Align Technology, Inc. (NASDAQ:ALGN) Receives $176.82 Consensus Price Target from Analysts

Align Technology, Inc. (NASDAQ:ALGN) has been assigned a consensus recommendation of “Hold” from the fifteen ratings firms that are currently covering the stock, Marketbeat.com reports. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $176.8182.

Several equities research analysts recently commented on the stock. HSBC lifted their price target on shares of Align Technology from $140.00 to $150.00 in a research note on Friday, October 31st. Leerink Partners lifted their target price on Align Technology from $189.00 to $210.00 and gave the stock an “outperform” rating in a research report on Thursday, January 22nd. Piper Sandler reissued an “overweight” rating and issued a $200.00 target price (up from $190.00) on shares of Align Technology in a research report on Thursday, October 30th. Wall Street Zen upgraded Align Technology from a “hold” rating to a “buy” rating in a research note on Saturday, January 3rd. Finally, Weiss Ratings upgraded Align Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, January 16th.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $163.03 on Thursday. The stock’s 50-day simple moving average is $161.01 and its 200-day simple moving average is $149.23. The firm has a market capitalization of $11.70 billion, a PE ratio of 31.60, a price-to-earnings-growth ratio of 1.84 and a beta of 1.83. Align Technology has a fifty-two week low of $122.00 and a fifty-two week high of $232.20.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 EPS for the quarter, beating the consensus estimate of $2.38 by $0.23. The company had revenue of $995.69 million for the quarter, compared to analyst estimates of $980.75 million. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The firm’s revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the firm posted $2.35 earnings per share. On average, sell-side analysts forecast that Align Technology will post 7.98 earnings per share for the current fiscal year.

Institutional Trading of Align Technology

A number of large investors have recently bought and sold shares of ALGN. Vanguard Group Inc. increased its stake in Align Technology by 0.7% in the third quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider’s stock valued at $1,039,528,000 after purchasing an additional 58,546 shares during the period. Capital International Investors grew its holdings in shares of Align Technology by 88.6% during the third quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider’s stock worth $381,968,000 after buying an additional 1,433,393 shares during the last quarter. Ninety One UK Ltd increased its position in Align Technology by 18.3% in the 3rd quarter. Ninety One UK Ltd now owns 2,267,192 shares of the medical equipment provider’s stock valued at $283,898,000 after acquiring an additional 350,883 shares during the period. Invesco Ltd. increased its position in Align Technology by 37.4% in the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock valued at $187,521,000 after acquiring an additional 407,559 shares during the period. Finally, Holocene Advisors LP purchased a new stake in Align Technology during the 3rd quarter valued at approximately $179,035,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

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.