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

Shares of Align Technology, Inc. (NASDAQ:ALGN) have received an average rating of “Moderate Buy” from the fifteen ratings firms that are covering the stock, Marketbeat.com reports. Six equities research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $206.3571.

Several research analysts recently issued reports on ALGN shares. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday, July 30th. Wall Street Zen lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Weiss Ratings raised shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, September 4th. Zacks Research downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th. Finally, BMO Capital Markets initiated coverage on Align Technology in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 target price for the company.

Align Technology Stock Performance

Shares of ALGN opened at $150.72 on Friday. The firm has a market cap of $10.79 billion, a PE ratio of 26.21, a price-to-earnings-growth ratio of 1.63 and a beta of 1.65. Align Technology has a 52-week low of $122.00 and a 52-week high of $200.43. The business’s 50 day moving average price is $169.67 and its two-hundred day moving average price is $172.91.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping the consensus estimate of $2.62 by $0.02. The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.49 EPS. Research analysts predict that Align Technology will post 9.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

A number of institutional investors have recently modified their holdings of the company. California State Teachers Retirement System lifted its holdings in shares of Align Technology by 16,665.8% in the 2nd quarter. California State Teachers Retirement System now owns 13,294,119 shares of the medical equipment provider’s stock worth $2,242,186,000 after purchasing an additional 13,214,826 shares in the last quarter. BlackRock Inc. bought a new stake in Align Technology during the 2nd quarter valued at $745,370,000. Capital International Investors raised its holdings in Align Technology by 52.2% during the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after buying an additional 1,592,848 shares during the last quarter. Ruane Cunniff & Goldfarb L.P. acquired a new position in Align Technology during the fourth quarter worth $190,899,000. Finally, Norges Bank bought a new position in shares of Align Technology in the fourth quarter valued at $155,556,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Company Profile

Align Technology, Inc (NASDAQ: ALGN) is a global medical device company that designs, manufactures and markets products used in orthodontics and digital dentistry. Its best-known product is the Invisalign system, a series of clear, removable aligners intended to gradually straighten teeth and address certain orthodontic conditions under the supervision of dental professionals.

The company also develops digital dentistry technologies, including iTero intraoral scanners and related software, which create digital impressions and support orthodontic, restorative and implant treatment planning.