Trading Report: Today, Align Technology Inc. (ALGN) gets Neutral status at Robert W. Baird

Today, Align Technology Inc. (ALGN) gets Neutral status at Robert W. Baird

Robert W. Baird cut shares of Align Technology Inc. (NASDAQ:ALGN) from an outperform rating to a neutral rating in a report released on Monday morning. They currently have $96.00 target price on the stock.

ALGN has been the subject of several other research reports. Zacks Investment Research raised shares of Align Technology from a hold rating to a strong-buy rating and set a $97.00 price objective for the company in a research report on Wednesday, July 13th. Stifel Nicolaus increased their target price on Align Technology from $82.00 to $95.00 and gave the stock a buy rating in a report on Thursday, July 28th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Align Technology currently has a consensus rating of Buy and a consensus target price of $85.09.

Align Technology (NASDAQ:ALGN) opened at 89.44 on Monday. The firm has a 50 day moving average of $93.33 and a 200 day moving average of $82.91. Align Technology has a 12-month low of $55.32 and a 12-month high of $96.90. The firm has a market capitalization of $7.16 billion, a P/E ratio of 43.63 and a beta of 1.87.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.48 by $0.14. The company earned $269.40 million during the quarter, compared to the consensus estimate of $259.29 million. Align Technology had a net margin of 17.67% and a return on equity of 19.40%. The company’s quarterly revenue was up 28.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.39 EPS. On average, analysts forecast that Align Technology will post $2.28 EPS for the current fiscal year.

In other news, VP Julie Tay sold 3,000 shares of the firm’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $92.60, for a total transaction of $277,800.00. Following the completion of the sale, the vice president now directly owns 3,104 shares of the company’s stock, valued at approximately $287,430.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Jennifer Olson sold 799 shares of the firm’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $93.30, for a total value of $74,546.70. Following the sale, the vice president now directly owns 4,483 shares of the company’s stock, valued at $418,263.90. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

A number of large investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Align Technology during the fourth quarter valued at $45,205,000. Glenmede Trust Co. NA raised its stake in shares of Align Technology by 55.8% in the first quarter. Glenmede Trust Co. NA now owns 25,039 shares of the company’s stock valued at $1,819,000 after buying an additional 8,970 shares during the period. Aperio Group LLC raised its stake in shares of Align Technology by 20.2% in the first quarter. Aperio Group LLC now owns 17,735 shares of the company’s stock valued at $1,289,000 after buying an additional 2,986 shares during the period. Virginia Retirement System purchased a new stake in shares of Align Technology during the first quarter valued at $734,000. Finally, CIBC World Markets Inc. purchased a new stake in shares of Align Technology during the first quarter valued at $1,652,000. 87.12% of the stock is owned by institutional investors.

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