Piper Jaffray Companies Reiterates $240.00 Price Target for Align Technology (NASDAQ:ALGN)

Piper Jaffray Companies set a $240.00 price objective on Align Technology (NASDAQ:ALGN) in a report published on Wednesday, TipRanks reports. The firm currently has a buy rating on the medical equipment provider’s stock. Piper Jaffray Companies also issued estimates for Align Technology’s Q3 2019 earnings at $1.13 EPS, Q4 2019 earnings at $1.44 EPS, Q1 2020 earnings at $1.36 EPS, Q2 2020 earnings at $1.53 EPS, Q4 2020 earnings at $1.82 EPS and FY2020 earnings at $6.30 EPS.

Several other analysts also recently commented on the stock. Barclays boosted their target price on shares of Align Technology from $335.00 to $355.00 and gave the stock an overweight rating in a research report on Thursday, April 25th. Credit Suisse Group decreased their target price on shares of Align Technology from $340.00 to $320.00 and set an outperform rating for the company in a research report on Thursday, July 25th. UBS Group set a $230.00 target price on shares of Align Technology and gave the stock a hold rating in a research report on Friday, July 26th. Robert W. Baird decreased their target price on shares of Align Technology from $336.00 to $259.00 and set an outperform rating for the company in a research report on Friday, July 26th. Finally, Stifel Nicolaus decreased their target price on shares of Align Technology from $360.00 to $290.00 and set a buy rating for the company in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average price target of $297.91.

Shares of ALGN opened at $199.38 on Wednesday. The company’s 50 day moving average is $267.31. Align Technology has a 52 week low of $177.93 and a 52 week high of $398.88. The stock has a market capitalization of $15.95 billion, a P/E ratio of 40.52, a PEG ratio of 1.71 and a beta of 1.95. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.85 and a quick ratio of 1.74.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.13 by $0.13. Align Technology had a net margin of 19.06% and a return on equity of 29.26%. The firm had revenue of $600.70 million for the quarter, compared to the consensus estimate of $599.86 million. During the same period in the previous year, the firm posted $1.30 earnings per share. The firm’s revenue was up 22.5% on a year-over-year basis. As a group, equities analysts predict that Align Technology will post 5.03 earnings per share for the current year.

In related news, CFO John Morici sold 2,374 shares of the company’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $286.91, for a total transaction of $681,124.34. Following the completion of the transaction, the chief financial officer now directly owns 2,913 shares in the company, valued at approximately $835,768.83. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CMO Raphael Pascaud sold 15,000 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $326.18, for a total transaction of $4,892,700.00. Following the completion of the transaction, the chief marketing officer now owns 34,092 shares of the company’s stock, valued at approximately $11,120,128.56. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,283 shares of company stock valued at $17,483,871. Corporate insiders own 1.30% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its position in shares of Align Technology by 3.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 351,775 shares of the medical equipment provider’s stock worth $73,674,000 after purchasing an additional 11,709 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Align Technology by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 1,057,392 shares of the medical equipment provider’s stock worth $221,101,000 after purchasing an additional 9,617 shares in the last quarter. Municipal Employees Retirement System of Michigan acquired a new stake in shares of Align Technology during the 4th quarter worth about $410,000. Thrivent Financial for Lutherans increased its position in shares of Align Technology by 1.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 3,152 shares of the medical equipment provider’s stock worth $660,000 after purchasing an additional 55 shares in the last quarter. Finally, First Allied Advisory Services Inc. increased its position in shares of Align Technology by 6.6% during the 4th quarter. First Allied Advisory Services Inc. now owns 1,529 shares of the medical equipment provider’s stock worth $323,000 after purchasing an additional 95 shares in the last quarter. Institutional investors own 82.67% of the company’s stock.

Align Technology Company Profile

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.

Further Reading: Cost of Equity For A Business, Investors

Analyst Recommendations for Align Technology (NASDAQ:ALGN)

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