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

Shares of Align Technology, Inc. (NASDAQ:ALGN) have received a consensus rating of “Moderate Buy” from the fourteen analysts that are currently covering the company, Marketbeat reports. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $205.8462.

Several research analysts have weighed in on the company. Weiss Ratings cut Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Piper Sandler boosted their target price on shares of Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Barclays upgraded shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price target on the stock in a research note on Tuesday, March 17th. Morgan Stanley raised their price target on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research report on Friday, April 24th. Finally, Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $184.52 on Friday. Align Technology has a 12-month low of $122.00 and a 12-month high of $208.30. The business has a 50 day moving average of $171.80 and a 200-day moving average of $173.02. The stock has a market cap of $13.22 billion, a PE ratio of 30.96, a P/E/G ratio of 1.89 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.32. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.13 earnings per share. Equities research analysts expect that Align Technology will post 9.48 earnings per share for the current year.

Align Technology declared that its Board of Directors has initiated a share buyback program on Wednesday, April 29th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Align Technology by 4.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock valued at $1,624,000 after acquiring an additional 469 shares during the period. Focus Partners Wealth increased its position in shares of Align Technology by 5.2% in the first quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock worth $486,000 after purchasing an additional 151 shares during the period. Sivia Capital Partners LLC acquired a new position in Align Technology in the second quarter valued at about $204,000. EverSource Wealth Advisors LLC raised its stake in Align Technology by 55.7% in the second quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider’s stock valued at $101,000 after purchasing an additional 190 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in Align Technology by 201.7% during the second quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider’s stock worth $16,712,000 after purchasing an additional 59,010 shares during the period. 88.43% of the stock is owned by institutional investors.

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.