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

Align Technology, Inc. (NASDAQ:ALGN) has earned an average rating of “Moderate Buy” from the fifteen research firms that are currently covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $206.3571.

ALGN has been the subject of several recent analyst reports. Evercore raised their target price on shares of Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Leerink Partners increased their price target on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. BMO Capital Markets started coverage on Align Technology in a report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price target for the company. UBS Group restated a “neutral” rating and set a $189.00 price target on shares of Align Technology in a research note on Thursday, July 23rd. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Thursday, July 30th.

Institutional Investors Weigh In On Align Technology

A number of large investors have recently made changes to their positions in ALGN. Sunbelt Securities Inc. lifted its position in Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 109 shares during the period. Blue Trust Inc. increased its holdings in shares of Align Technology by 77.5% in the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 69 shares during the period. Tobam purchased a new position in shares of Align Technology in the fourth quarter worth about $30,000. Hollencrest Capital Management purchased a new position in shares of Align Technology in the first quarter worth about $34,000. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Align Technology by 1,773.3% during the third quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider’s stock worth $35,000 after purchasing an additional 266 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Price Performance

ALGN opened at $162.55 on Monday. The business’s 50-day moving average is $175.02 and its two-hundred day moving average is $175.58. Align Technology has a 1 year low of $122.00 and a 1 year high of $200.43. The firm has a market capitalization of $11.64 billion, a PE ratio of 28.27, a price-to-earnings-growth ratio of 1.73 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The company’s revenue was up 4.3% compared to the same quarter last year. During the same period last year, the business earned $2.49 EPS. As a group, sell-side analysts expect that Align Technology will post 9.38 EPS for the current year.

Align Technology declared that its Board of Directors has initiated a share buyback plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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.