Zacks Investment Research upgraded shares of Align Technology (NASDAQ:ALGN) from a hold rating to a buy rating in a research report report published on Wednesday morning. They currently have $272.00 target price on the medical equipment provider’s stock.
According to Zacks, “Over the past six months, Align Technology has been outperforming its broader industry. The company has been delivering strong performance over the past few quarters. We are encouraged by Align Technology’s solid Invisalign Technology prospects and growth in North America and internationally, particularly in the Asia-Pacific region. We are also upbeat about the company signing a distribution agreement with Glidewell Dental to distribute the iTero Element intraoral scanning system with the latest glidewell.io In-Office Solution in North America. On the flip side, adverse foreign currency fluctuation is a concern. Moreover, tough competition, rising operating costs and macroeconomic headwinds continue to weigh on the stock.”
A number of other research firms have also commented on ALGN. Stifel Nicolaus lifted their target price on shares of Align Technology from $265.00 to $295.00 and gave the stock a buy rating in a report on Tuesday, January 30th. Vetr lowered shares of Align Technology from a strong-buy rating to a buy rating and set a $302.42 target price for the company. in a report on Monday, March 12th. BidaskClub raised shares of Align Technology from a hold rating to a buy rating in a report on Saturday, March 10th. Stephens lowered shares of Align Technology from an overweight rating to an equal weight rating and set a $230.00 price target for the company. in a report on Friday, January 19th. Finally, Leerink Swann boosted their price target on shares of Align Technology from $300.00 to $305.00 and gave the company an outperform rating in a report on Wednesday, January 31st. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $260.49.
Align Technology (NASDAQ:ALGN) last released its earnings results on Tuesday, January 30th. The medical equipment provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.23. Align Technology had a net margin of 15.71% and a return on equity of 28.55%. The firm had revenue of $421.30 million during the quarter, compared to analyst estimates of $395.88 million. During the same quarter in the previous year, the business earned $0.59 EPS. The business’s quarterly revenue was up 43.7% compared to the same quarter last year. equities analysts forecast that Align Technology will post 4.52 earnings per share for the current fiscal year.
In related news, insider Joseph M. Hogan acquired 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The shares were acquired at an average cost of $233.63 per share, with a total value of $350,445.00. Following the transaction, the insider now owns 42,984 shares of the company’s stock, valued at approximately $10,042,351.92. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Emory Wright sold 45,780 shares of the business’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $260.08, for a total transaction of $11,906,462.40. Following the completion of the sale, the vice president now directly owns 29,957 shares in the company, valued at $7,791,216.56. The disclosure for this sale can be found here. 1.60% of the stock is owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. National Pension Service lifted its position in Align Technology by 98,968.3% in the 4th quarter. National Pension Service now owns 81,236 shares of the medical equipment provider’s stock valued at $18,050,000 after acquiring an additional 81,154 shares in the last quarter. APG Asset Management N.V. lifted its position in Align Technology by 113.1% in the 4th quarter. APG Asset Management N.V. now owns 107,400 shares of the medical equipment provider’s stock valued at $19,873,000 after acquiring an additional 57,000 shares in the last quarter. HWG Holdings LP lifted its position in Align Technology by 579.3% in the 4th quarter. HWG Holdings LP now owns 3,057 shares of the medical equipment provider’s stock valued at $679,000 after acquiring an additional 2,607 shares in the last quarter. Neuberger Berman Group LLC lifted its position in Align Technology by 1,899.1% in the 3rd quarter. Neuberger Berman Group LLC now owns 101,435 shares of the medical equipment provider’s stock valued at $18,894,000 after acquiring an additional 96,361 shares in the last quarter. Finally, Stone Ridge Asset Management LLC bought a new stake in Align Technology in the 4th quarter valued at $2,479,000. 80.54% of the stock is currently owned by institutional investors and hedge funds.
Align Technology Company Profile
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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