Align Technology (ALGN) Cut to “Equal Weight” at Stephens

Stephens cut shares of Align Technology (NASDAQ:ALGN) from an overweight rating to an equal weight rating in a report released on Friday morning, Marketbeat.com reports. Stephens currently has $230.00 price target on the medical equipment provider’s stock.

A number of other analysts have also recently issued reports on ALGN. Stifel Nicolaus restated a buy rating and set a $225.00 target price (up previously from $205.00) on shares of Align Technology in a research note on Thursday, October 19th. Robert W. Baird set a $208.00 target price on shares of Align Technology and gave the stock a buy rating in a research note on Wednesday, October 18th. Credit Suisse Group restated an outperform rating and set a $276.00 target price (up previously from $261.00) on shares of Align Technology in a research note on Tuesday, November 28th. Morgan Stanley restated an overweight rating and set a $220.00 target price (up previously from $195.00) on shares of Align Technology in a research note on Friday, October 6th. Finally, Northcoast Research restated a buy rating and set a $230.00 target price (up previously from $200.00) on shares of Align Technology in a research note on Tuesday, October 10th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock presently has a consensus rating of Buy and an average target price of $236.23.

Align Technology (ALGN) traded down $1.24 during midday trading on Friday, hitting $269.46. 1,231,300 shares of the stock were exchanged, compared to its average volume of 1,176,854. The firm has a market cap of $21,390.00, a PE ratio of 81.90, a PEG ratio of 2.11 and a beta of 1.43. Align Technology has a one year low of $88.56 and a one year high of $273.60.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Thursday, October 26th. The medical equipment provider reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.19. The company had revenue of $385.30 million during the quarter, compared to analysts’ expectations of $359.80 million. Align Technology had a net margin of 19.98% and a return on equity of 25.60%. Align Technology’s quarterly revenue was up 38.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.63 EPS. equities research analysts forecast that Align Technology will post 3.67 EPS for the current fiscal year.

In other Align Technology news, CMO Raphael Pascaud sold 5,400 shares of Align Technology stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $241.88, for a total value of $1,306,152.00. Following the completion of the sale, the chief marketing officer now owns 22,228 shares in the company, valued at approximately $5,376,508.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John Morici sold 1,500 shares of Align Technology stock in a transaction dated Friday, November 24th. The stock was sold at an average price of $255.00, for a total transaction of $382,500.00. Following the completion of the sale, the chief financial officer now owns 1,544 shares of the company’s stock, valued at approximately $393,720. The disclosure for this sale can be found here. Insiders sold a total of 52,849 shares of company stock valued at $13,494,348 in the last quarter. Corporate insiders own 1.60% of the company’s stock.

Institutional investors have recently modified their holdings of the business. QS Investors LLC raised its position in shares of Align Technology by 4.7% in the 2nd quarter. QS Investors LLC now owns 2,729 shares of the medical equipment provider’s stock valued at $410,000 after buying an additional 123 shares in the last quarter. Bayesian Capital Management LP raised its position in shares of Align Technology by 3.2% in the 2nd quarter. Bayesian Capital Management LP now owns 6,500 shares of the medical equipment provider’s stock valued at $976,000 after buying an additional 200 shares in the last quarter. Global Financial Private Capital LLC raised its position in shares of Align Technology by 8.6% in the 2nd quarter. Global Financial Private Capital LLC now owns 2,605 shares of the medical equipment provider’s stock valued at $391,000 after buying an additional 206 shares in the last quarter. CAPROCK Group Inc. raised its position in shares of Align Technology by 13.2% in the 4th quarter. CAPROCK Group Inc. now owns 1,834 shares of the medical equipment provider’s stock valued at $474,000 after buying an additional 214 shares in the last quarter. Finally, YorkBridge Wealth Partners LLC raised its position in shares of Align Technology by 4.4% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 5,681 shares of the medical equipment provider’s stock valued at $847,000 after buying an additional 241 shares in the last quarter. Institutional investors and hedge funds own 82.81% of the company’s stock.

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Align Technology Company Profile

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.

Analyst Recommendations for Align Technology (NASDAQ:ALGN)

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