Align Technology Inc. (NASDAQ:ALGN) was downgraded by investment analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Monday. They presently have a $96.00 price objective on the stock. Robert W. Baird’s price objective would indicate a potential upside of 7.31% from the stock’s current price.
Several other brokerages have also recently weighed in on ALGN. Stifel Nicolaus raised their target price on shares of Align Technology from $82.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Zacks Investment Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating and set a $97.00 target price on the stock in a report on Wednesday, July 13th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Align Technology presently has a consensus rating of “Buy” and a consensus target price of $85.09.
Shares of Align Technology (NASDAQ:ALGN) opened at 89.46 on Monday. The stock has a market capitalization of $7.16 billion, a P/E ratio of 43.64 and a beta of 1.87. Align Technology has a one year low of $55.32 and a one year high of $96.90. The company’s 50-day moving average is $93.58 and its 200-day moving average is $82.81.
Align Technology (NASDAQ:ALGN) last issued its earnings results on Thursday, July 28th. The company reported $0.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.14. The firm had revenue of $269.40 million for the quarter, compared to analysts’ expectations of $259.29 million. Align Technology had a net margin of 17.67% and a return on equity of 19.40%. The firm’s revenue was up 28.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.39 earnings per share. On average, equities research analysts anticipate that Align Technology will post $2.28 earnings per share for the current year.
In related news, VP Julie Tay sold 3,000 shares of Align Technology stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $92.60, for a total value of $277,800.00. Following the transaction, the vice president now directly owns 3,104 shares in the company, valued at approximately $287,430.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Jennifer Olson sold 799 shares of Align Technology stock in a transaction on Monday, August 29th. The shares were sold at an average price of $93.30, for a total transaction of $74,546.70. Following the completion of the transaction, the vice president now owns 4,483 shares in the company, valued at $418,263.90. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by insiders.
A number of institutional investors have recently bought and sold shares of ALGN. Vanguard Group Inc. raised its position in Align Technology by 7.8% in the second quarter. Vanguard Group Inc. now owns 5,552,971 shares of the company’s stock worth $447,292,000 after buying an additional 401,560 shares during the period. BlackRock Fund Advisors raised its stake in shares of Align Technology by 2.9% in the second quarter. BlackRock Fund Advisors now owns 2,628,265 shares of the company’s stock valued at $211,707,000 after buying an additional 74,359 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Align Technology by 1.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,222,362 shares of the company’s stock valued at $179,011,000 after buying an additional 40,594 shares during the last quarter. State Street Corp raised its stake in shares of Align Technology by 0.7% in the second quarter. State Street Corp now owns 2,054,677 shares of the company’s stock valued at $165,504,000 after buying an additional 13,966 shares during the last quarter. Finally, Polen Capital Management LLC raised its stake in shares of Align Technology by 11.3% in the second quarter. Polen Capital Management LLC now owns 1,670,121 shares of the company’s stock valued at $134,528,000 after buying an additional 169,516 shares during the last quarter. Hedge funds and other institutional investors own 87.12% of the company’s stock.
About Align Technology
Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design and 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.
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