Align Technology (NASDAQ:ALGN) Trading 2.8% Higher

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report)'s share price traded up 2.8% during mid-day trading on Tuesday . The stock traded as high as $238.79 and last traded at $238.11. 208,773 shares traded hands during trading, a decline of 73% from the average session volume of 786,814 shares. The stock had previously closed at $231.65.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Robert W. Baird decreased their price target on Align Technology from $370.00 to $325.00 and set an "outperform" rating for the company in a report on Monday, July 22nd. Evercore ISI decreased their price target on Align Technology from $370.00 to $300.00 and set an "outperform" rating for the company in a report on Monday, June 10th. StockNews.com raised Align Technology from a "hold" rating to a "buy" rating in a research report on Saturday. OTR Global reissued a "mixed" rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, Morgan Stanley cut their price objective on Align Technology from $328.00 to $310.00 and set an "overweight" rating on the stock in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $322.78.

Align Technology Stock Performance

The company has a market cap of $17.79 billion, a P/E ratio of 38.93, a P/E/G ratio of 5.18 and a beta of 1.66. The firm has a 50 day moving average price of $235.25 and a two-hundred day moving average price of $273.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, topping the consensus estimate of $2.32 by $0.09. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the company earned $1.73 EPS. The firm's revenue was up 2.6% compared to the same quarter last year. On average, sell-side analysts predict that Align Technology, Inc. will post 7.64 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of the business's stock in a transaction on Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is owned by corporate insiders.

Institutional Trading of Align Technology

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Align Technology by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider's stock valued at $2,746,378,000 after acquiring an additional 25,362 shares during the last quarter. Brown Advisory Inc. boosted its position in shares of Align Technology by 41.4% during the 4th quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider's stock valued at $413,488,000 after acquiring an additional 441,754 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Align Technology by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider's stock valued at $277,230,000 after acquiring an additional 15,540 shares during the last quarter. Ninety One UK Ltd boosted its position in shares of Align Technology by 1.0% during the 2nd quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider's stock valued at $276,950,000 after acquiring an additional 10,919 shares during the last quarter. Finally, Bares Capital Management Inc. raised its holdings in shares of Align Technology by 44.4% during the 1st quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider's stock valued at $268,871,000 after buying an additional 252,220 shares in the last quarter. Institutional investors own 88.43% of the company's stock.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.

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