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

Align Technology, Inc. (NASDAQ:ALGN) has received an average recommendation of “Moderate Buy” from the fifteen brokerages that are covering the company, MarketBeat Ratings reports. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $206.3571.

Several brokerages have recently weighed in on ALGN. BMO Capital Markets assumed coverage on Align Technology in a research note on Wednesday, July 8th. They set an “outperform” rating and a $209.00 target price for the company. UBS Group reissued a “neutral” rating and issued a $189.00 price target on shares of Align Technology in a research note on Thursday, July 23rd. Wall Street Zen lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, September 4th. Finally, Zacks Research cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th.

Hedge Funds Weigh In On Align Technology

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Align Technology in the second quarter valued at approximately $745,370,000. Capital International Investors boosted its position in shares of Align Technology by 52.2% during the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after buying an additional 1,592,848 shares during the period. Ruane Cunniff & Goldfarb L.P. purchased a new position in shares of Align Technology during the fourth quarter worth $190,899,000. Norges Bank acquired a new stake in shares of Align Technology in the fourth quarter valued at $155,556,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of Align Technology by 413.0% in the first quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider’s stock valued at $169,611,000 after buying an additional 796,529 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Trading Down 0.5%

Shares of NASDAQ:ALGN opened at $149.71 on Friday. Align Technology has a twelve month low of $122.00 and a twelve month high of $200.43. The company’s 50 day moving average is $166.47 and its 200 day moving average is $171.62. The company has a market cap of $10.72 billion, a PE ratio of 26.04, a price-to-earnings-growth ratio of 1.60 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, beating the consensus estimate of $2.62 by $0.02. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates 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 was up 4.3% on a year-over-year basis. During the same period in the prior year, the company earned $2.49 earnings per share. Equities research analysts predict that Align Technology will post 9.38 earnings per share for the current fiscal year.

Align Technology Company Profile

Align Technology, Inc (NASDAQ: ALGN) is a global medical device company that designs, manufactures and markets products used in orthodontics and digital dentistry. Its best-known product is the Invisalign system, a series of clear, removable aligners intended to gradually straighten teeth and address certain orthodontic conditions under the supervision of dental professionals.

The company also develops digital dentistry technologies, including iTero intraoral scanners and related software, which create digital impressions and support orthodontic, restorative and implant treatment planning.