Align Technology (NASDAQ:ALGN) Reaches New 52-Week High at $371.39

Posted by Defense World Staff on Jul 16th, 2023

Align Technology, Inc. (NASDAQ:ALGN – Get Free Report) shares hit a new 52-week high on Friday . The company traded as high as $371.39 and last traded at $369.31, with a volume of 28351 shares. The stock had previously closed at $367.56.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ALGN. VNET Group restated a “maintains” rating on shares of Align Technology in a report on Thursday, April 27th. OTR Global cut shares of Align Technology to a “positive” rating in a report on Friday, June 16th. Bank of America upped their price objective on shares of Align Technology from $190.00 to $225.00 in a report on Thursday, April 27th. CICC Research began coverage on shares of Align Technology in a report on Thursday, March 23rd. They issued a “market perform” rating on the stock. Finally, StockNews.com began coverage on shares of Align Technology in a report on Thursday, May 18th. They issued a “buy” rating on the stock. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and an average target price of $347.78.

Align Technology Stock Down 0.2 %

The stock’s fifty day moving average price is $316.68 and its 200 day moving average price is $306.56. The stock has a market cap of $28.07 billion, a PE ratio of 90.59, a PEG ratio of 3.14 and a beta of 1.63.

Align Technology (NASDAQ:ALGN – Get Free Report) last issued its quarterly earnings data on Wednesday, April 26th. The medical equipment provider reported $1.33 earnings per share for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.02). The company had revenue of $943.15 million for the quarter, compared to the consensus estimate of $908.29 million. Align Technology had a net margin of 8.51% and a return on equity of 11.18%. On average, equities research analysts expect that Align Technology, Inc. will post 6.8 earnings per share for the current fiscal year.

Insider Activity at Align Technology

In related news, Director Kevin J. Dallas acquired 7,000 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were bought at an average price of $285.26 per share, for a total transaction of $1,996,820.00. Following the completion of the transaction, the director now directly owns 12,246 shares in the company, valued at $3,493,293.96. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.64% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ALGN. Raymond James Trust N.A. raised its position in Align Technology by 39.4% in the first quarter. Raymond James Trust N.A. now owns 934 shares of the medical equipment provider’s stock worth $407,000 after acquiring an additional 264 shares during the period. Dimensional Fund Advisors LP raised its position in Align Technology by 11.1% in the first quarter. Dimensional Fund Advisors LP now owns 180,978 shares of the medical equipment provider’s stock worth $78,911,000 after acquiring an additional 18,153 shares during the period. Prudential PLC bought a new position in Align Technology in the first quarter worth approximately $955,000. Cetera Investment Advisers raised its position in Align Technology by 4.9% in the first quarter. Cetera Investment Advisers now owns 1,713 shares of the medical equipment provider’s stock worth $747,000 after acquiring an additional 80 shares during the period. Finally, Sequoia Financial Advisors LLC raised its position in Align Technology by 17.1% in the first quarter. Sequoia Financial Advisors LLC now owns 526 shares of the medical equipment provider’s stock worth $229,000 after acquiring an additional 77 shares during the period. 86.62% of the stock is currently owned by institutional investors.

About Align Technology

(Get Free Report)

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, China, and internationally. It operates in two segments, Clear Aligner; and Imaging Systems and CAD/CAM Services (Systems and Services).