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.”
Other research analysts also recently issued research reports about the stock. 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 report on Thursday, July 28th. Robert W. Baird downgraded shares of Align Technology from an outperform rating to a neutral rating and set a $96.00 price target on the stock. in a research report on Monday, October 3rd. Two analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock presently has an average rating of Buy and an average target price of $85.09.
Align Technology (NASDAQ:ALGN) opened at 90.88 on Wednesday. Align Technology has a 1-year low of $57.31 and a 1-year high of $96.90. The company has a 50-day moving average of $92.77 and a 200-day moving average of $83.69. The stock has a market capitalization of $7.27 billion, a price-to-earnings ratio of 44.33 and a beta of 1.87.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Thursday, July 28th. The company reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.14. The company had revenue of $269.40 million for the quarter, compared to the consensus estimate of $259.29 million. Align Technology had a net margin of 17.67% and a return on equity of 19.40%. The firm’s revenue for the quarter was up 28.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.39 earnings per share. Analysts anticipate that Align Technology will post $2.28 earnings per share for the current fiscal year.
In related news, VP Jennifer Olson sold 799 shares of the firm’s stock in a transaction on Monday, August 29th. The shares were sold at an average price of $93.30, for a total transaction of $74,546.70. Following the completion of the transaction, the vice president now directly owns 4,483 shares of the company’s stock, valued at $418,263.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 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. Insiders own 2.00% of the company’s stock.
A number of institutional investors have recently bought and sold shares of ALGN. Wellington Management Group LLP boosted its position in Align Technology by 7,138.7% in the first quarter. Wellington Management Group LLP now owns 939,946 shares of the company’s stock valued at $68,325,000 after buying an additional 926,961 shares during the last quarter. Fiera Capital Corp bought a new position in Align Technology during the second quarter valued at $61,823,000. Emerald Acquisition Ltd. bought a new position in Align Technology during the second quarter valued at $40,582,000. Vanguard Group Inc. boosted its position in Align Technology by 7.8% in the second quarter. Vanguard Group Inc. now owns 5,552,971 shares of the company’s stock valued at $447,292,000 after buying an additional 401,560 shares during the last quarter. Finally, Frontier Capital Management Co. LLC bought a new position in Align Technology during the second quarter valued at $31,296,000. 87.00% of the stock is owned by 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.
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