OTR Global lowered shares of Align Technology (NASDAQ:ALGN) to a positive rating in a report issued on Thursday morning, The Fly reports.
A number of other analysts also recently issued reports on the company. William Blair reaffirmed an outperform rating on shares of Align Technology in a research report on Monday, November 19th. Morgan Stanley lowered their target price on Align Technology from $300.00 to $210.00 and set an equal weight rating on the stock in a research report on Friday, January 4th. UBS Group started coverage on Align Technology in a research report on Thursday, January 17th. They issued a buy rating and a $230.00 target price on the stock. Robert W. Baird lowered their target price on Align Technology from $330.00 to $255.00 and set an outperform rating on the stock in a research report on Wednesday, January 2nd. Finally, Leerink Swann lowered their target price on Align Technology from $300.00 to $285.00 and set an outperform rating on the stock in a research report on Wednesday, January 30th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average price target of $331.59.
ALGN opened at $252.33 on Thursday. Align Technology has a 1 year low of $177.93 and a 1 year high of $398.88. The stock has a market capitalization of $20.18 billion, a price-to-earnings ratio of 51.29, a PEG ratio of 2.29 and a beta of 2.12.
In related news, Director Joseph Lacob sold 20,000 shares of Align Technology stock in a transaction dated Thursday, February 28th. The stock was sold at an average price of $258.31, for a total transaction of $5,166,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Yuval Shaked sold 400 shares of Align Technology stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $255.52, for a total value of $102,208.00. Following the transaction, the director now owns 24 shares of the company’s stock, valued at approximately $6,132.48. The disclosure for this sale can be found here. Insiders have sold 21,650 shares of company stock valued at $5,586,633 in the last quarter. 1.40% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of ALGN. BlackRock Inc. grew its holdings in Align Technology by 31.7% during the fourth quarter. BlackRock Inc. now owns 6,935,085 shares of the medical equipment provider’s stock worth $1,452,414,000 after purchasing an additional 1,670,441 shares during the period. Norges Bank bought a new stake in shares of Align Technology during the fourth quarter worth approximately $180,162,000. Bank of New York Mellon Corp boosted its holdings in shares of Align Technology by 22.4% during the fourth quarter. Bank of New York Mellon Corp now owns 1,334,677 shares of the medical equipment provider’s stock worth $279,521,000 after acquiring an additional 244,095 shares during the period. Partner Fund Management L.P. bought a new stake in shares of Align Technology during the fourth quarter worth approximately $49,687,000. Finally, Bellevue Group AG boosted its holdings in shares of Align Technology by 112.4% during the fourth quarter. Bellevue Group AG now owns 310,795 shares of the medical equipment provider’s stock worth $65,090,000 after acquiring an additional 164,485 shares during the period. Institutional investors and hedge funds own 81.86% of the company’s stock.
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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