Align Technology (ALGN) Receives New Coverage from Analysts at Goldman Sachs Group

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Goldman Sachs Group assumed coverage on shares of Align Technology (NASDAQ:ALGN) in a report issued on Saturday. The brokerage issued a buy rating and a $420.00 target price on the medical equipment provider’s stock.

ALGN has been the subject of a number of other research reports. Morgan Stanley boosted their target price on Align Technology from $315.00 to $320.00 and gave the stock an equal weight rating in a research report on Tuesday, October 9th. Piper Jaffray Companies boosted their target price on Align Technology to $425.00 and gave the stock an overweight rating in a research report on Friday, July 20th. BidaskClub raised Align Technology from a buy rating to a strong-buy rating in a research report on Tuesday, August 28th. Bank of America assumed coverage on Align Technology in a research report on Monday, June 25th. They issued a buy rating and a $420.00 target price for the company. Finally, Zacks Investment Research lowered Align Technology from a hold rating to a sell rating in a research report on Tuesday, October 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $366.44.

Shares of ALGN traded down $10.27 during trading hours on Friday, hitting $312.79. The company had a trading volume of 1,335,008 shares, compared to its average volume of 965,214. The firm has a market cap of $25.12 billion, a PE ratio of 80.41, a P/E/G ratio of 2.09 and a beta of 1.52. Align Technology has a 52-week low of $196.67 and a 52-week high of $398.88.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.21. The firm had revenue of $490.26 million during the quarter, compared to analyst estimates of $472.10 million. Align Technology had a return on equity of 32.61% and a net margin of 17.00%. Align Technology’s quarterly revenue was up 37.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.85 EPS. As a group, equities analysts anticipate that Align Technology will post 4.98 EPS for the current fiscal year.

In other Align Technology news, SVP Stuart A. Hockridge sold 2,753 shares of the business’s stock in a transaction dated Wednesday, August 15th. The stock was sold at an average price of $366.73, for a total transaction of $1,009,607.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Warren S. Thaler sold 3,500 shares of the business’s stock in a transaction dated Thursday, August 23rd. The shares were sold at an average price of $363.62, for a total value of $1,272,670.00. Following the sale, the director now owns 47,015 shares of the company’s stock, valued at $17,095,594.30. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,648 shares of company stock valued at $20,577,327. Corporate insiders own 1.40% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Stelac Advisory Services LLC bought a new position in shares of Align Technology during the 2nd quarter valued at approximately $103,000. Polaris Greystone Financial Group LLC bought a new position in shares of Align Technology during the 3rd quarter valued at approximately $117,000. Centaurus Financial Inc. bought a new position in shares of Align Technology during the 2nd quarter valued at approximately $137,000. TRUE Private Wealth Advisors bought a new position in shares of Align Technology during the 3rd quarter valued at approximately $198,000. Finally, Breiter Capital Management Inc. bought a new position in shares of Align Technology during the 3rd quarter valued at approximately $219,000. Institutional investors and hedge funds own 78.59% 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.

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