Align Technology (ALGN) Upgraded to Buy by Credit Suisse Group

Credit Suisse Group upgraded shares of Align Technology (NASDAQ:ALGN) to a buy rating in a research note published on Thursday morning. The firm currently has $276.00 target price on the medical equipment provider’s stock.

Several other brokerages have also commented on ALGN. Robert W. Baird reiterated a buy rating and set a $245.00 price objective on shares of Align Technology in a report on Friday, October 27th. Leerink Swann reiterated an outperform rating and set a $250.00 price objective on shares of Align Technology in a report on Friday, October 27th. Deutsche Bank started coverage on Align Technology in a report on Friday, December 8th. They set a hold rating and a $250.00 price objective for the company. Stifel Nicolaus increased their price objective on Align Technology from $205.00 to $225.00 and gave the company a buy rating in a report on Monday, October 23rd. Finally, Piper Jaffray Companies reiterated a buy rating and set a $200.00 price objective on shares of Align Technology in a report on Monday, September 11th. Two investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company has an average rating of Buy and a consensus price target of $236.75.

Shares of Align Technology (NASDAQ:ALGN) opened at $241.07 on Thursday. Align Technology has a twelve month low of $88.56 and a twelve month high of $266.41. The company has a market capitalization of $19,330.00, a price-to-earnings ratio of 73.27, a PEG ratio of 1.89 and a beta of 1.43.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Thursday, October 26th. The medical equipment provider reported $1.01 EPS for the quarter, beating the consensus estimate of $0.82 by $0.19. Align Technology had a return on equity of 25.60% and a net margin of 19.98%. The firm had revenue of $385.30 million during the quarter, compared to analyst estimates of $359.80 million. During the same quarter in the prior year, the business posted $0.63 EPS. The business’s revenue for the quarter was up 38.3% compared to the same quarter last year. analysts expect that Align Technology will post 3.65 earnings per share for the current year.

In other news, VP Emory Wright sold 5,025 shares of the firm’s stock in a transaction dated Tuesday, November 28th. The stock was sold at an average price of $263.68, for a total transaction of $1,324,992.00. Following the sale, the vice president now directly owns 80,762 shares in the company, valued at approximately $21,295,324.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John Morici sold 1,500 shares of the firm’s stock in a transaction dated Friday, November 24th. The shares were sold at an average price of $255.00, for a total value of $382,500.00. Following the sale, the chief financial officer now owns 1,544 shares in the company, valued at $393,720. The disclosure for this sale can be found here. Insiders have sold a total of 52,849 shares of company stock worth $13,494,348 over the last ninety days. 1.60% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Align Technology by 16.5% during the 2nd quarter. Vanguard Group Inc. now owns 7,299,099 shares of the medical equipment provider’s stock valued at $1,095,740,000 after acquiring an additional 1,034,254 shares during the period. Polen Capital Management LLC grew its position in shares of Align Technology by 6.8% during the 2nd quarter. Polen Capital Management LLC now owns 3,362,570 shares of the medical equipment provider’s stock valued at $504,789,000 after acquiring an additional 212,773 shares during the period. State Street Corp lifted its stake in Align Technology by 32.2% in the 2nd quarter. State Street Corp now owns 3,143,095 shares of the medical equipment provider’s stock valued at $471,823,000 after buying an additional 765,189 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Align Technology by 2.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,946,097 shares of the medical equipment provider’s stock valued at $362,499,000 after buying an additional 42,570 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Align Technology by 11.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,587,681 shares of the medical equipment provider’s stock valued at $238,343,000 after buying an additional 160,881 shares in the last quarter. Hedge funds and other institutional investors own 82.89% of the company’s stock.

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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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