OTR Global Downgrades Align Technology (ALGN) to Positive

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.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Tuesday, January 29th. The medical equipment provider reported $1.20 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.16 by $0.04. Align Technology had a return on equity of 33.41% and a net margin of 20.35%. The firm had revenue of $534.02 million for the quarter, compared to the consensus estimate of $512.03 million. Equities research analysts forecast that Align Technology will post 5.08 earnings per share for the current fiscal year.

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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