Evercore ISI Begins Coverage on Align Technology (ALGN)

Evercore ISI started coverage on shares of Align Technology (NASDAQ:ALGN) in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $340.00 price objective on the medical equipment provider’s stock.

Several other research firms have also recently weighed in on ALGN. Zacks Investment Research cut shares of Align Technology from a buy rating to a hold rating in a report on Tuesday. Morgan Stanley cut shares of Align Technology from an overweight rating to an equal weight rating and decreased their price objective for the company from $300.00 to $270.00 in a report on Wednesday, April 18th. Stifel Nicolaus boosted their price objective on shares of Align Technology from $265.00 to $295.00 and gave the company a buy rating in a report on Tuesday, January 30th. Vetr cut shares of Align Technology from a strong-buy rating to a buy rating and set a $302.42 price objective for the company. in a report on Monday, March 12th. Finally, BidaskClub raised shares of Align Technology from a hold rating to a buy rating in a report on Saturday, March 10th. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have assigned a strong buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $270.55.

Shares of Align Technology stock opened at $298.00 on Wednesday. The stock has a market capitalization of $23.46 billion, a price-to-earnings ratio of 76.61, a PEG ratio of 2.14 and a beta of 1.48. Align Technology has a 52-week low of $136.26 and a 52-week high of $299.46.



Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, April 25th. The medical equipment provider reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.19. Align Technology had a net margin of 16.12% and a return on equity of 30.36%. The business had revenue of $436.92 million during the quarter, compared to analysts’ expectations of $408.27 million. During the same period in the previous year, the company earned $0.59 earnings per share. The business’s revenue for the quarter was up 40.8% compared to the same quarter last year. sell-side analysts predict that Align Technology will post 4.68 EPS for the current fiscal year.

In related news, Director Thomas M. Prescott sold 82,000 shares of the business’s stock in a transaction that occurred on Monday, April 30th. The shares were sold at an average price of $252.75, for a total transaction of $20,725,500.00. Following the completion of the sale, the director now directly owns 222,399 shares in the company, valued at $56,211,347.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Emory Wright sold 27,492 shares of the business’s stock in a transaction that occurred on Monday, May 7th. The shares were sold at an average price of $263.68, for a total transaction of $7,249,090.56. Following the sale, the senior vice president now owns 5,424 shares of the company’s stock, valued at $1,430,200.32. The disclosure for this sale can be found here. Insiders have sold 156,742 shares of company stock valued at $41,228,991 over the last 90 days. 1.40% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Profund Advisors LLC boosted its position in shares of Align Technology by 2.9% in the first quarter. Profund Advisors LLC now owns 7,242 shares of the medical equipment provider’s stock worth $1,819,000 after purchasing an additional 204 shares during the period. CAPROCK Group Inc. boosted its position in shares of Align Technology by 13.2% in the fourth quarter. CAPROCK Group Inc. now owns 1,834 shares of the medical equipment provider’s stock worth $474,000 after purchasing an additional 214 shares during the period. Oppenheimer & Co. Inc. boosted its position in shares of Align Technology by 19.2% in the first quarter. Oppenheimer & Co. Inc. now owns 1,335 shares of the medical equipment provider’s stock worth $335,000 after purchasing an additional 215 shares during the period. Moody Lynn & Lieberson LLC boosted its position in shares of Align Technology by 9.1% in the fourth quarter. Moody Lynn & Lieberson LLC now owns 2,723 shares of the medical equipment provider’s stock worth $735,000 after purchasing an additional 228 shares during the period. Finally, Global X Management Co. LLC boosted its position in shares of Align Technology by 10.6% in the fourth quarter. Global X Management Co. LLC now owns 2,399 shares of the medical equipment provider’s stock worth $533,000 after purchasing an additional 229 shares during the period. Institutional investors own 79.37% of the company’s stock.

About Align Technology

Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.

Analyst Recommendations for Align Technology (NASDAQ:ALGN)

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