BidaskClub Downgrades Align Technology (NASDAQ:ALGN) to Sell

BidaskClub lowered shares of Align Technology (NASDAQ:ALGN) from a hold rating to a sell rating in a research report report published on Wednesday, June 26th, BidAskClub reports.

Several other brokerages have also issued reports on ALGN. ValuEngine upgraded shares of USINAS SIDERURG/S from a sell rating to a hold rating in a research report on Wednesday, May 29th. Guggenheim began coverage on Patterson Companies in a report on Wednesday, April 17th. They set a neutral rating and a $23.00 price objective on the stock. UBS Group restated a hold rating and set a $7.80 price target on shares of Deutsche Bank in a report on Friday, April 26th. Robert W. Baird increased their price target on salesforce.com from $165.00 to $175.00 and gave the company an outperform rating in a report on Tuesday, March 5th. Finally, Piper Jaffray Companies reaffirmed 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. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Align Technology currently has a consensus rating of Buy and a consensus target price of $323.73.

Align Technology stock traded down $0.54 during trading hours on Wednesday, hitting $283.37. 1,344,355 shares of the stock were exchanged, compared to its average volume of 1,218,984. Align Technology has a 12 month low of $177.93 and a 12 month high of $398.88. The stock has a 50-day moving average of $288.22. The stock has a market capitalization of $23.00 billion, a PE ratio of 57.88, a P/E/G ratio of 2.22 and a beta of 1.97.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, April 24th. The medical equipment provider reported $0.89 EPS for the quarter, beating the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $532.16 million. During the same quarter in the prior year, the firm earned $1.17 earnings per share. The business’s quarterly revenue was up 25.7% on a year-over-year basis. On average, sell-side analysts anticipate that Align Technology will post 5.4 earnings per share for the current fiscal year.

In related news, CMO Raphael Pascaud sold 15,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $326.18, for a total transaction of $4,892,700.00. Following the completion of the transaction, the chief marketing officer now directly owns 34,092 shares of the company’s stock, valued at approximately $11,120,128.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John Morici sold 2,374 shares of the company’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $286.91, for a total value of $681,124.34. Following the transaction, the chief financial officer now directly owns 2,913 shares of the company’s stock, valued at $835,768.83. The disclosure for this sale can be found here. In the last quarter, insiders have sold 55,283 shares of company stock worth $17,483,871. 1.30% of the stock is currently owned by company insiders.

A number of large investors have recently made changes to their positions in ALGN. BlackRock Inc. grew its position in Align Technology by 4.4% during the 1st quarter. BlackRock Inc. now owns 7,239,770 shares of the medical equipment provider’s stock worth $2,058,482,000 after purchasing an additional 304,685 shares in the last quarter. Bank of New York Mellon Corp increased its position 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 last quarter. Geode Capital Management LLC increased its position in shares of Align Technology by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 1,057,392 shares of the medical equipment provider’s stock worth $221,101,000 after acquiring an additional 9,617 shares during the last quarter. Northern Trust Corp grew its stake in Align Technology by 6.2% in the first quarter. Northern Trust Corp now owns 980,494 shares of the medical equipment provider’s stock worth $278,784,000 after purchasing an additional 57,586 shares in the last quarter. Finally, Norges Bank acquired a new position in Align Technology in the fourth quarter worth about $180,162,000. Hedge funds and other institutional investors own 82.62% of the company’s stock.

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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