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.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.21. The company had revenue of $490.26 million during the quarter, compared to analysts’ expectations of $472.10 million. Align Technology had a net margin of 17.00% and a return on equity of 32.61%. Align Technology’s quarterly revenue was up 37.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.85 EPS. Research analysts forecast that Align Technology will post 4.98 earnings per share for the current year.

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

Analyst Recommendations for Align Technology (NASDAQ:ALGN)

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