Align Technology, Inc. (NASDAQ:ALGN) Receives Consensus Rating of “Buy” from Analysts

Align Technology, Inc. (NASDAQ:ALGN) has received an average rating of “Buy” from the seventeen research firms that are currently covering the company, MarketBeat.com reports. One equities 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. The average 12 month target price among analysts that have issued a report on the stock in the last year is $294.40.

A number of research firms have commented on ALGN. Bank of America lowered shares of Align Technology from a “buy” rating to a “neutral” rating in a report on Thursday, July 25th. Stifel Nicolaus lowered their target price on shares of Align Technology from $360.00 to $290.00 and set a “buy” rating for the company in a 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 report on Friday, July 26th. Robert W. Baird lowered their target price on shares of Align Technology from $336.00 to $259.00 and set an “outperform” rating for the company in a report on Friday, July 26th. Finally, Piper Jaffray Companies set a $240.00 target price on shares of Align Technology and gave the stock a “buy” rating in a report on Wednesday, July 31st.

Shares of Align Technology stock traded down $3.93 during midday trading on Friday, reaching $175.04. The company had a trading volume of 1,014,971 shares, compared to its average volume of 1,994,742. The company has a current ratio of 1.85, a quick ratio of 1.74 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $14.09 billion, a price-to-earnings ratio of 35.58, a price-to-earnings-growth ratio of 1.45 and a beta of 1.95. The stock has a fifty day simple moving average of $224.66 and a 200 day simple moving average of $268.79. Align Technology has a 1-year low of $172.62 and a 1-year high of $398.88.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.13 by $0.13. The business had revenue of $600.70 million during the quarter, compared to analyst estimates of $599.86 million. Align Technology had a net margin of 19.06% and a return on equity of 29.26%. Align Technology’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same quarter last year, the business posted $1.30 earnings per share. Sell-side analysts expect that Align Technology will post 5 earnings per share for the current year.

In other news, Director Joseph Lacob sold 30,000 shares of Align Technology stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $181.79, for a total transaction of $5,453,700.00. Following the transaction, the director now directly owns 564 shares of the company’s stock, valued at $102,529.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Greg J. Santora sold 3,000 shares of Align Technology stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $313.13, for a total transaction of $939,390.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 45,108 shares of company stock worth $9,961,805. Insiders own 1.30% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in ALGN. Nicollet Investment Management Inc. lifted its position in Align Technology by 0.5% in the 1st quarter. Nicollet Investment Management Inc. now owns 7,095 shares of the medical equipment provider’s stock valued at $2,017,000 after acquiring an additional 35 shares in the last quarter. Quantum Capital Management lifted its position in Align Technology by 3.0% in the 1st quarter. Quantum Capital Management now owns 1,545 shares of the medical equipment provider’s stock valued at $439,000 after acquiring an additional 45 shares in the last quarter. Cornerstone Advisors Inc. lifted its position in Align Technology by 9.0% in the 1st quarter. Cornerstone Advisors Inc. now owns 633 shares of the medical equipment provider’s stock valued at $180,000 after acquiring an additional 52 shares in the last quarter. Foresight Wealth Management LLC lifted its position in Align Technology by 5.5% in the 2nd quarter. Foresight Wealth Management LLC now owns 1,040 shares of the medical equipment provider’s stock valued at $285,000 after acquiring an additional 54 shares in the last quarter. Finally, ETF Managers Group LLC lifted its position in Align Technology by 10.7% in the 1st quarter. ETF Managers Group LLC now owns 568 shares of the medical equipment provider’s stock valued at $162,000 after acquiring an additional 55 shares in the last quarter. 84.15% of the stock is currently owned by institutional investors.

About Align Technology

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.

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Analyst Recommendations for Align Technology (NASDAQ:ALGN)

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