Align Technology (ALGN) Cut to “Hold” at BidaskClub
BidaskClub cut shares of Align Technology (NASDAQ:ALGN) from a buy rating to a hold rating in a research note issued to investors on Saturday.
ALGN has been the subject of several other research reports. Stifel Nicolaus lifted their price objective on shares of Align Technology from $350.00 to $375.00 and gave the stock a buy rating in a research note on Friday, July 13th. Northcoast Research reiterated a buy rating and issued a $430.00 price objective on shares of Align Technology in a research note on Tuesday, June 26th. Bank of America began coverage on shares of Align Technology in a research note on Monday, June 25th. They issued a buy rating and a $420.00 price objective for the company. Barclays reiterated a buy rating on shares of Align Technology in a research note on Thursday, July 26th. Finally, Morgan Stanley lifted their price objective on shares of Align Technology from $290.00 to $315.00 and gave the stock an equal weight rating in a research note on Friday, July 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. The stock has an average rating of Buy and an average price target of $363.09.
NASDAQ ALGN opened at $334.94 on Friday. The stock has a market cap of $31.42 billion, a PE ratio of 86.10, a P/E/G ratio of 2.61 and a beta of 1.52. Align Technology has a 52-week low of $191.80 and a 52-week high of $398.88.
In other Align Technology news, SVP Simon Beard sold 3,895 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $384.48, for a total value of $1,497,549.60. Following the transaction, the senior vice president now directly owns 3,577 shares of the company’s stock, valued at approximately $1,375,284.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CMO Raphael Pascaud sold 10,500 shares of the firm’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $361.00, for a total transaction of $3,790,500.00. Following the completion of the transaction, the chief marketing officer now directly owns 25,087 shares in the company, valued at $9,056,407. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,648 shares of company stock worth $20,577,327. Insiders own 1.40% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the business. Stelac Advisory Services LLC bought a new stake in shares of Align Technology during the 2nd quarter valued at approximately $103,000. Centaurus Financial Inc. bought a new stake in shares of Align Technology during the 2nd quarter valued at approximately $137,000. Capital Investment Advisors LLC bought a new stake in shares of Align Technology during the 3rd quarter valued at approximately $222,000. Windsor Group LTD bought a new stake in shares of Align Technology during the 3rd quarter valued at approximately $223,000. Finally, Nicolet Bankshares Inc. bought a new stake in shares of Align Technology during the 2nd quarter valued at approximately $222,000. 78.56% of the stock is currently owned by hedge funds and other institutional investors.
Align Technology Company Profile
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.
Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks
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