to $210.00 and set an equal weight rating for the company in a research report on Friday, January 4th. Piper Jaffray Companies increased their target price on shares of Align Technology from $250.00 to $300.00 and gave the stock an overweight rating in a research report on Tuesday, March 19th. Credit Suisse Group increased their target price on shares of Align Technology from $270.00 to $278.00 and gave the stock an outperform rating in a research report on Monday, March 25th. Guggenheim assumed coverage on shares of Align Technology in a research report on Wednesday, April 17th. They set a buy rating and a $335.00 target price for the company. Finally, UBS Group downgraded shares of Align Technology from a buy rating to a neutral rating and set a $275.00 price target on the stock. in a report on Thursday, February 14th. Two equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $340.07.

ALGN traded down $1.32 during trading on Thursday, hitting $321.93. 701,258 shares of the company’s stock were exchanged, compared to its average volume of 1,195,443. Align Technology has a fifty-two week low of $177.93 and a fifty-two week high of $398.88. The company has a market cap of $25.86 billion, a price-to-earnings ratio of 65.43, a PEG ratio of 2.59 and a beta of 2.14.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $0.89 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.06. Align Technology had a net margin of 18.10% and a return on equity of 30.58%. The firm had revenue of $549.00 million for the quarter, compared to the consensus estimate of $532.16 million. During the same quarter in the prior year, the company posted $1.17 earnings per share. The business’s revenue was up 25.7% on a year-over-year basis. On average, analysts forecast that Align Technology will post 5.33 earnings per share for the current year.

In related news, SVP Julie Tay sold 1,250 shares of Align Technology stock in a transaction on Tuesday, February 12th. The shares were sold at an average price of $254.58, for a total value of $318,225.00. Following the sale, the senior vice president now owns 11,926 shares in the company, valued at $3,036,121.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joseph Lacob sold 20,000 shares of Align Technology stock in a transaction on Thursday, February 28th. The shares were sold at an average price of $258.31, for a total transaction of $5,166,200.00. The disclosure for this sale can be found here. Insiders sold 25,210 shares of company stock worth $6,743,633 in the last 90 days. Company insiders own 1.30% of the company’s stock.

A number of institutional investors have recently made changes to their positions in ALGN. Captrust Financial Advisors raised its position in shares of Align Technology by 67.6% in the 4th quarter. Captrust Financial Advisors now owns 124 shares of the medical equipment provider’s stock worth $26,000 after purchasing an additional 50 shares during the last quarter. Berman Capital Advisors LLC purchased a new position in shares of Align Technology in the 4th quarter worth about $27,000. Horan Capital Advisors LLC. purchased a new position in shares of Align Technology in the 1st quarter worth about $28,000. Harvest Group Wealth Management LLC purchased a new position in shares of Align Technology in the 1st quarter worth about $28,000. Finally, Gemmer Asset Management LLC raised its position in shares of Align Technology by 57.3% in the 4th quarter. Gemmer Asset Management LLC now owns 140 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 51 shares during the last quarter. 82.62% of the stock is owned by institutional investors and hedge funds.

About Align Technology

Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.

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Analyst Recommendations for Align Technology (NASDAQ:ALGN)

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