BidaskClub upgraded shares of Align Technology (NASDAQ:ALGN) from a hold rating to a buy rating in a report released on Saturday.
Other analysts also recently issued research reports about the stock. Stifel Nicolaus lifted their target price on shares of Align Technology from $245.00 to $265.00 and gave the company a buy rating in a report on Tuesday, November 21st. Robert W. Baird reaffirmed a buy rating and issued a $290.00 target price on shares of Align Technology in a report on Wednesday, November 29th. Credit Suisse Group raised shares of Align Technology to a buy rating and set a $276.00 target price on the stock in a report on Thursday, January 4th. Piper Jaffray Companies reaffirmed a buy rating and issued a $300.00 target price on shares of Align Technology in a report on Wednesday, January 31st. Finally, Zacks Investment Research raised shares of Align Technology from a hold rating to a buy rating and set a $318.00 target price on the stock in a report on Monday, January 29th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $260.79.
Shares of Align Technology (ALGN) traded up $3.56 during trading on Friday, reaching $271.74. 816,920 shares of the company’s stock traded hands, compared to its average volume of 957,434. Align Technology has a 52 week low of $104.39 and a 52 week high of $287.32. The stock has a market cap of $21,775.88, a P/E ratio of 95.68, a P/E/G ratio of 2.07 and a beta of 1.44.
In related news, VP Emory Wright sold 45,780 shares of the firm’s stock in a transaction dated Friday, February 2nd. The shares were sold at an average price of $260.08, for a total value of $11,906,462.40. Following the completion of the sale, the vice president now owns 29,957 shares in the company, valued at $7,791,216.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Joseph M. Hogan acquired 1,500 shares of Align Technology stock in a transaction that occurred on Tuesday, February 13th. The stock was bought at an average price of $233.63 per share, with a total value of $350,445.00. Following the purchase, the insider now directly owns 42,984 shares of the company’s stock, valued at $10,042,351.92. The disclosure for this purchase can be found here. 1.60% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in ALGN. Atlantic Trust Group LLC lifted its stake in shares of Align Technology by 4,682.8% in the third quarter. Atlantic Trust Group LLC now owns 638,935 shares of the medical equipment provider’s stock valued at $119,014,000 after purchasing an additional 625,576 shares during the period. Renaissance Technologies LLC raised its position in Align Technology by 28.3% during the fourth quarter. Renaissance Technologies LLC now owns 2,614,100 shares of the medical equipment provider’s stock worth $580,827,000 after acquiring an additional 576,900 shares during the last quarter. Carillon Tower Advisers Inc. acquired a new position in Align Technology during the fourth quarter worth about $62,895,000. Legal & General Group Plc raised its position in Align Technology by 221.0% during the third quarter. Legal & General Group Plc now owns 383,295 shares of the medical equipment provider’s stock worth $71,396,000 after acquiring an additional 263,875 shares during the last quarter. Finally, First Republic Investment Management Inc. raised its position in Align Technology by 496.3% during the fourth quarter. First Republic Investment Management Inc. now owns 192,834 shares of the medical equipment provider’s stock worth $42,845,000 after acquiring an additional 160,496 shares during the last quarter. Hedge funds and other institutional investors own 79.55% 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/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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