Align Technology (NASDAQ:ALGN) had its price target trimmed by Robert W. Baird from $330.00 to $255.00 in a research report released on Wednesday, January 2nd, The Fly reports. The firm currently has an outperform rating on the medical equipment provider’s stock.
A number of other research firms have also weighed in on ALGN. Zacks Investment Research lowered Align Technology from a hold rating to a sell rating in a report on Monday, October 22nd. Goldman Sachs Group initiated coverage on Align Technology in a report on Saturday, October 20th. They issued a buy rating and a $420.00 price objective on the stock. BidaskClub lowered Align Technology from a strong-buy rating to a buy rating in a report on Friday, October 5th. Stifel Nicolaus decreased their price objective on Align Technology from $425.00 to $346.00 and set a buy rating on the stock in a report on Thursday, October 25th. Finally, ValuEngine lowered Align Technology from a strong-buy rating to a buy rating in a report on Friday, October 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $339.84.
Shares of Align Technology stock traded down $4.29 on Wednesday, reaching $196.03. 256,817 shares of the company were exchanged, compared to its average volume of 1,672,983. Align Technology has a one year low of $177.93 and a one year high of $398.88. The stock has a market cap of $14.93 billion, a P/E ratio of 50.39, a P/E/G ratio of 1.35 and a beta of 1.91.
Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 24th. The medical equipment provider reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.05. The company had revenue of $505.30 million for the quarter, compared to analysts’ expectations of $503.14 million. Align Technology had a return on equity of 34.09% and a net margin of 16.89%. The business’s revenue was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.01 EPS. Analysts forecast that Align Technology will post 4.87 earnings per share for the current fiscal year.
In other Align Technology news, Director Joseph Lacob sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, November 30th. The stock was sold at an average price of $231.82, for a total transaction of $2,318,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Christopher C. Puco sold 8,764 shares of the company’s stock in a transaction that occurred on Friday, November 30th. The shares were sold at an average price of $227.42, for a total value of $1,993,108.88. The disclosure for this sale can be found here. Insiders have sold a total of 23,764 shares of company stock valued at $5,427,059 in the last ninety days. 1.40% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. United Services Automobile Association raised its holdings in Align Technology by 1.7% in the 2nd quarter. United Services Automobile Association now owns 58,876 shares of the medical equipment provider’s stock worth $20,144,000 after purchasing an additional 995 shares during the period. Iberiabank Corp raised its stake in Align Technology by 28.8% in the third quarter. Iberiabank Corp now owns 9,305 shares of the medical equipment provider’s stock worth $3,640,000 after buying an additional 2,081 shares in the last quarter. BlackRock Inc. lifted its position in Align Technology by 2.2% during the third quarter. BlackRock Inc. now owns 5,264,644 shares of the medical equipment provider’s stock valued at $2,059,633,000 after purchasing an additional 113,728 shares during the period. HRT Financial LLC acquired a new position in Align Technology during the second quarter valued at $892,000. Finally, Elmwood Wealth Management Inc. acquired a new position in shares of Align Technology during the 2nd quarter worth about $890,000. Institutional investors and hedge funds own 77.80% of the company’s stock.
About Align Technology
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
Read More: What is the yield curve?