According to Zacks, “Align Technology exited the first quarter of 2019 on a solid note. We are upbeat about the continued momentum in Invisalign volumes across all geographies. The company is witnessing solid worldwide Invisalign volume growth for teenage patient cases. In North America, Align Technology continued to witness an expanding GP dentist customer base along with continued strength in Invisalign utilization by orthodontists. We are encouraged by the solid performance in the EMEA region and APAC markets. Solid worldwide teen case growth is also impressive. Align Technology has been outperforming its industry over the past three months. Meanwhile, Invisalign store closure put pressure on the bottom line. The company is exposed to foreign exchange variations, seasonal demand fluctuations, higher operating expenses pertaining to increased head count along with increased investments targeted toward expansion of geographical presence and portfolio.”
ALGN has been the topic of a number of other reports. BidaskClub upgraded Align Technology from a hold rating to a buy rating in a research note on Friday, March 22nd. Leerink Swann lowered their target price on Align Technology from $300.00 to $285.00 and set an outperform rating on the stock in a research note on Wednesday, January 30th. They noted that the move was a valuation call. Piper Jaffray Companies lifted their target price on Align Technology from $250.00 to $300.00 and gave the stock an overweight rating in a research note on Tuesday, March 19th. UBS Group lowered Align Technology from a buy rating to a neutral rating and set a $275.00 price objective for the company. in a report on Thursday, February 14th. Finally, Guggenheim began coverage on Align Technology in a report on Wednesday, April 17th. They issued a buy rating and a $335.00 price objective for the company. Three investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $339.31.
NASDAQ ALGN opened at $311.47 on Tuesday. The firm has a market cap of $24.92 billion, a PE ratio of 63.31, a price-to-earnings-growth ratio of 2.53 and a beta of 2.14. Align Technology has a one year low of $177.93 and a one year high of $398.88.
Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, April 24th. The medical equipment provider reported $0.89 EPS for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.06. The company had revenue of $549.00 million for the quarter, compared to analysts’ expectations of $532.16 million. Align Technology had a return on equity of 30.58% and a net margin of 18.10%. The business’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.17 EPS. On average, research analysts predict that Align Technology will post 5.4 earnings per share for the current fiscal year.
In other Align Technology news, SVP Julie Tay sold 3,560 shares of Align Technology stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $325.00, for a total transaction of $1,157,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CMO Raphael Pascaud sold 15,000 shares of Align Technology stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $326.18, for a total value of $4,892,700.00. Following the transaction, the chief marketing officer now directly owns 34,092 shares of the company’s stock, valued at approximately $11,120,128.56. The disclosure for this sale can be found here. Insiders have sold a total of 57,460 shares of company stock valued at $17,270,643 in the last ninety days. Insiders own 1.30% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of ALGN. JPMorgan Chase & Co. grew its holdings in shares of Align Technology by 47.7% during the third quarter. JPMorgan Chase & Co. now owns 216,832 shares of the medical equipment provider’s stock worth $84,830,000 after purchasing an additional 69,997 shares in the last quarter. Shine Investment Advisory Services Inc. grew its holdings in shares of Align Technology by 72.5% during the fourth quarter. Shine Investment Advisory Services Inc. now owns 276 shares of the medical equipment provider’s stock worth $58,000 after purchasing an additional 116 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Align Technology during the fourth quarter worth about $368,000. IFM Investors Pty Ltd grew its holdings in shares of Align Technology by 9.9% during the fourth quarter. IFM Investors Pty Ltd now owns 4,453 shares of the medical equipment provider’s stock worth $933,000 after purchasing an additional 402 shares in the last quarter. Finally, Jackson Grant Investment Advisers Inc. grew its holdings in shares of Align Technology by 300.0% during the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 200 shares of the medical equipment provider’s stock worth $42,000 after purchasing an additional 150 shares in the last quarter. 82.91% of the stock is owned by institutional investors.
About Align Technology
Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.
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