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

Shares of Align Technology, Inc. (NASDAQ:ALGN) have received a consensus recommendation of “Moderate Buy” from the fourteen research firms that are covering the company, MarketBeat reports. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $205.8462.

Several research firms have recently weighed in on ALGN. Barclays raised shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price target for the company in a research note on Tuesday, March 17th. UBS Group lifted their price target on shares of Align Technology from $175.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 5th. Wells Fargo & Company lifted their price target on shares of Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Robert W. Baird set a $218.00 price target on shares of Align Technology in a research note on Thursday, February 5th. Finally, Mizuho lifted their price target on shares of Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th.

Institutional Investors Weigh In On Align Technology

Large investors have recently modified their holdings of the business. AE Wealth Management LLC bought a new stake in shares of Align Technology in the 3rd quarter valued at about $650,000. Dana Investment Advisors Inc. bought a new stake in shares of Align Technology in the 3rd quarter valued at about $9,991,000. AIA Group Ltd bought a new stake in shares of Align Technology in the 3rd quarter valued at about $2,507,000. Sequoia Financial Advisors LLC raised its holdings in shares of Align Technology by 320.1% in the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock valued at $1,247,000 after purchasing an additional 6,085 shares in the last quarter. Finally, Clarkston Capital Partners LLC raised its holdings in shares of Align Technology by 25.7% in the 3rd quarter. Clarkston Capital Partners LLC now owns 141,215 shares of the medical equipment provider’s stock valued at $17,683,000 after purchasing an additional 28,850 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of ALGN stock opened at $166.69 on Wednesday. The company has a market capitalization of $11.94 billion, a P/E ratio of 27.97, a P/E/G ratio of 1.74 and a beta of 1.67. The company’s 50-day simple moving average is $173.61 and its two-hundred day simple moving average is $168.68. Align Technology has a one year low of $122.00 and a one year high of $208.30.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the previous year, the firm posted $2.13 earnings per share. The company’s revenue was up 6.2% on a year-over-year basis. On average, research analysts expect that Align Technology will post 9.48 EPS for the current fiscal year.

Align Technology announced that its board has approved a stock repurchase plan on Wednesday, April 29th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.