Align Technology, Inc. (NASDAQ:ALGN) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Align Technology, Inc. (NASDAQ:ALGN) have received an average rating of “Moderate Buy” from the fifteen research firms that are covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $206.0714.

A number of research firms recently commented on ALGN. Morgan Stanley upped their price objective on shares of Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research report on Friday, April 24th. Weiss Ratings raised Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, July 17th. Citigroup initiated coverage on Align Technology in a report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price target for the company. Zacks Research cut Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Finally, Piper Sandler boosted their price objective on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st.

Hedge Funds Weigh In On Align Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALGN. Capital International Investors lifted its holdings in shares of Align Technology by 52.2% in the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock valued at $725,039,000 after purchasing an additional 1,592,848 shares in the last quarter. Ruane Cunniff & Goldfarb L.P. acquired a new stake in Align Technology in the 4th quarter valued at approximately $190,899,000. Norges Bank bought a new stake in Align Technology in the 4th quarter valued at approximately $155,556,000. Assenagon Asset Management S.A. lifted its stake in Align Technology by 413.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider’s stock valued at $169,611,000 after acquiring an additional 796,529 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in Align Technology by 247.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,005,413 shares of the medical equipment provider’s stock worth $156,995,000 after acquiring an additional 715,919 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $172.46 on Thursday. The stock has a market cap of $12.35 billion, a P/E ratio of 28.94, a P/E/G ratio of 1.82 and a beta of 1.67. The firm has a 50 day moving average price of $172.96 and a 200 day moving average price of $174.98. Align Technology has a 52-week low of $122.00 and a 52-week high of $208.30.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping the consensus estimate of $2.26 by $0.32. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period last year, the business posted $2.13 earnings per share. Analysts predict that Align Technology will post 9.48 earnings per share for the current fiscal year.

Align Technology announced that its Board of Directors has approved a stock repurchase program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback programs are generally a sign 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.