Align Technology, Inc. (NASDAQ:ALGN) Earns Outperform Rating from Leerink Swann
Leerink Swann reaffirmed their outperform rating on shares of Align Technology, Inc. (NASDAQ:ALGN) in a research note published on Friday. Leerink Swann currently has a $199.00 target price on the medical equipment provider’s stock, up from their previous target price of $194.00. Leerink Swann also issued estimates for Align Technology’s Q3 2017 earnings at $0.80 EPS, FY2017 earnings at $3.39 EPS, Q1 2018 earnings at $0.86 EPS, Q2 2018 earnings at $1.00 EPS, Q3 2018 earnings at $1.11 EPS, Q4 2018 earnings at $1.19 EPS, FY2018 earnings at $4.15 EPS, FY2019 earnings at $5.12 EPS and FY2020 earnings at $6.14 EPS.
Several other equities research analysts also recently commented on the company. Morgan Stanley reaffirmed an overweight rating and set a $175.00 target price on shares of Align Technology in a report on Monday, June 19th. They noted that the move was a valuation call. Zacks Investment Research raised Align Technology from a hold rating to a buy rating and set a $128.00 target price for the company in a report on Tuesday, April 11th. Robert W. Baird raised Align Technology from a neutral rating to an outperform rating and upped their target price for the company from $105.00 to $155.00 in a report on Friday, April 28th. Credit Suisse Group reaffirmed an outperform rating and set a $170.00 target price (up from $140.00) on shares of Align Technology in a report on Thursday, July 13th. Finally, Northcoast Research reaffirmed a buy rating and set a $186.00 target price (up from $164.00) on shares of Align Technology in a report on Wednesday, June 21st. Ten investment analysts have rated the stock with a buy rating, The stock has a consensus rating of Buy and a consensus target price of $173.90.
Shares of Align Technology (NASDAQ ALGN) opened at 167.23 on Friday. The stock has a market cap of $13.41 billion, a PE ratio of 57.27 and a beta of 1.53. The company’s 50-day moving average price is $152.97 and its 200-day moving average price is $125.34. Align Technology has a 52-week low of $83.27 and a 52-week high of $173.79.
Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.12. Align Technology had a return on equity of 23.87% and a net margin of 19.18%. The business had revenue of $356.50 million during the quarter, compared to analyst estimates of $343.43 million. During the same quarter in the prior year, the firm posted $0.62 earnings per share. The company’s revenue was up 32.3% on a year-over-year basis. Analysts expect that Align Technology will post $3.27 earnings per share for the current year.
In related news, Director Joseph Lacob sold 50,000 shares of the company’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $144.98, for a total transaction of $7,249,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Sreelakshmi Kolli sold 1,000 shares of the company’s stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $144.00, for a total value of $144,000.00. Following the transaction, the vice president now directly owns 23,785 shares in the company, valued at $3,425,040. The disclosure for this sale can be found here. Insiders have sold 54,874 shares of company stock worth $7,950,701 over the last three months. 2.00% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Stifel Financial Corp raised its position in Align Technology by 11.6% in the first quarter. Stifel Financial Corp now owns 75,393 shares of the medical equipment provider’s stock valued at $8,643,000 after buying an additional 7,834 shares during the last quarter. Karp Capital Management Corp acquired a new position in Align Technology during the first quarter valued at $2,620,000. AQR Capital Management LLC raised its position in Align Technology by 36.7% in the first quarter. AQR Capital Management LLC now owns 94,715 shares of the medical equipment provider’s stock valued at $10,865,000 after buying an additional 25,422 shares during the last quarter. Profund Advisors LLC raised its position in Align Technology by 6.8% in the first quarter. Profund Advisors LLC now owns 11,547 shares of the medical equipment provider’s stock valued at $1,325,000 after buying an additional 738 shares during the last quarter. Finally, 1st Global Advisors Inc. acquired a new position in Align Technology during the first quarter valued at $205,000. 87.34% of the stock is currently owned by hedge funds and other institutional investors.
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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