Align Technology, Inc. (NASDAQ:ALGN) hit a new 52-week high and low during mid-day trading on Thursday . The company traded as low as $370.47 and last traded at $365.87, with a volume of 23264 shares changing hands. The stock had previously closed at $364.37.

A number of brokerages have issued reports on ALGN. Jefferies Financial Group lifted their target price on shares of Align Technology to $350.00 and gave the company a “buy” rating in a research note on Thursday, May 24th. Piper Jaffray Companies lifted their target price on shares of Align Technology from $300.00 to $325.00 and gave the company an “overweight” rating in a research note on Thursday, May 24th. Zacks Investment Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating and set a $366.00 target price for the company in a research note on Wednesday, May 30th. Leerink Swann lifted their target price on shares of Align Technology from $305.00 to $360.00 and gave the company an “outperform” rating in a research note on Thursday, May 24th. Finally, BidaskClub raised shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, May 8th. Three analysts have rated the stock with a hold rating, twelve have given a buy rating and four have given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $297.44.

The firm has a market capitalization of $27.93 billion, a P/E ratio of 94.16, a price-to-earnings-growth ratio of 2.52 and a beta of 1.55.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, April 25th. The medical equipment provider reported $1.17 EPS for the quarter, topping the consensus estimate of $0.98 by $0.19. The firm had revenue of $436.92 million for the quarter, compared to the consensus estimate of $408.27 million. Align Technology had a net margin of 16.12% and a return on equity of 30.36%. The business’s quarterly revenue was up 40.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.59 EPS. sell-side analysts expect that Align Technology, Inc. will post 4.73 earnings per share for the current year.

In related news, Director Thomas M. Prescott sold 82,000 shares of Align Technology stock in a transaction on Monday, April 30th. The shares were sold at an average price of $252.75, for a total value of $20,725,500.00. Following the transaction, the director now owns 222,399 shares in the company, valued at approximately $56,211,347.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Emory Wright sold 27,492 shares of Align Technology stock in a transaction on Monday, May 7th. The stock was sold at an average price of $263.68, for a total transaction of $7,249,090.56. Following the completion of the transaction, the senior vice president now owns 5,424 shares in the company, valued at approximately $1,430,200.32. The disclosure for this sale can be found here. Insiders sold a total of 188,434 shares of company stock worth $51,437,919 in the last quarter. Insiders own 1.40% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in Align Technology by 2.6% in the 4th quarter. BlackRock Inc. now owns 5,153,023 shares of the medical equipment provider’s stock worth $1,144,948,000 after acquiring an additional 130,189 shares during the period. Polen Capital Management LLC increased its holdings in shares of Align Technology by 1.8% during the 1st quarter. Polen Capital Management LLC now owns 2,668,377 shares of the medical equipment provider’s stock worth $670,110,000 after purchasing an additional 46,871 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Align Technology by 28.3% during the 4th quarter. Renaissance Technologies LLC now owns 2,614,100 shares of the medical equipment provider’s stock worth $580,827,000 after purchasing an additional 576,900 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Align Technology by 5.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 719,411 shares of the medical equipment provider’s stock worth $159,846,000 after purchasing an additional 37,900 shares during the period. Finally, Eagle Asset Management Inc. increased its holdings in shares of Align Technology by 7.1% during the 1st quarter. Eagle Asset Management Inc. now owns 441,683 shares of the medical equipment provider’s stock worth $110,919,000 after purchasing an additional 29,092 shares during the period. Hedge funds and other institutional investors own 78.03% of the company’s stock.

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.

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