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

Align Technology (NASDAQ:ALGN) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Thursday, Zacks reports.

Other analysts also recently issued research reports about the stock. BMO Capital Markets began coverage on shares of Align Technology in a research report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 target price for the company. Robert W. Baird restated a “neutral” rating and set a $162.00 price target (down from $218.00) on shares of Align Technology in a report on Thursday. Stifel Nicolaus decreased their price objective on shares of Align Technology from $210.00 to $175.00 and set a “buy” rating for the company in a research report on Friday, October 9th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. Finally, Weiss Ratings raised shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 9th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $194.14.

Align Technology Stock Down 1.4%

Shares of NASDAQ ALGN traded down $2.03 during trading on Thursday, reaching $147.31. The company had a trading volume of 952,959 shares, compared to its average volume of 990,319. The company’s fifty day moving average price is $154.01 and its 200-day moving average price is $167.18. Align Technology has a 12 month low of $128.67 and a 12 month high of $200.43. The stock has a market cap of $10.55 billion, a P/E ratio of 25.62, a PEG ratio of 1.59 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter in the prior year, the firm posted $2.49 earnings per share. The business’s quarterly revenue was up 4.3% on a year-over-year basis. As a group, equities analysts predict that Align Technology will post 9.36 earnings per share for the current year.

Hedge Funds Weigh In On Align Technology

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vontobel Holding Ltd. lifted its position in shares of Align Technology by 69,628.9% during the 3rd quarter. Vontobel Holding Ltd. now owns 1,385,513 shares of the medical equipment provider’s stock valued at $183,335,000 after acquiring an additional 1,383,526 shares during the period. TD Waterhouse Canada Inc. grew its holdings in Align Technology by 42,423.4% in the third quarter. TD Waterhouse Canada Inc. now owns 550,253 shares of the medical equipment provider’s stock worth $73,546,000 after purchasing an additional 548,959 shares during the period. Pension & Wealth Management Advisors Inc. acquired a new stake in Align Technology in the third quarter worth $859,000. NFSG Corp increased its stake in Align Technology by 258.4% in the third quarter. NFSG Corp now owns 896 shares of the medical equipment provider’s stock valued at $122,000 after purchasing an additional 646 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Align Technology by 638.7% in the third quarter. Assenagon Asset Management S.A. now owns 4,662,437 shares of the medical equipment provider’s stock valued at $629,469,000 after purchasing an additional 4,031,284 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Company Profile

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.