Align Technology (NASDAQ:ALGN) Upgraded at StockNews.com

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

ALGN has been the topic of a number of other research reports. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Robert W. Baird decreased their price objective on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Evercore ISI decreased their price objective on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research note on Monday, June 10th. Morgan Stanley reduced their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Finally, Stifel Nicolaus reduced their target price on Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and a consensus price target of $306.88.

Align Technology Stock Performance

Align Technology stock opened at $252.85 on Thursday. The firm 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 fifty-two week low of $176.34 and a fifty-two week high of $335.40. The stock’s fifty day moving average is $232.50 and its two-hundred day moving average is $264.85.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same quarter last year, the company earned $1.73 earnings per share. As a group, sell-side analysts forecast that Align Technology will post 7.61 EPS for the current fiscal year.

Insider Transactions at Align Technology

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the acquisition, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. The purchase was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Align Technology

Large investors have recently modified their holdings of the company. Gryphon Financial Partners LLC raised its holdings in shares of Align Technology by 31.0% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,396 shares of the medical equipment provider’s stock valued at $383,000 after buying an additional 330 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Align Technology by 3.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 213,667 shares of the medical equipment provider’s stock valued at $58,548,000 after buying an additional 7,266 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Align Technology by 34.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 12,546 shares of the medical equipment provider’s stock valued at $3,438,000 after buying an additional 3,185 shares during the period. Coldstream Capital Management Inc. raised its holdings in shares of Align Technology by 19.2% during the 4th quarter. Coldstream Capital Management Inc. now owns 1,941 shares of the medical equipment provider’s stock valued at $532,000 after buying an additional 313 shares during the period. Finally, D.A. Davidson & CO. raised its holdings in shares of Align Technology by 4.5% during the 4th quarter. D.A. Davidson & CO. now owns 4,644 shares of the medical equipment provider’s stock valued at $1,272,000 after buying an additional 200 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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.