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

Shares of Align Technology, Inc. (NASDAQ:ALGN) have been assigned a consensus rating of “Moderate Buy” from the twelve research firms that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $268.20.

Several research firms recently weighed in on ALGN. Bank of America raised their target price on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Piper Sandler reduced their target price on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Evercore ISI reduced their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Finally, Morgan Stanley lowered their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in Align Technology by 13.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 264,524 shares of the medical equipment provider’s stock valued at $63,873,000 after purchasing an additional 31,948 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in shares of Align Technology by 9.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 9,148 shares of the medical equipment provider’s stock valued at $2,209,000 after buying an additional 762 shares during the period. Hsbc Holdings PLC grew its stake in shares of Align Technology by 15.8% during the second quarter. Hsbc Holdings PLC now owns 164,637 shares of the medical equipment provider’s stock valued at $39,809,000 after buying an additional 22,519 shares during the last quarter. First Eagle Investment Management LLC purchased a new stake in shares of Align Technology in the second quarter worth approximately $575,000. Finally, Intech Investment Management LLC lifted its stake in shares of Align Technology by 1,057.3% during the 2nd quarter. Intech Investment Management LLC now owns 12,557 shares of the medical equipment provider’s stock worth $3,032,000 after acquiring an additional 11,472 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Up 2.4 %

NASDAQ ALGN opened at $224.23 on Friday. Align Technology has a twelve month low of $196.09 and a twelve month high of $335.40. The business has a 50-day moving average price of $222.11 and a 200-day moving average price of $228.27. The firm has a market cap of $16.74 billion, a price-to-earnings ratio of 38.26, a price-to-earnings-growth ratio of 4.64 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.62 EPS. Research analysts expect that Align Technology will post 7.44 EPS for the current fiscal year.

Align Technology Company Profile

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.