Align Technology (NASDAQ:ALGN) had its price target increased by investment analysts at Credit Suisse Group from $276.00 to $290.00 in a note issued to investors on Wednesday. The brokerage currently has an “outperform” rating on the medical equipment provider’s stock. Credit Suisse Group’s target price would indicate a potential upside of 19.64% from the stock’s previous close.
A number of other analysts have also recently commented on the company. Stifel Nicolaus reiterated a “buy” rating and set a $295.00 price objective (up previously from $265.00) on shares of Align Technology in a research report on Tuesday, January 30th. Zacks Investment Research upgraded Align Technology from a “hold” rating to a “buy” rating and set a $318.00 price objective for the company in a research report on Monday, January 29th. Stephens cut Align Technology from an “overweight” rating to an “equal weight” rating and set a $230.00 price objective for the company. in a research report on Friday, January 19th. Deutsche Bank began coverage on Align Technology in a research report on Friday, December 8th. They set a “hold” rating and a $250.00 price objective for the company. Finally, Robert W. Baird reissued a “buy” rating and issued a $290.00 price target on shares of Align Technology in a research note on Wednesday, November 29th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $258.54.
Align Technology (NASDAQ ALGN) traded down $14.98 during trading on Wednesday, reaching $242.40. The company had a trading volume of 1,864,858 shares, compared to its average volume of 1,250,000. The stock has a market cap of $19,440.00, a PE ratio of 85.65, a PEG ratio of 1.97 and a beta of 1.48. Align Technology has a 1 year low of $92.61 and a 1 year high of $287.32.
Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Tuesday, January 30th. The medical equipment provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.23. The firm had revenue of $421.30 million during the quarter, compared to analysts’ expectations of $395.88 million. Align Technology had a return on equity of 28.55% and a net margin of 15.71%. The firm’s quarterly revenue was up 43.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.59 EPS. equities analysts expect that Align Technology will post 4.48 EPS for the current fiscal year.
In other news, VP Emory Wright sold 5,025 shares of Align Technology stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $263.68, for a total value of $1,324,992.00. Following the transaction, the vice president now directly owns 80,762 shares of the company’s stock, valued at approximately $21,295,324.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph Lacob sold 29,724 shares of Align Technology stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $260.91, for a total value of $7,755,288.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 39,749 shares of company stock worth $10,348,281. 1.60% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGN. State Street Corp lifted its stake in shares of Align Technology by 32.2% in the 2nd quarter. State Street Corp now owns 3,143,095 shares of the medical equipment provider’s stock valued at $471,823,000 after purchasing an additional 765,189 shares in the last quarter. Atlantic Trust Group LLC lifted its stake in shares of Align Technology by 4,682.8% in the 3rd quarter. Atlantic Trust Group LLC now owns 638,935 shares of the medical equipment provider’s stock valued at $119,014,000 after purchasing an additional 625,576 shares in the last quarter. Janus Henderson Group PLC lifted its stake in shares of Align Technology by 200.5% in the 2nd quarter. Janus Henderson Group PLC now owns 594,124 shares of the medical equipment provider’s stock valued at $89,190,000 after purchasing an additional 396,426 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Align Technology by 221.0% in the 3rd quarter. Legal & General Group Plc now owns 383,295 shares of the medical equipment provider’s stock valued at $71,396,000 after purchasing an additional 263,875 shares in the last quarter. Finally, Axiom International Investors LLC DE acquired a new position in shares of Align Technology in the 3rd quarter valued at about $27,525,000. 82.50% of the stock is currently owned by institutional investors and hedge funds.
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About Align Technology
Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/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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