Align Technology, Inc. (NASDAQ:ALGN) – Equities researchers at Piper Jaffray Companies dropped their FY2018 earnings estimates for Align Technology in a note issued to investors on Wednesday, October 24th. Piper Jaffray Companies analyst M. O’brien now anticipates that the medical equipment provider will earn $4.85 per share for the year, down from their previous estimate of $4.98. Piper Jaffray Companies currently has a “Overweight” rating and a $425.00 target price on the stock. Piper Jaffray Companies also issued estimates for Align Technology’s Q4 2018 earnings at $1.13 EPS, Q1 2019 earnings at $1.21 EPS, Q2 2019 earnings at $1.50 EPS, Q3 2019 earnings at $1.63 EPS, Q4 2019 earnings at $1.77 EPS, FY2019 earnings at $6.10 EPS and FY2020 earnings at $7.90 EPS.
A number of other research analysts also recently commented on ALGN. Stifel Nicolaus boosted their target price on Align Technology from $350.00 to $375.00 and gave the company a “buy” rating in a research note on Friday, July 13th. Morgan Stanley boosted their target price on Align Technology from $290.00 to $315.00 and gave the company an “equal weight” rating in a research note on Friday, July 13th. Robert W. Baird boosted their target price on Align Technology from $351.00 to $425.00 and gave the company an “outperform” rating in a research note on Thursday, July 26th. Barclays restated a “buy” rating on shares of Align Technology in a research note on Thursday, July 26th. Finally, Leerink Swann boosted their target price on Align Technology from $400.00 to $420.00 and gave the company an “outperform” rating in a research note on Thursday, July 26th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Align Technology has an average rating of “Buy” and a consensus price target of $354.08.
Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 24th. The medical equipment provider reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.05. The firm had revenue of $505.30 million for the quarter, compared to analyst estimates of $503.14 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 31.1% on a year-over-year basis. During the same period in the previous year, the firm earned $1.01 earnings per share.
In other news, Director Joseph Lacob sold 10,000 shares of the company’s stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $382.00, for a total transaction of $3,820,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Warren S. Thaler sold 3,500 shares of the company’s stock in a transaction dated Thursday, August 23rd. The stock was 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 approximately $17,095,594.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 55,648 shares of company stock valued at $20,577,327. 1.40% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of Align Technology by 1.7% during the 2nd quarter. BlackRock Inc. now owns 5,150,916 shares of the medical equipment provider’s stock worth $1,762,334,000 after acquiring an additional 84,512 shares in the last quarter. FMR LLC boosted its stake in shares of Align Technology by 251.6% during the 2nd quarter. FMR LLC now owns 1,705,510 shares of the medical equipment provider’s stock worth $583,523,000 after acquiring an additional 1,220,448 shares in the last quarter. Winslow Capital Management LLC bought a new stake in shares of Align Technology during the 2nd quarter worth about $148,376,000. OppenheimerFunds Inc. boosted its stake in shares of Align Technology by 1.3% during the 2nd quarter. OppenheimerFunds Inc. now owns 394,320 shares of the medical equipment provider’s stock worth $134,913,000 after acquiring an additional 5,069 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in shares of Align Technology by 8.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 369,205 shares of the medical equipment provider’s stock worth $126,319,000 after acquiring an additional 29,623 shares in the last quarter. Institutional investors own 78.54% of the company’s stock.
Align Technology Company Profile
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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