Align Technology (NASDAQ:ALGN) Lifted to “Hold” at BidaskClub

BidaskClub upgraded shares of Align Technology (NASDAQ:ALGN) from a sell rating to a hold rating in a research note released on Thursday morning, BidAskClub reports.

A number of other analysts have also commented on ALGN. Guggenheim initiated coverage on shares of Patterson Companies in a research report on Wednesday, April 17th. They issued a neutral rating and a $23.00 price objective on the stock. Piper Jaffray Companies reissued an overweight rating and issued a $760.00 price objective (up previously from $755.00) on shares of Chipotle Mexican Grill in a research report on Thursday, April 25th. ValuEngine lowered shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Barclays boosted their price objective on shares of T. Rowe Price Group from $90.00 to $95.00 and gave the stock an underweight rating in a research report on Thursday, April 25th. Finally, OTR Global lowered shares of Align Technology to a positive rating in a research report on Thursday, March 14th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Align Technology has an average rating of Buy and an average target price of $323.73.

Shares of ALGN opened at $283.91 on Thursday. Align Technology has a twelve month low of $177.93 and a twelve month high of $398.88. The firm has a 50 day moving average of $290.90. The company has a market capitalization of $22.71 billion, a price-to-earnings ratio of 57.71, a P/E/G ratio of 2.25 and a beta of 1.97.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $0.89 earnings per share for the quarter, beating the Zacks’ 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 analyst estimates of $532.16 million. During the same quarter in the previous year, the firm posted $1.17 earnings per share. The business’s revenue was up 25.7% on a year-over-year basis. As a group, analysts forecast that Align Technology will post 5.4 earnings per share for the current fiscal year.

In related news, CFO John Morici sold 2,374 shares of the business’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 transaction, the chief financial officer now directly owns 2,913 shares in the company, valued at $835,768.83. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Julie Tay sold 13,500 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $322.41, for a total transaction of $4,352,535.00. Following the transaction, the senior vice president now owns 24,096 shares in the company, valued at $7,768,791.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,283 shares of company stock worth $17,483,871. 1.30% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of ALGN. Captrust Financial Advisors increased its holdings in Align Technology by 67.6% during the fourth quarter. Captrust Financial Advisors now owns 124 shares of the medical equipment provider’s stock worth $26,000 after buying an additional 50 shares during the last quarter. Berman Capital Advisors LLC acquired a new position in Align Technology during the fourth quarter worth $27,000. Horan Capital Advisors LLC. acquired a new position in shares of Align Technology in the first quarter valued at $28,000. Harvest Group Wealth Management LLC acquired a new position in shares of Align Technology in the first quarter valued at $28,000. Finally, Sontag Advisory LLC acquired a new position in shares of Align Technology in the fourth quarter valued at $30,000. Institutional investors and hedge funds own 82.62% 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.

Featured Article: Does a trade war provide a risk to the global economy?

Analyst Recommendations for Align Technology (NASDAQ:ALGN)

Receive News & Ratings for Align Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Align Technology and related companies with MarketBeat.com's FREE daily email newsletter.