Align Technology (NASDAQ:ALGN) Price Target Raised to $260.00

Align Technology (NASDAQ:ALGN) had its target price increased by investment analysts at Evercore ISI from $240.00 to $260.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the medical equipment provider’s stock. Evercore ISI’s target price would suggest a potential upside of 19.62% from the company’s previous close.

A number of other brokerages also recently issued reports on ALGN. Bank of America boosted their price objective on Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Stifel Nicolaus cut their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Piper Sandler cut their price objective on Align Technology from $275.00 to $270.00 and set an “overweight” rating on the stock in a research report on Thursday. Mizuho started coverage on shares of Align Technology in a research note on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price target for the company. Finally, Leerink Partnrs raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and a consensus target price of $271.40.

Align Technology Price Performance

ALGN stock traded up $0.99 during trading on Thursday, reaching $217.35. 693,069 shares of the company were exchanged, compared to its average volume of 701,033. Align Technology has a twelve month low of $196.09 and a twelve month high of $335.40. The company has a market capitalization of $16.22 billion, a price-to-earnings ratio of 37.40, a P/E/G ratio of 4.80 and a beta of 1.67. The company has a 50-day moving average of $221.92 and a two-hundred day moving average of $226.15.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 11.15% and a return on equity of 13.99%. On average, analysts forecast that Align Technology will post 7.47 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ALGN. Sanctuary Advisors LLC bought a new position in Align Technology in the second quarter valued at $926,000. Park Avenue Securities LLC boosted its holdings in shares of Align Technology by 3.4% in the 3rd quarter. Park Avenue Securities LLC now owns 2,640 shares of the medical equipment provider’s stock worth $671,000 after purchasing an additional 88 shares in the last quarter. Czech National Bank increased its position in shares of Align Technology by 7.2% during the 3rd quarter. Czech National Bank now owns 14,303 shares of the medical equipment provider’s stock valued at $3,638,000 after purchasing an additional 961 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Align Technology by 27.1% during the 3rd quarter. GAMMA Investing LLC now owns 998 shares of the medical equipment provider’s stock valued at $254,000 after buying an additional 213 shares in the last quarter. Finally, Mather Group LLC. grew its position in Align Technology by 51.6% during the third quarter. Mather Group LLC. now owns 185 shares of the medical equipment provider’s stock valued at $47,000 after acquiring an additional 63 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Company Profile

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, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.