Align Technology (NASDAQ:ALGN) Upgraded at Barclays

Align Technology (NASDAQ:ALGN) was upgraded by stock analysts at Barclays from an “equal weight” rating to an “overweight” rating in a note issued to investors on Tuesday, Marketbeat.com reports. The brokerage currently has a $200.00 price target on the medical equipment provider’s stock. Barclays‘s target price suggests a potential upside of 18.03% from the company’s current price.

A number of other equities analysts have also weighed in on the company. Evercore increased their target price on Align Technology from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Wells Fargo & Company boosted their price target on Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Robert W. Baird set a $218.00 price objective on Align Technology in a report on Thursday, February 5th. Leerink Partners lifted their target price on Align Technology from $210.00 to $225.00 and gave the stock an “outperform” rating in a report on Thursday, February 5th. Finally, Jefferies Financial Group boosted their target price on shares of Align Technology from $155.00 to $185.00 and gave the company a “hold” rating in a research report on Thursday, February 5th. Seven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $198.08.

Align Technology Stock Performance

Shares of ALGN stock opened at $169.45 on Tuesday. Align Technology has a 52 week low of $122.00 and a 52 week high of $208.30. The company has a market capitalization of $12.08 billion, a price-to-earnings ratio of 29.94, a PEG ratio of 1.79 and a beta of 1.79. The company has a 50-day simple moving average of $176.15 and a 200 day simple moving average of $153.53.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, beating the consensus estimate of $2.99 by $0.30. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The firm had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the prior year, the firm earned $2.44 EPS. The business’s revenue was up 5.3% on a year-over-year basis. Sell-side analysts forecast that Align Technology will post 7.98 EPS for the current year.

Insiders Place Their Bets

In other Align Technology news, EVP John Morici sold 7,969 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the sale, the executive vice president directly owned 8,237 shares in the company, valued at $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.66% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Align Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Rothschild Investment LLC boosted its position in shares of Align Technology by 140.3% during the 2nd quarter. Rothschild Investment LLC now owns 149 shares of the medical equipment provider’s stock worth $28,000 after acquiring an additional 87 shares in the last quarter. Sunbelt Securities Inc. increased its stake in Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 109 shares during the last quarter. Independence Bank of Kentucky raised its position 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 valued at $29,000 after purchasing an additional 80 shares in the last quarter. Sentry Investment Management LLC raised its position in Align Technology by 73.1% during the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 79 shares in the last quarter. Finally, CYBER HORNET ETFs LLC bought a new stake in Align Technology during the second quarter worth $36,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

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.