Traders Sell Shares of Align Technology, Inc. (ALGN) on Strength (ALGN)

Investors sold shares of Align Technology, Inc. (NASDAQ:ALGN) on strength during trading hours on Friday. $58.85 million flowed into the stock on the tick-up and $238.56 million flowed out of the stock on the tick-down, for a money net flow of $179.71 million out of the stock. Of all equities tracked, Align Technology had the 3rd highest net out-flow for the day. Align Technology traded up $4.03 for the day and closed at $200.88

A number of brokerages have recently commented on ALGN. Stifel Nicolaus reaffirmed a “buy” rating on shares of Align Technology in a research note on Thursday. Northcoast Research reaffirmed a “buy” rating and issued a $230.00 price target (up from $200.00) on shares of Align Technology in a research note on Tuesday, October 10th. Bank of America Corporation raised Align Technology from a “neutral” rating to a “buy” rating and upped their price target for the company from $175.00 to $193.00 in a research note on Friday, July 28th. Robert W. Baird reaffirmed a “buy” rating on shares of Align Technology in a research note on Tuesday, September 12th. Finally, Goldman Sachs Group, Inc. (The) upped their price target on Align Technology from $185.00 to $210.00 and gave the company a “buy” rating in a research note on Friday, September 15th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Align Technology currently has a consensus rating of “Buy” and an average price target of $198.50.

The firm has a market capitalization of $16.10 billion, a price-to-earnings ratio of 68.79 and a beta of 1.54. The stock has a 50 day moving average price of $187.02 and a 200-day moving average price of $157.72.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.12. The business had revenue of $356.50 million during the quarter, compared to the consensus estimate of $343.43 million. Align Technology had a return on equity of 23.87% and a net margin of 19.18%. The firm’s revenue for the quarter was up 32.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.62 earnings per share. Equities analysts anticipate that Align Technology, Inc. will post $3.41 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of the business. Honkamp Krueger Financial Services Inc. increased its holdings in Align Technology by 1.7% in the second quarter. Honkamp Krueger Financial Services Inc. now owns 2,037 shares of the medical equipment provider’s stock worth $306,000 after purchasing an additional 34 shares in the last quarter. Buckingham Asset Management LLC increased its holdings in Align Technology by 3.3% in the second quarter. Buckingham Asset Management LLC now owns 1,861 shares of the medical equipment provider’s stock worth $279,000 after purchasing an additional 59 shares in the last quarter. Security Asset Management increased its holdings in Align Technology by 0.5% in the second quarter. Security Asset Management now owns 12,735 shares of the medical equipment provider’s stock worth $1,912,000 after purchasing an additional 65 shares in the last quarter. BB&T Securities LLC increased its holdings in Align Technology by 3.5% in the second quarter. BB&T Securities LLC now owns 2,757 shares of the medical equipment provider’s stock worth $413,000 after purchasing an additional 94 shares in the last quarter. Finally, Wrapmanager Inc. increased its holdings in Align Technology by 2.6% in the second quarter. Wrapmanager Inc. now owns 3,835 shares of the medical equipment provider’s stock worth $576,000 after purchasing an additional 99 shares in the last quarter. Institutional investors and hedge funds own 81.53% of the company’s stock.

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Align Technology Company Profile

Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.

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