Align Technology Inc. (ALGN) Rating Lowered to Neutral at Robert W. Baird
Align Technology Inc. (NASDAQ:ALGN) was downgraded by analysts at Robert W. Baird from an “outperform” rating to a “neutral” rating in a research report issued to clients and investors on Monday. They currently have a $96.00 target price on the stock. Robert W. Baird’s target price points to a potential upside of 2.40% from the company’s current price.
Other equities research analysts have also recently issued research reports about the company. Stifel Nicolaus boosted their target price on Align Technology from $82.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. Zacks Investment Research upgraded Align Technology from a “hold” rating to a “strong-buy” rating and set a $97.00 target price for the company in a research note on Wednesday, July 13th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $85.09.
Shares of Align Technology (NASDAQ:ALGN) opened at 93.75 on Monday. The firm has a 50-day moving average price of $93.92 and a 200 day moving average price of $82.35. The stock has a market cap of $7.50 billion, a price-to-earnings ratio of 45.73 and a beta of 1.87. Align Technology has a 52-week low of $55.32 and a 52-week high of $96.90.
Align Technology (NASDAQ:ALGN) last posted its earnings results on Thursday, July 28th. The company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.48 by $0.14. The firm earned $269.40 million during the quarter, compared to analysts’ expectations of $259.29 million. Align Technology had a return on equity of 19.40% and a net margin of 17.67%. The firm’s revenue was up 28.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.39 earnings per share. Analysts expect that Align Technology will post $2.28 earnings per share for the current year.
In related news, VP Zelko Relic sold 13,577 shares of Align Technology stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $95.91, for a total value of $1,302,170.07. Following the sale, the vice president now directly owns 1,375 shares in the company, valued at $131,876.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, VP Julie Tay sold 3,000 shares of Align Technology stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $92.60, for a total value of $277,800.00. Following the completion of the sale, the vice president now owns 3,104 shares in the company, valued at $287,430.40. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP increased its stake in Align Technology by 7,138.7% in the first quarter. Wellington Management Group LLP now owns 939,946 shares of the company’s stock worth $68,325,000 after buying an additional 926,961 shares during the period. Fiera Capital Corp acquired a new stake in Align Technology during the second quarter worth $61,823,000. Norges Bank acquired a new stake in Align Technology during the fourth quarter worth $45,205,000. Emerald Acquisition Ltd. acquired a new stake in Align Technology during the second quarter worth $40,582,000. Finally, Vanguard Group Inc. increased its stake in Align Technology by 7.8% in the second quarter. Vanguard Group Inc. now owns 5,552,971 shares of the company’s stock worth $447,292,000 after buying an additional 401,560 shares during the period. Hedge funds and other institutional investors own 87.12% of the company’s stock.
About Align Technology
Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.
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