Align Technology (NASDAQ:ALGN) Lowered to Strong Sell at BidaskClub

BidaskClub cut shares of Align Technology (NASDAQ:ALGN) from a sell rating to a strong sell rating in a research note issued to investors on Wednesday morning, BidAskClub reports.

Several other research firms have also weighed in on ALGN. ValuEngine raised Align Technology from a sell rating to a hold rating in a research note on Thursday, August 1st. Stifel Nicolaus dropped their price target on Align Technology from $360.00 to $290.00 and set a buy rating on the stock in a research report on Thursday, July 25th. Credit Suisse Group dropped their price target on Align Technology from $340.00 to $320.00 and set an outperform rating on the stock in a research report on Thursday, July 25th. Barclays raised their price target on Align Technology from $335.00 to $355.00 and gave the stock an overweight rating in a research report on Thursday, April 25th. Finally, UBS Group set a $230.00 price target on Align Technology and gave the stock a hold rating in a research report on Friday, July 26th. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus price target of $297.91.

NASDAQ:ALGN opened at $177.29 on Wednesday. Align Technology has a 1-year low of $172.62 and a 1-year high of $398.88. The business’s 50-day moving average price is $238.19 and its two-hundred day moving average price is $271.58. The company has a current ratio of 1.85, a quick ratio of 1.74 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $13.92 billion, a price-to-earnings ratio of 36.03, a PEG ratio of 1.42 and a beta of 1.95.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, July 24th. The medical equipment provider reported $1.26 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.13. Align Technology had a return on equity of 29.26% and a net margin of 19.06%. The firm had revenue of $600.70 million for the quarter, compared to analyst estimates of $599.86 million. During the same quarter in the prior year, the firm posted $1.30 earnings per share. The company’s quarterly revenue was up 22.5% on a year-over-year basis. Sell-side analysts predict that Align Technology will post 5 earnings per share for the current year.

In other news, Director Warren S. Thaler sold 3,115 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of $312.53, for a total transaction of $973,530.95. Following the sale, the director now owns 47,979 shares of the company’s stock, valued at $14,994,876.87. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Joseph Lacob sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $181.79, for a total value of $5,453,700.00. Following the sale, the director now directly owns 564 shares in the company, valued at approximately $102,529.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 48,223 shares of company stock worth $10,935,336. 1.30% of the stock is currently owned by insiders.

Several large investors have recently bought and sold shares of the stock. Harvest Fund Management Co. Ltd grew its holdings in shares of Align Technology by 18.2% during the second quarter. Harvest Fund Management Co. Ltd now owns 832 shares of the medical equipment provider’s stock worth $228,000 after buying an additional 128 shares in the last quarter. Maverick Capital Ltd. bought a new position in shares of Align Technology during the second quarter worth about $4,513,000. Magnetar Financial LLC bought a new position in shares of Align Technology during the second quarter worth about $564,000. Verition Fund Management LLC bought a new position in Align Technology in the second quarter valued at approximately $919,000. Finally, Private Capital Group LLC grew its stake in Align Technology by 1,405.3% in the second quarter. Private Capital Group LLC now owns 286 shares of the medical equipment provider’s stock valued at $98,000 after purchasing an additional 267 shares in the last quarter. Institutional investors and hedge funds own 83.14% of the company’s stock.

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.

Recommended Story: Do equity income investments outperform growth and income investments?

Analyst Recommendations for Align Technology (NASDAQ:ALGN)

Receive News & Ratings for Align Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Align Technology and related companies with MarketBeat.com's FREE daily email newsletter.