The analysts wrote, ?We are lowering our rating on ALGN to Hold (from Buy). Our 2013 / 2014 EPS forecasts are unchanged. However, our price target moves to $38 (from $36) on higher intermediate-term cash flow forecasts, following the ITC?s recent favorable initial ruling in ALGN?s patent dispute with ClearCorrect.? Other equities research analysts have also recently issued reports about the stock. Analysts at Barrington Research downgraded shares of Align Tech from an ?outperform? rating to a ?market perform? rating in a research note to investors on Monday, May 20th. They now have a $38.00 price target on the stock. Separately, analysts at Cantor Fitzgerald raised their price target on shares of Align Tech from $31.00 to $35.00 in a research note to investors on Wednesday, May 8th. They now have a ?hold? rating on the stock. Finally, analysts at Zacks reiterated a ?neutral? rating on shares of Align Tech in a research note to investors on Monday, April 22nd. They now have a $33.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. The company has a consensus rating of ?Hold? and a consensus target price of $33.91.
Shares of Align Tech (NASDAQ: ALGN) traded down 0.68% during mid-day trading on Tuesday, hitting $36.45. Align Tech has a one year low of $23.45 and a one year high of $39.82. The stock?s 50-day moving average is currently $32.29. The company?s market cap is $2.973 billion. Align Tech (NASDAQ: ALGN) last issued its quarterly earnings data on Thursday, April 18th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.03. The company had revenue of $153.60 million for the quarter, compared to the consensus estimate of $149.40 million. During the same quarter in the previous year, the company posted $0.27 earnings per share. The company?s revenue for the quarter was up 13.7% on a year-over-year basis. Align Tech has set its Q2 guidance at $0.26-0.28 EPS. Analysts expect that Align Tech will post $1.19 EPS for the current fiscal year.
Align Technology, Inc. designs, manufactures, and markets the Invisalign system, a method for treating malocclusion, or the misalignment of teeth.