Wells Fargo & Company Initiates Coverage on Align Technology (NASDAQ:ALGN)

Stock analysts at Wells Fargo & Company assumed coverage on shares of Align Technology (NASDAQ:ALGN) in a note issued to investors on Friday,Briefing.com Automated Import reports. The firm set an “overweight” rating and a $255.00 price target on the medical equipment provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 24.46% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Piper Sandler lowered their price objective on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Bank of America increased their price objective on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Mizuho assumed coverage on shares of Align Technology in a report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price target on the stock. Finally, Robert W. Baird cut their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $269.91.

Align Technology Stock Performance

Shares of Align Technology stock opened at $204.89 on Friday. The company has a market cap of $15.30 billion, a P/E ratio of 36.52, a PEG ratio of 4.79 and a beta of 1.67. Align Technology has a one year low of $196.09 and a one year high of $335.40. The firm has a fifty day moving average of $219.74 and a two-hundred day moving average of $225.21.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. As a group, equities analysts predict that Align Technology will post 8.09 earnings per share for the current year.

Institutional Investors Weigh In On Align Technology

A number of hedge funds have recently added to or reduced their stakes in ALGN. True Wealth Design LLC lifted its stake in Align Technology by 10,700.0% in the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 107 shares during the last quarter. Picton Mahoney Asset Management raised its stake in shares of Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after purchasing an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. bought a new stake in shares of Align Technology during the fourth quarter valued at about $31,000. Neo Ivy Capital Management bought a new stake in shares of Align Technology during the third quarter valued at about $32,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Align Technology during the fourth quarter valued at about $35,000. 88.43% of the stock is currently owned by institutional investors.

About Align Technology

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.