Align Technology, Inc. (NASDAQ:ALGN) Stock Has Average Target Price of $201.71 According to Brokerages

Shares of Align Technology, Inc. (NASDAQ:ALGN) have been given a consensus rating of “Moderate Buy” by the sixteen brokerages that are covering the company, Marketbeat reports. Seven investment analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $201.71.

A number of brokerages have recently issued reports on ALGN. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday, July 30th. UBS Group reaffirmed a “neutral” rating and issued a $189.00 target price on shares of Align Technology in a report on Thursday, July 23rd. BMO Capital Markets assumed coverage on Align Technology in a research report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 target price on the stock. Zacks Research lowered Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Finally, Evercore cut Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 price target for the company. in a research report on Monday.

Align Technology Stock Performance

ALGN stock opened at $141.03 on Tuesday. Align Technology has a fifty-two week low of $124.91 and a fifty-two week high of $200.43. The business’s 50-day moving average is $157.32 and its two-hundred day moving average is $168.48. The company has a market cap of $10.10 billion, a price-to-earnings ratio of 24.53, a P/E/G ratio of 1.49 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.02. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.05 billion. During the same period last year, the firm posted $2.49 earnings per share. The business’s revenue for the quarter was up 4.3% on a year-over-year basis. Equities analysts predict that Align Technology will post 9.38 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. raised its holdings in Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 69 shares during the period. Tobam purchased a new position in shares of Align Technology in the fourth quarter valued at about $30,000. Hollencrest Capital Management bought a new position in shares of Align Technology in the first quarter worth about $34,000. Osterweis Capital Management Inc. bought a new position in shares of Align Technology in the second quarter worth about $36,000. Finally, Global Retirement Partners LLC purchased a new stake in shares of Align Technology during the second quarter worth about $38,000. 88.43% of the stock is currently owned by institutional investors.

Align Technology Company Profile

Align Technology, Inc is a medical device and digital technology company that designs, manufactures and markets products used in orthodontics and restorative dentistry. The company is best known for Invisalign clear aligners, which are custom-made orthodontic devices intended to gradually move patients’ teeth under the supervision of dental professionals.

Align also develops the iTero family of intraoral scanners and related digital imaging systems, which help dental professionals create digital impressions and treatment plans.