Align Technology, Inc. (NASDAQ:ALGN) Given Average Rating of “Moderate Buy” by Brokerages

Align Technology, Inc. (NASDAQ:ALGN) has earned a consensus recommendation of “Moderate Buy” from the thirteen research firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $269.91.

Several equities research analysts have recently issued reports on ALGN shares. Jefferies Financial Group decreased their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Evercore ISI raised their target price on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Mizuho initiated coverage on Align Technology in a research report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price for the company. Finally, Piper Sandler cut their price target on Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ALGN. Impax Asset Management Group plc boosted its stake in Align Technology by 26.8% in the 3rd quarter. Impax Asset Management Group plc now owns 114,057 shares of the medical equipment provider’s stock worth $29,007,000 after purchasing an additional 24,115 shares during the period. Principal Financial Group Inc. boosted its stake in Align Technology by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider’s stock worth $20,859,000 after purchasing an additional 2,168 shares during the period. Portside Wealth Group LLC bought a new position in Align Technology in the 3rd quarter worth about $238,000. Covestor Ltd boosted its stake in Align Technology by 26.6% in the 3rd quarter. Covestor Ltd now owns 362 shares of the medical equipment provider’s stock worth $92,000 after purchasing an additional 76 shares during the period. Finally, Baker Avenue Asset Management LP bought a new position in Align Technology in the 3rd quarter worth about $4,250,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Trading Up 3.5 %

NASDAQ ALGN opened at $166.20 on Monday. The firm has a market capitalization of $12.23 billion, a P/E ratio of 29.63, a PEG ratio of 2.24 and a beta of 1.69. The business has a fifty day simple moving average of $203.61 and a 200 day simple moving average of $218.78. Align Technology has a 12 month low of $158.13 and a 12 month high of $335.40.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results 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 net margin of 10.54% and a return on equity of 13.84%. As a group, sell-side analysts predict that Align Technology will post 7.98 EPS for the current fiscal year.

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.