Align Technology (NASDAQ:ALGN) Upgraded to “Strong-Buy” by BidaskClub

BidaskClub upgraded shares of Align Technology (NASDAQ:ALGN) from a buy rating to a strong-buy rating in a research note issued to investors on Friday, BidAskClub reports.

A number of other equities research analysts have also weighed in on ALGN. Credit Suisse Group boosted their price target on Align Technology from $348.00 to $432.00 and gave the stock an outperform rating in a research note on Thursday. Jefferies Financial Group upped their price target on shares of Align Technology from $355.00 to $450.00 and gave the company a buy rating in a research note on Thursday. SVB Leerink boosted their price objective on shares of Align Technology from $340.00 to $460.00 and gave the company an outperform rating in a report on Thursday. Stifel Nicolaus raised their target price on Align Technology from $360.00 to $460.00 and gave the stock a buy rating in a research note on Thursday. Finally, TheStreet downgraded Align Technology from a b- rating to a c+ rating in a research note on Wednesday, July 22nd. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $362.07.

Shares of ALGN opened at $469.56 on Friday. The company has a 50 day moving average of $325.29 and a two-hundred day moving average of $274.66. Align Technology has a twelve month low of $127.88 and a twelve month high of $470.43. The company has a market cap of $26.46 billion, a price-to-earnings ratio of 15.28, a price-to-earnings-growth ratio of 21.15 and a beta of 1.85.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, October 21st. The medical equipment provider reported $2.25 EPS for the quarter, beating the consensus estimate of $0.23 by $2.02. Align Technology had a return on equity of 74.03% and a net margin of 76.00%. The firm had revenue of $734.14 million during the quarter, compared to analyst estimates of $551.55 million. During the same quarter in the prior year, the business posted $1.28 EPS. The business’s revenue for the quarter was up 20.9% compared to the same quarter last year. As a group, research analysts anticipate that Align Technology will post 1.29 earnings per share for the current fiscal year.

In other Align Technology news, Director Warren S. Thaler sold 7,000 shares of Align Technology stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $296.08, for a total value of $2,072,560.00. Following the sale, the director now owns 39,021 shares in the company, valued at $11,553,337.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Thomas M. Prescott sold 35,000 shares of the company’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $301.83, for a total value of $10,564,050.00. Following the completion of the transaction, the director now directly owns 114,860 shares in the company, valued at approximately $34,668,193.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 74,252 shares of company stock valued at $22,460,548. 1.20% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Nuveen Asset Management LLC increased its position in shares of Align Technology by 4.6% during the second quarter. Nuveen Asset Management LLC now owns 970,207 shares of the medical equipment provider’s stock valued at $266,264,000 after acquiring an additional 42,452 shares during the last quarter. Viking Global Investors LP acquired a new stake in Align Technology in the 2nd quarter valued at approximately $148,017,000. Thrivent Financial for Lutherans raised its position in Align Technology by 20.6% in the second quarter. Thrivent Financial for Lutherans now owns 404,371 shares of the medical equipment provider’s stock valued at $110,976,000 after purchasing an additional 69,138 shares during the period. Bank of Montreal Can lifted its stake in Align Technology by 139.1% during the second quarter. Bank of Montreal Can now owns 392,111 shares of the medical equipment provider’s stock worth $107,470,000 after purchasing an additional 228,120 shares in the last quarter. Finally, Epoch Investment Partners Inc. boosted its position in shares of Align Technology by 425.8% during the second quarter. Epoch Investment Partners Inc. now owns 332,518 shares of the medical equipment provider’s stock worth $91,256,000 after buying an additional 269,281 shares during the period. 86.43% of the stock is currently owned by institutional investors.

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.

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Analyst Recommendations for Align Technology (NASDAQ:ALGN)

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