StockNews.com Upgrades Align Technology (NASDAQ:ALGN) to “Buy”

Align Technology (NASDAQ:ALGN) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday.

A number of other equities research analysts have also recently weighed in on the company. Morgan Stanley reduced their price objective on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Stifel Nicolaus reduced their price objective on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Thursday, July 25th. Evercore ISI reduced their price objective on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. OTR Global reiterated a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Finally, Robert W. Baird reduced their price objective on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $306.88.

Align Technology Stock Down 1.7 %

Shares of ALGN opened at $252.85 on Thursday. The stock has a 50 day moving average price of $232.50 and a 200 day moving average price of $264.85. The company has a market capitalization of $19.04 billion, a price-to-earnings ratio of 41.66, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64. Align Technology has a 52-week low of $176.34 and a 52-week high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.73 earnings per share. On average, equities analysts anticipate that Align Technology will post 7.61 EPS for the current fiscal year.

Insider Transactions at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the acquisition, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ALGN. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Align Technology by 4,391.3% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after acquiring an additional 477,380 shares during the period. Swedbank AB acquired a new stake in Align Technology in the first quarter valued at $96,117,000. Bares Capital Management Inc. grew its holdings in Align Technology by 44.4% in the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after purchasing an additional 252,220 shares during the last quarter. Envestnet Asset Management Inc. grew its holdings in Align Technology by 102.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock valued at $113,648,000 after purchasing an additional 209,419 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in Align Technology by 127.4% in the second quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock valued at $82,934,000 after purchasing an additional 192,474 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

About Align Technology

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.