08-02-2017: Align Technology, Inc. (ALGN): Teeth Straigtening for Happy Smiles

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Recommendation

Align Technology, Inc.

For reasons not entirely clear, some dental appliance medical device manufacturers' stocks have been going up and up almost without ceasing. Align Technology, makers of the "Invisalign" form of braces to straighten teeth and an accompanying scan device has had its stock soaring. Institutions are net sellers due to very strong recent stock price rise and time for a little profit-taking, while researchers and analysts alike are generally very positive. The company's website contains no CEO Letter to Shareholders, not glitzy annual report, but it does explain well the company's products. We feel executives are a bit overpaid and there are too many of them. There have been a couple of major class action lawsuits against this company some years back for failure to represent shareholder interests. Other than that, news consists mainly of helpful hints about the way products are being used, some innovation, and indications of a lot of effort spent on protecting patents from infringement. Competition is rather fierce in this particular industry.

Such a strong chart pattern does give us rise to fear a correction, especially as earnings prospects look great but do not seem to us to justify current share price based upon current earnings. There are very few warning signs in technical indicators, however. The "gurus" are lining up to support this stock.

The company has had a number of stock share buybacks, and it has little or no debt. The Zenith Index suggests very strong fundamentals. However, a company of this size that has been around as long as it has would seem to us to be at a time when it would be appropriate to pay dividends, and this company pays no dividends. Along with absence of CEO communications, we feel this indicates lack of concern for shareholders by management despite the fine job they are doing of running the company otherwise.

The corporation is very focused in its acquisitions thus far and concentrating upon a limited product line with two major segments, the aligner and the scanner. 



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Zenith Index

Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.

Align Technology, Inc. (ALGN)                             Exchange: Nasdaq
2560 Orchard Parkway
San Jose, CA 95131               Sector: Healthcare
United States                    Industry:Medical Appliances & Equipment

Align Technology, Inc. designs, manufactures, and markets a system of
clear aligner therapy, intra-oral scanners, and computer-aided design
and computer-aided manufacturing (CAD/CAM) digital services. The
company-Ęs 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. It also provides Invisalign Express (10
and 5) and Invisalign Lite/i7 treatments for orthodontic cases,
non-comprehensive treatment relapse cases, or straightening prior to
restorative or cosmetic treatments; Invisalign Go, a solution for
general practitioner dentists (GPs) to identify and treat patients with
mild malocclusion; SmileDirectClub aligners for minor tooth movement;
custom clear aligner retainers used to maintain tooth position and
correct minor relapse; and SmartTrack, a custom-engineered material that
delivers force for orthodontic tooth movements. The company-Ęs Scanners
and Services segment offers iTero Scanner, a single hardware platform
with software options for restorative or orthodontic procedures; and
Restorative software for iTero, a software for GPs, prosthodontists,
periodontists, and oral surgeons. It also provides Orthodontic software
for iTero, a software for orthodontists for digital records storage,
orthodontic diagnosis, Invisalign digital impression submission, and for
the fabrication of printed models and retainers; CAD/CAM services, such
as iTero Models and Dies, OrthoCAD iCast, and OrthoCAD iRecord; and
Invisalign outcome simulator, a chair-side and cloud-based application
for the iTero scanner, as well as third party scanners and digital scans
for Invisalign treatment submission. The company was founded in 1997 and
is headquartered in San Jose, California.

Last Trade: 157.26                           52-Week Range: 173.79 -  83.27
Employees: 6,060                             Avg.Volume:   1,260,514 Shares

Corporate Governance:
Pillar scores are Audit: 2; Board: 2; Shareholder Rights: 7; Compensation: 6.
         (A lower number means less governance risk.)

EPS:  2.68    Dividend Amount: $ 0.00          Yield:  0.00%
             Ex-Dividend Date: N/A             Payout Ratio:   0.00

Key Statistics:

    Trailing P/E:  64.57              Forward P/E (est.):  44.15
                                           Target Price: 170.00

Qrtly Stock Price Growth (yoy):  75.34%               Beta:   1.50
Qrtly S&P Index   Growth (yoy):  32.30%        Short Ratio:   1.47%
    Qrtly Revenue Growth (yoy):  14.03%         Shares Out:  80330000
   Qrtly Earnings Growth (yoy):   0.00%

          Book Value:  13.01                    Debt/Equity:   0.00%
    Price/Book Value:  13.30        Operating Profit Margin:  22.26%
         Price/Sales:  11.22                  Profit Margin:  19.18%
         Market Cap:  13,902,000,000       Return on Equity:  23.90%
    Enterprise Value:               0      Return on Assets:  12.30%

    Operating Cash Flow:        247,654
         Free Cash Flow:         79,282



Annual Income Statement:                          (All numbers in thousands)
  Period Ending                             12/31/2016  12/31/2015  12/31/2014

  Total Revenue                              1,079,874     845,486     761,653
  Cost of Revenue                              264,580     205,376     183,210
  Gross Profit                                 815,294     640,110     578,443

Operating Expenses:
  Research & Development                             0           0           0
  Selling, General & Administrative            490,653     390,239     332,068
  Non-Recurring Expenses                             0           0           0
  Other Operating Expenses                           0           0           0
  Total Operating Expenses                           0           0           0

Operating Income or Loss                       248,921     188,634     193,576

Income from Continuing Operations:
  Total Other Income/Expenses Net                    0           0           0
  Earnings Before Interest & Taxes             242,566     186,101     190,369
  Interest Expense                                   0           0           0
  Income Before Taxes                          242,566     186,101     190,369
  Income Tax Expense                            51,200      42,081      44,537
  Minority Interest                                  0           0           0

Net Income from Continuing Op.s                189,682     144,020     145,832

Non-recurring Events:
  Discontinued Operations                            0           0           0
  Extraordinary Items                                0           0           0
  Effect of Accounting Changes                       0           0           0
  Other Items                                        0           0           0
  Net Income                                   189,682     144,020     145,832
  Preferred Stock & Other Adjustments                0           0           0

Net Income Avail to Common Shares              189,682     144,020     145,832



Annual Cash Flow Statement:                   (All numbers in thousands)
  Period Ending                         12/31/2016    12/31/2015    12/31/2014

  Net Income                               189,682       144,020       145,832

Operating Activities:
  Depreciation                              24,002        18,004        17,856
  Adjustments to Net Income                 50,577        55,146        54,017
  Changes in Accounts Recv'bls             -94,444       -40,775       -27,229
  Changes in Liabilities                    94,890        68,891        41,346
  Changes in Investories                    -7,663        -3,563        -1,999
  Changes in other Oper'g Acts              -9,390        -3,726        -2,924

Total Cash Flow f Operations               247,654       237,997       226,899

Investing Activities:
  Capital Exenditures                      -70,576       -53,451       -24,092
  Investments                              151,635      -112,956      -177,352
  Other Cash Flows fr Investing             -8,211            46          -183

Total Cash Flows from Investing             72,848      -166,361      -201,627

Financing Activities:
  Dividends Paid                                 0             0             0
  Sale of Purchase of Stock                -82,440       -90,466       -80,205
  Net Borrowings                                 0             0             0
  Other Cash Flows fr Financing            -29,857       -20,716          -183

Total Cash Flows from Financing            -95,524      -100,786       -66,420

  Effect of Exchange Rate Chg               -3,417        -3,007        -1,934

Change in Cash & Cash Equiv.               221,561       -32,157       -43,082



Annual Balance Sheets:                              (All Numbers in Thousands)
  Period Ending                          12/31/2016    12/31/2015    12/31/2014
Current Assets:
  Cash & Cash Equivalents                   389,275       167,714       199,871
  Short Term Investments                    250,981       359,581       254,787
  Net Receivables                           247,415       158,550       166,804
  Inventory                                  27,131        19,465        15,928
  Other Current Assets                       38,176        26,700        19,770
  Total Current Assets                    1,454,940       372,429       402,373

  Long-Term Investments                     104,844       151,370       147,892
  Property, Plant & Equipt                  175,167       136,473        90,125
  Goodwill                                        0             0             0
  Intangible Assets                          81,998        79,162        82,056
  Accumulated Amortization                        0             0             0
  Other Assets                               13,320         8,202         7,665
  Deferred LT Asset Charges                  67,844        51,416         3,099

Total Assets                              1,396,151     1,158,633       987,997

Current Liabilities:
  Accounts Payable                          162,928       142,119       111,127
  Current Portion LT Debt                         0             0             0
  Other Current Liabilities                 191,407       129,553        90,684
  Total Current Liabilities                 354,335       271,672        201,811

  Long Term Debt                            162,928       142,119       111,127
  Other Liabilities                               0             0             0
  Deferred LT Liab. Charges                 191,407       129,553        90,684
  Minority Interest                               0             0             0
  Negative Goodwill                               0             0             0

Total Liabilities                           400,762       310,707       235,226

Stockholder Equity:
  Misc. Options, Warrants                         0             0             0
  Redeemable Preferred Stock                      0             0             0
  Preferred Stock                                 0             0             0
  Common Stock                                    8             8             8
  Retained Earnings                         131,448        27,391       -30,507
  Treasury Stock                                  0             0             0
  Capital Surplus                           864,871       821,507       783,410
  Other Stockhohlder Equity                    -938          -980          -140
  Total Stockholder Equity                  995,389       847,926       752,771

Net Tangible Assets                         913,391       768,764       670,715


Align Technology, Inc. (ALGN)               [Indices near +3.0, near zero,
                                            or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28?            0.4336          P/E Ratio > 5?             1.0000
P/E Ratio Vs Growth Rate:  0.0000          Forward P/E Ratio < 28?    0.6342
Price/Sales Ratio < 2.3?   0.2050          Inventory/Sales < 5%?      1.9901
Sales < $1 Billion?        0.9260          Operating Margin < 7.5%?   0.3369

Balance Sheet Tests:
Debt/Equity < 0.40?        1.0000          Long-Term Debt Service:    3.0000
LTD Being Reduced?         0.0000          Short-Term Debt Service:   3.0000
Current Ratio > 2?         2.0531          Working Capital >= 1.5?    0.3702
Leverage Ratio < 20%?      3.0000          Debt/Assets < 1?           3.0000
Quick Ratio > 1?           3.0000          Inventory Turnover > 1?    0.0553
Share Equity Increase:     2.3003          Market Cap.< 1.5 Billion?  0.1079
                                           Intangibles < 3% Assets?   0.5108
Income Tests:
Profit Margin < 7.5%?      2.5573          EPS Annual Growth > 10%?   0.0759
Dividend Yield > 2.0%?     0.0000          EPS 3-yr Growth > 15?      0.1153
Enterprise Value/Revenue   3.0000          EPS Growth Consistent?     0.0000
Enterprise Value/EBITDA:   3.0000          Collection < 45 days?      0.5381
EPS Qrtly Growth > 10%?    0.0000          Gross Pft/Cur. LTD > 1?    3.0000
                                           Borrowing Int. Rate < 6%?  3.0000
Stock Performance Tests:
Volatility > 25%?          2.0834          % Held by Insiders < 5%?   0.4794
Beta > 1.25?               1.2000          % Held by Institut. < 50?  0.5394
50 Da MA > 200 Da MA?      0.5349          % Held by Institut. > 30?  3.0000
52-Wk Change vs. S&P 500:  3.0000          Short Ratio > 5?           0.2940
Price/Book Value < 3?      0.2482          Short % of Float > 20?     0.3455
Return on Assets > 17%?    0.7235          Average Volume > 100,000?  3.0000

Cash Flow Tests:
Oper. C.F. > Lever'd C.F:  3.0000          Positive Free Cash Flow?   3.0000
Positive Oper. Cash Flow?  3.0000          Price to C.F.Ratio < 14?:  0.4190
                                           Cash Flow / Assets > 10%?  2.9798

ALGN   Align Technology, Inc.              Overall Zenith Index:      1.4298


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Financial Statements

ALIGN TECHNOLOGY INC  (ALGN)                INCOME STATEMENT

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Revenue                                          560,041,024     660,206,016     761,652,992     845,486,016   1,079,874,048   1,151,495,040
Cost of revenue                                  143,652,992     162,100,000     183,210,000     205,376,000     264,580,000     281,203,008
Gross profit                                     416,388,000     498,105,984     578,443,008     640,110,016     815,294,016     870,291,968


Operating expenses
Research and development                          42,869,000      44,083,000      52,799,000      61,237,000      75,720,000      83,441,000
Sales, General and administrative                247,880,992     292,798,016     332,068,000     390,239,008     490,652,992     529,591,008
Other operating expenses                          40,046,000      67,013,000               0               0               0               0
Total operating expenses                         330,796,000     403,894,016     384,867,008     451,476,000     566,372,992     613,032,000

Operating income                                  85,592,000      94,212,000     193,576,000     188,634,000     248,920,992     257,260,000
Other income (expense)                            -1,296,000      -1,073,000      -3,207,000      -2,533,000      -6,355,000      -4,283,000
Income before taxes                               84,296,000      93,139,000     190,368,992     186,100,992     242,566,000     252,976,992
Provision for income taxes                        25,605,000      28,844,000      44,537,000      42,081,000      51,200,000      31,616,000
Other income                                               0               0               0               0      -1,684,000      -2,805,000
Net income from continuing operations             58,691,000      64,295,000     145,832,000     144,020,000     189,682,000     218,556,000
Net income                                        58,691,000      64,295,000     145,832,000     144,020,000     189,682,000     218,556,000
Net income available to common shareholders       58,691,000      64,295,000     145,832,000     144,020,000     189,682,000     218,556,000

Earnings per share
Basic                                                   0.73            0.80            1.81            1.80            2.38            2.74 
Diluted                                                 0.71            0.78            1.77            1.77            2.33            2.68 

Weighted average shares outstanding
Basic                                             80,529,000      80,551,000      80,754,000      79,998,000      79,856,000      79,874,248
Diluted                                           83,040,000      82,589,000      82,283,000      81,521,000      81,484,000      81,537,504

____________________________________________________________________________________________________________________________________________


ALIGN TECHNOLOGY INC  (ALGN)                BALANCE SHEET

Fiscal year ends in December.                        2012-12         2013-12         2014-12         2015-12         2016-12             

Assets

Current assets

Cash

Short-term investments                            28,485,000     127,040,000     254,787,008     359,580,992     250,980,992
Total cash                                       334,871,008     369,992,992     454,657,984     527,295,008     640,256,000

Receivables                                       98,992,000     113,250,000     129,751,000     158,550,000     247,415,008
Inventories                                       15,122,000      13,968,000      15,928,000      19,465,000      27,131,000
Deferred income taxes                                      0               0      37,053,000               0               0
Prepaid expenses                                  35,233,000      47,465,000      19,770,000      26,700,000      38,176,000
Other current assets                               1,575,000               0               0               0               0
Total current assets                             485,792,992     544,675,968     657,160,000     732,009,984     952,977,984

Non-current assets

Property, plant and equipment
Gross property, plant and equipment              165,126,000     181,248,992     197,927,008     254,510,000     310,880,992
Accumulated Depreciation                         -85,935,000    -105,506,000    -107,802,000    -118,037,000    -135,714,000
Net property, plant and equipment                 79,191,000      75,743,000      90,125,000     136,472,992     175,167,008

Equity and other investments                      21,252,000     101,978,000     147,892,000     151,370,000     104,844,000
Goodwill                                          99,236,000      61,623,000               0      61,074,000      61,044,000
Intangible assets                                 45,777,000      23,739,000      82,056,000      18,088,000      20,954,000
Deferred income taxes                             21,609,000      15,766,000       3,099,000      51,416,000      67,844,000
Other long-term assets                             3,454,000       8,622,000       7,665,000       8,202,000      13,320,000
Total non-current assets                         270,519,008     287,471,008     330,836,992     426,623,008     443,172,992

Total assets                                     756,312,000     832,147,008     987,996,992   1,158,632,960   1,396,151,040 

Liabilities and stockholders' equity

Liabilities

Current liabilities
Accounts payable                                  22,415,000      20,482,000      28,983,000      48,188,000      28,596,000
Taxes payable                                      5,825,000       7,420,000       7,483,000       7,447,000       9,242,000
Accrued liabilities                               65,556,000      70,161,000      74,661,000      86,484,000     125,090,000
Deferred revenues                                 61,975,000      77,275,000      90,684,000     129,553,000     191,407,008
Total current liabilities                        155,771,008     175,338,000     201,811,008     271,672,000     354,335,008

Non-current liabilities
Other long-term liabilities                       19,224,000      22,839,000      33,415,000      39,035,000      46,427,000
Total non-current liabilities                     19,224,000      22,839,000      33,415,000      39,035,000      46,427,000

Total liabilities                                174,995,008     198,176,992     235,226,000     310,707,008     400,761,984 

Stockholders' equity

Common stock                                           8,000           8,000           8,000           8,000           8,000
Additional paid-in capital                       670,732,032     729,577,984     783,409,984     821,507,008     864,870,976
Retained earnings                                -89,626,000     -95,910,000     -30,507,000      27,391,000     131,448,000
Accumulated other comprehensive income               203,000         294,000        -140,000        -980,000        -938,000
Total stockholders' equity                       581,316,992     633,969,984     752,771,008     847,926,016     995,388,992
Total liabilities and stockholders' equity       756,312,000     832,147,008     987,996,992   1,158,632,960   1,396,151,040

____________________________________________________________________________________________________________________________________________


ALIGN TECHNOLOGY INC  (ALGN)                Statement of CASH FLOW

Fiscal year ends in December. USD.                   2012-12         2013-12         2014-12         2015-12         2016-12             TTM           

Cash Flows From Operating Activities
Net income                                        58,691,000      64,295,000     145,832,000     144,020,000     189,682,000     218,556,000
Depreciation & amortization                       17,811,000      16,825,000      17,856,000      18,004,000      24,002,000      27,077,000
Investment/asset impairment charges               36,591,000      67,013,000               0               0               0               0
Deferred income taxes                             17,783,000      21,204,000      25,481,000     -11,424,000     -16,401,000      -2,499,000
Stock based compensation                          21,483,000      26,438,000      39,823,000      52,943,000      54,148,000      56,436,000
Accounts receivable                               -9,138,000     -11,981,000     -27,229,000     -40,775,000     -94,444,000     -98,130,000
Inventory                                         -5,718,000       1,158,000      -1,999,000      -3,563,000      -7,663,000     -12,431,000
Prepaid expenses                                  -3,853,000        -392,000      -2,924,000      -3,726,000      -9,390,000      -9,299,000
Accounts payable                                      -6,000        -186,000       2,887,000       7,575,000      -3,395,000       1,680,000
Accrued liabilities                                2,943,000       9,662,000      22,692,000      19,462,000      37,629,000      12,471,000
Other working capital                             12,389,000      14,901,000      15,767,000      41,854,000      60,656,000      57,596,000
Other non-cash items                             -15,198,000     -22,961,000     -11,287,000      13,627,000      12,830,000      13,138,000
Net cash provided by operating activities        133,778,000     185,976,000     226,899,008     237,996,992     247,654,000     264,595,008

Cash Flows From Investing Activities
Investments in property, plant, and equipmen     -38,333,000     -19,412,000     -24,092,000     -53,451,000     -70,576,000    -109,938,000
Acquisitions, net                                          0      -7,652,000               0               0               0               0
Purchases of investments                         -67,511,000    -303,916,992    -437,152,000    -447,092,000    -452,356,992    -478,208,000
Sales/Maturities of investments                   25,198,000     122,658,000     259,800,000     334,136,000     603,992,000     573,862,016
Other investing activities                         2,346,000      -2,411,000        -183,000          46,000      -8,211,000     -22,850,000
Net cash used for investing activities           -78,300,000    -210,734,000    -201,627,008    -166,360,992      72,848,000     -37,134,000

Cash Flows From Financing Activities
Common stock issued                               42,327,000      34,196,000      18,028,000      11,325,000      13,778,000      15,682,000
Common stock repurchased                         -47,203,000     -95,107,000     -98,233,000    -101,791,000     -96,218,000    -100,011,000
Excess tax benefit from stock based compe         17,187,000      27,103,000      21,393,000      10,396,000      16,773,000       8,691,000
Other financing activities                        -2,106,000      -4,363,000      -7,608,000     -20,716,000     -29,857,000     -43,781,000
Net cash provided by (used for) financing         10,205,000     -38,171,000     -66,420,000    -100,786,000     -95,524,000    -119,419,000

Effect of exchange rate changes                       28,000        -504,000      -1,934,000      -3,007,000      -3,417,000      -1,433,000
Net change in cash                                65,711,000     -63,433,000     -43,082,000     -32,157,000     221,560,992     106,609,000
Cash at beginning of period                      240,675,008     306,385,984     242,952,992     199,871,008     167,714,000     154,418,000
Cash at end of period                            306,385,984     242,952,992     199,871,008     167,714,000     389,275,008     261,027,008

Free Cash Flow
Operating cash flow                              133,778,000     185,976,000     226,899,008     237,996,992     247,654,000     264,595,008
Capital expenditure                              -38,333,000     -19,412,000     -24,092,000     -53,451,000     -70,576,000    -109,938,000
Free cash flow                                    95,445,000     166,564,000     202,807,008     184,546,000     177,078,000     154,656,992
____________________________________________________________________________________________________________________________________________





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Average to Current P/E Ratios
              (ALGN)     Align Technology Inc.

                               2012    2013    2014    2015    2016

          Annual Earnings:     0.71    0.78    1.77    1.77    2.33
Average Price During Year:    30.45   38.79   53.13   58.78   79.86

                P/E Ratio:    42.88   49.73   30.02   33.21   34.27

 Average 5-Year P/E Ratio  =  38.02
             Current Price =  173.06

Previous 5 Quarter Earnings:   0.50    0.62    0.63    0.59    0.85

           Current Annualized (Last Four Quarters) Earnings =  2.07
                                                           ________
                                 Average PE / Current PE =     0.45
                                                           --------

                                      ...a number above 1.00 is good
                                                1.00 or below is bad


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Financial Ratios

. . . . . . . . . . . . 1 = Highest , 10 = Lowest



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Market Grader

900
901 902 903 904 905 906 907 908 909 910



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Intrinsic Value (DCF)

Intrinsic Value by Discounted Cash Flow Method:

Intrinsic Value



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Book Value

Tangible Book Value:

Book Value



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Projected Earnings

Earnings Estimates
Earnings Estimates



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Research Reports

Click Here for Research Reports



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Analysts' Opinions

Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 1
Analysts' Opinion 2



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Insider Activity

Insiders Chart Insider Trades
Insider Trades
Executive Compensation Executive Compensation



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Institutional Activity

Institutional Orders to Buy or Sell:

institutions 1
Ownership:

institutions 2


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Sentiment

sentiment

Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.

sentiment sentiment sentiment



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Short Interest Ratio

As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.

short interest short interest


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Standard & Poor's

S&P Stock Report (Requires Adobe Acrobat Reader)



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Management's Discussion of Results of Operations Excerpts

Click Here for Management's Discussion Excerpts



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Moving Average Chart



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Right Time Study



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Channeling Potential

 
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility.  Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.

Results for ALIGN TECHNOLOGY INC.:
Symbol? ALGN
Total Months Available:  43
       Months in Cycle?   4

Months Covered by Periods:  12

Period 1           Period 2          Period 3
   H1      L1        H2      L2        H3      L3
  98.62   83.27    114.99   88.56    161.81  113.21

RANGE   = 161.81  TO   83.27            Close = 157.26
CHANNEL = 113.21  TO   98.62           Degree =   2
Volatility =   9.28%                    Index =   1
Channel Chart



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MACD Histogram Divergence

The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.



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Intraday Chart

2 Days:



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Val Idea

6 out of 8 favorable, (positive opinion.)

Val Idea


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Stock Consultant

Stock Consultant Stock Consultant



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Point & Figure Chart

P & F Chart


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Wall Street Analyzer




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Marketspace Chart

Marketspace Chart



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Time Series Forecast

Time Series 1 Time Series 2


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Neural Network Prediction

"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."

Neural Chart
Heading
Neural Trades Neural Prediction



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Ultimate Trading Systems

3 out of 3 of the ultimate systems favor an upmove.


System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.




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Recommendation

Decision Weighting Factors
FactorsWeighted Points
News + 1
Comparison - 1
Industry + 1
Bond Issue 0
Zenith Index + 1
Non-GAAP vs. GAAP Earnings - 1
Cash Flow + 1
Average to Current P/E - 1
Ratios + 1
Market Grader - 1
Intrinsic Value DCF - 1
Tangible Book Value + 1
Projected Earnings + 1
Research Reports + 1
Analysts + 1
Executive Perquisites - 1
Insider Activity - 1
Institutional Activity - 1
Management Reporting + 1
Short Interest + 1
Sentiment + 1
Standard & Poor's + 1
Moving Average + 1
Right Time Study + 1
MACD Histogram Divergence + 1
Val Idea + 1
Stock Consultant - 1
Point & Figure + 1
Wall Street Analyzer + 1
Marketspace Chart + 1
Time Series Chart + 1
Neural Network - 1
Stock Options + 1
Ultimate Trading Systems + 1
Total + 13
Place 175 shares of Align Technology, Inc. (ALGN ) on the Active List.