Align Technology (NASDAQ:ALGN) Stock Rating Cut to “Strong Sell” at Zacks Research

Zacks Research cut shares of Align Technology (NASDAQ:ALGN) from a hold rating to a strong sell rating in a research report sent to investors on Thursday,Zacks reports.

Several other research analysts have also recently weighed in on the company. Evercore cut Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 price objective for the company. in a research report on Monday, October 5th. Weiss Ratings raised Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 9th. Raymond James Financial reissued a “buy” rating on shares of Align Technology in a research report on Monday, October 5th. BMO Capital Markets began coverage on Align Technology in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $194.14.

Align Technology Stock Performance

Align Technology stock traded down $2.03 during trading hours on Thursday, reaching $147.31. 952,959 shares of the company’s stock traded hands, compared to its average volume of 990,319. The firm has a market capitalization of $10.55 billion, a price-to-earnings ratio of 25.62, a PEG ratio of 1.59 and a beta of 1.67. Align Technology has a fifty-two week low of $128.67 and a fifty-two week high of $200.43. The firm’s 50 day moving average is $154.01 and its 200-day moving average is $167.18.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter in the prior year, the business posted $2.49 EPS. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. Analysts predict that Align Technology will post 9.36 EPS for the current year.

Institutional Investors Weigh In On Align Technology

Institutional investors and hedge funds have recently modified their holdings of the company. Bessemer Group Inc. lifted its holdings in Align Technology by 37.2% during the 1st quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock worth $43,000 after purchasing an additional 67 shares during the last quarter. Blue Trust Inc. grew its holdings in Align Technology by 77.5% in the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 69 shares in the last quarter. Empirical Finance LLC grew its holdings in Align Technology by 2.9% in the 2nd quarter. Empirical Finance LLC now owns 2,570 shares of the medical equipment provider’s stock valued at $433,000 after buying an additional 73 shares in the last quarter. First Bank & Trust grew its holdings in Align Technology by 5.0% in the 2nd quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider’s stock valued at $270,000 after buying an additional 76 shares in the last quarter. Finally, M.E. Allison & CO. Inc. increased its position in Align Technology by 1.9% during the 2nd quarter. M.E. Allison & CO. Inc. now owns 4,235 shares of the medical equipment provider’s stock worth $714,000 after buying an additional 80 shares during the period. 88.43% of the stock is owned by institutional investors.

About Align Technology

Align Technology, Inc is a medical device and digital technology company that designs, manufactures and markets products used in orthodontics and restorative dentistry. The company is best known for Invisalign clear aligners, which are custom-made orthodontic devices intended to gradually move patients’ teeth under the supervision of dental professionals.

Align also develops the iTero family of intraoral scanners and related digital imaging systems, which help dental professionals create digital impressions and treatment plans.