Align Technology (ALGN) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research downgraded shares of Align Technology (NASDAQ:ALGN) from a strong-buy rating to a hold rating in a research report report published on Wednesday.
According to Zacks, “Post a promising third-quarter 2017 performance by Align Technology, we are encouraged by the company’s solid InvisAlign prospects and growth in North America and internationally, particularly in the Asia-Pacific region. We are particularly impressed with soaring demand for the InvisAlign products in the teen market worldwide. We are also upbeat about the company signing of a distribution agreement with Patterson Dental. The company’s receipt of two U.S. patents for SmartTrack InvisAlign Aligner material buoys optimism. Notably, over the past month, Align Technology has been trading above the broader industry. On the flip side, adverse foreign currency fluctuation is a concern. Moreover, tough competition and macroeconomic headwinds continue to weigh on the stock.”
Other equities analysts have also recently issued reports about the stock. Stifel Nicolaus lifted their price objective on shares of Align Technology from $245.00 to $265.00 and gave the stock a buy rating in a research report on Tuesday, November 21st. Robert W. Baird reaffirmed a buy rating and set a $245.00 price objective on shares of Align Technology in a research report on Friday, October 27th. Northcoast Research reaffirmed a buy rating and set a $230.00 price objective (up from $200.00) on shares of Align Technology in a research report on Tuesday, October 10th. Goldman Sachs Group lifted their price objective on shares of Align Technology from $185.00 to $210.00 and gave the stock a buy rating in a research report on Friday, September 15th. Finally, Piper Jaffray Companies reaffirmed a buy rating and set a $200.00 price objective on shares of Align Technology in a research report on Monday, September 11th. Two investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $236.75.
Align Technology (ALGN) opened at $226.45 on Wednesday. Align Technology has a 52 week low of $88.56 and a 52 week high of $266.41. The firm has a market cap of $17,889.25, a price-to-earnings ratio of 68.62, a P/E/G ratio of 2.13 and a beta of 1.43.
Align Technology (NASDAQ:ALGN) last released its earnings results on Thursday, October 26th. The medical equipment provider reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.19. Align Technology had a net margin of 19.98% and a return on equity of 25.60%. The business had revenue of $385.30 million during the quarter, compared to analysts’ expectations of $359.80 million. During the same period last year, the business earned $0.63 earnings per share. The firm’s revenue was up 38.3% on a year-over-year basis. equities analysts anticipate that Align Technology will post 3.62 EPS for the current fiscal year.
In other news, VP Emory Wright sold 5,025 shares of the business’s stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $263.68, for a total value of $1,324,992.00. Following the completion of the sale, the vice president now owns 80,762 shares of the company’s stock, valued at $21,295,324.16. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Julie Tay sold 3,500 shares of the business’s stock in a transaction dated Monday, November 13th. The shares were sold at an average price of $253.00, for a total transaction of $885,500.00. Following the completion of the sale, the vice president now directly owns 12,213 shares of the company’s stock, valued at approximately $3,089,889. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,849 shares of company stock valued at $13,494,348. Company insiders own 1.60% of the company’s stock.
Several institutional investors have recently made changes to their positions in ALGN. Schwab Charles Investment Management Inc. boosted its position in shares of Align Technology by 50.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 350,148 shares of the medical equipment provider’s stock valued at $52,565,000 after acquiring an additional 117,038 shares during the period. Legal & General Group Plc raised its stake in Align Technology by 9.8% in the second quarter. Legal & General Group Plc now owns 119,420 shares of the medical equipment provider’s stock valued at $17,928,000 after purchasing an additional 10,681 shares in the last quarter. BB&T Securities LLC raised its stake in Align Technology by 3.5% in the second quarter. BB&T Securities LLC now owns 2,757 shares of the medical equipment provider’s stock valued at $413,000 after purchasing an additional 94 shares in the last quarter. Tocqueville Asset Management L.P. acquired a new position in Align Technology in the second quarter valued at about $229,000. Finally, American Century Companies Inc. raised its stake in Align Technology by 2,236.0% in the second quarter. American Century Companies Inc. now owns 221,009 shares of the medical equipment provider’s stock valued at $33,178,000 after purchasing an additional 211,548 shares in the last quarter. 82.89% of the stock is owned by institutional investors.
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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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