Align Technology Inc. (ALGN) Lowered to “Hold” at Zacks Investment Research
According to Zacks, “Align Technology ended the second quarter 2016 on a promising note, squarely beating the Zacks Consensus Estimate. We are also upbeat about the persistently strong Invisalign volumes registered by the company, which in turn drove the top and the bottom line during the quarter. The company also has a strong cash balance position that enables it to adopt attractive share repurchase programs and in turn pay back solid returns to its investors. Going forward, management anticipates consistent growth in its Asia Pacific region, which in turn will mitigate the typical seasonality it usually experiences in the European nations. On the flip side, competitive landscape and ongoing macroeconomic headwinds continue to cast a negative impact on dental procedures.”
A number of other brokerages have also commented on ALGN. Stifel Nicolaus raised their price objective on shares of Align Technology from $82.00 to $95.00 and gave the stock a buy rating in a report on Thursday, July 28th. Robert W. Baird lowered shares of Align Technology from an outperform rating to a neutral rating and set a $96.00 price objective on the stock. in a report on Monday, October 3rd. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Align Technology has an average rating of Buy and an average price target of $85.09.
Shares of Align Technology (NASDAQ:ALGN) opened at 90.00 on Wednesday. The company has a market capitalization of $7.20 billion, a PE ratio of 43.90 and a beta of 1.87. The firm’s 50-day moving average is $92.85 and its 200-day moving average is $83.49. Align Technology has a 12-month low of $56.98 and a 12-month high of $96.90.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Align Technology had a net margin of 17.67% and a return on equity of 19.40%. The business had revenue of $269.40 million for the quarter, compared to analyst estimates of $259.29 million. During the same period last year, the business posted $0.39 earnings per share. The firm’s quarterly revenue was up 28.6% on a year-over-year basis. On average, equities research analysts anticipate that Align Technology will post $2.28 EPS for the current fiscal year.
In other news, VP Julie Tay sold 3,000 shares of the company’s stock in a transaction 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 sale, the vice president now directly owns 3,104 shares of the company’s stock, valued at approximately $287,430.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Zelko Relic sold 13,577 shares of the company’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $95.91, for a total transaction of $1,302,170.07. Following the completion of the sale, the vice president now directly owns 1,375 shares in the company, valued at $131,876.25. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by company insiders.
Several large investors have recently bought and sold shares of ALGN. Wellington Management Group LLP raised its position in shares of Align Technology by 7,138.7% in the first quarter. Wellington Management Group LLP now owns 939,946 shares of the company’s stock valued at $68,325,000 after buying an additional 926,961 shares in the last quarter. Geode Capital Management LLC raised its position in Align Technology by 5.7% in the first quarter. Geode Capital Management LLC now owns 473,097 shares of the company’s stock worth $34,388,000 after buying an additional 25,559 shares during the period. GW&K Investment Management LLC raised its position in Align Technology by 16.1% in the second quarter. GW&K Investment Management LLC now owns 205,003 shares of the company’s stock worth $16,513,000 after buying an additional 28,418 shares during the period. Renaissance Technologies LLC raised its position in Align Technology by 14.1% in the first quarter. Renaissance Technologies LLC now owns 700,807 shares of the company’s stock worth $50,942,000 after buying an additional 86,526 shares during the period. Finally, RS Investment Management Co. LLC raised its position in Align Technology by 5.7% in the second quarter. RS Investment Management Co. LLC now owns 601,734 shares of the company’s stock worth $48,470,000 after buying an additional 32,545 shares during the period. 87.12% of the stock is currently owned by institutional investors.
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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