Zacks Investment Research lowered shares of Align Technology Inc. (NASDAQ:ALGN) from a buy rating to a hold rating in a research note released on Wednesday.
According to Zacks, “Align Technology ended the second quarter 2016 on a promising note, squarely beating the Zacks Consensus Estimate. We are also upbeat about the persistently strong Invisalign volumes registered by the company, which in turn drove the top and the bottom line during the quarter. The company also has a strong cash balance position that enables it to adopt attractive share repurchase programs and in turn pay back solid returns to its investors. Going forward, management anticipates consistent growth in its Asia Pacific region, which in turn will mitigate the typical seasonality it usually experiences in the European nations. On the flip side, competitive landscape and ongoing macroeconomic headwinds continue to cast a negative impact on dental procedures.”
Several other research firms have also commented on ALGN. Stifel Nicolaus increased their price objective on shares of Align Technology from $82.00 to $95.00 and gave the company a buy rating in a research note on Thursday, July 28th. Robert W. Baird lowered shares of Align Technology from an outperform rating to a neutral rating and set a $96.00 price objective for the company. in a research note on Monday, October 3rd. Two equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Align Technology presently has a consensus rating of Buy and an average target price of $85.09.
Shares of Align Technology (NASDAQ:ALGN) opened at 89.79 on Wednesday. The company has a market capitalization of $7.19 billion, a PE ratio of 43.80 and a beta of 1.87. Align Technology has a 52 week low of $57.31 and a 52 week high of $96.90. The company has a 50 day moving average price of $92.69 and a 200 day moving average price of $83.98.
Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Thursday, July 28th. The company reported $0.62 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.14. The firm earned $269.40 million during the quarter, compared to analyst estimates of $259.29 million. Align Technology had a net margin of 17.67% and a return on equity of 19.40%. The company’s revenue for the quarter was up 28.6% on a year-over-year basis. During the same quarter last year, the business posted $0.39 EPS. On average, equities research analysts expect that Align Technology will post $2.28 earnings per share for the current year.
In other Align Technology news, VP Zelko Relic sold 13,577 shares of the firm’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $95.91, for a total value of $1,302,170.07. Following the completion of the transaction, the vice president now directly owns 1,375 shares of the company’s stock, valued at approximately $131,876.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Julie Tay sold 3,000 shares of the firm’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $92.60, for a total transaction of $277,800.00. Following the completion of the transaction, the vice president now directly owns 3,104 shares of the company’s stock, valued at $287,430.40. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ALGN. IFP Advisors Inc increased its position in shares of Align Technology by 10.1% in the second quarter. IFP Advisors Inc now owns 1,260 shares of the company’s stock valued at $101,000 after buying an additional 116 shares during the last quarter. CWM LLC purchased a new position in shares of Align Technology during the second quarter valued at approximately $121,000. Advisor Group Inc. purchased a new position in shares of Align Technology during the second quarter valued at approximately $128,000. Mckinley Capital Management LLC Delaware purchased a new position in shares of Align Technology during the second quarter valued at approximately $147,000. Finally, DIAM Co. Ltd. purchased a new position in shares of Align Technology during the second quarter valued at approximately $162,000. 87.00% of the stock is 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 and 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.