Align Technology (NASDAQ:ALGN) Cut to “Buy” at Wall Street Zen

Wall Street Zen lowered shares of Align Technology (NASDAQ:ALGN) from a strong-buy rating to a buy rating in a report published on Saturday morning.

A number of other research firms have also weighed in on ALGN. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday. Zacks Research lowered shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th. Piper Sandler boosted their price target on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, April 21st. Weiss Ratings upgraded Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, July 17th. Finally, UBS Group reissued a “neutral” rating and set a $189.00 price target on shares of Align Technology in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and an average target price of $206.36.

Align Technology Stock Up 2.2%

ALGN opened at $172.89 on Friday. The firm has a market cap of $12.38 billion, a P/E ratio of 30.07, a PEG ratio of 1.78 and a beta of 1.65. The business’s fifty day simple moving average is $174.74 and its 200 day simple moving average is $175.25. Align Technology has a 52 week low of $122.00 and a 52 week high of $200.43.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.02. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.49 EPS. As a group, equities analysts expect that Align Technology will post 9.48 EPS for the current fiscal year.

Align Technology declared 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 shares. This buyback authorization authorizes the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Trading of Align Technology

Several institutional investors have recently made changes to their positions in ALGN. Sunbelt Securities Inc. raised its position in shares of Align Technology by 222.4% in the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 109 shares during the period. Blue Trust Inc. increased its stake in Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 69 shares during the last quarter. Independence Bank of Kentucky increased its stake in Align Technology by 77.7% during the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after acquiring an additional 80 shares during the last quarter. Tobam purchased a new position in shares of Align Technology in the 4th quarter worth about $30,000. Finally, Hollencrest Capital Management purchased a new position in shares of Align Technology in the 1st quarter worth about $34,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Company Profile

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.