Wall Street Zen Upgrades Align Technology (NASDAQ:ALGN) to “Buy”

Align Technology (NASDAQ:ALGN) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

ALGN has been the topic of several other research reports. UBS Group cut their price target on Align Technology from $160.00 to $155.00 and set a “neutral” rating on the stock in a report on Thursday, October 16th. Barclays began coverage on Align Technology in a research report on Monday, December 8th. They set an “equal weight” rating and a $170.00 target price on the stock. Morgan Stanley lifted their price target on shares of Align Technology from $142.00 to $154.00 and gave the company an “equal weight” rating in a research report on Thursday, October 30th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday, October 30th. Finally, Weiss Ratings lowered shares of Align Technology from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Align Technology has a consensus rating of “Hold” and a consensus price target of $172.18.

Align Technology Stock Down 0.1%

Align Technology stock opened at $156.03 on Friday. The company has a market capitalization of $11.20 billion, a PE ratio of 30.24, a PEG ratio of 1.76 and a beta of 1.83. Align Technology has a 12-month low of $122.00 and a 12-month high of $237.23. The firm’s fifty day moving average is $148.38 and its 200 day moving average is $152.35.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.23. The firm had revenue of $995.69 million during the quarter, compared to the consensus estimate of $980.75 million. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The business’s revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.35 earnings per share. Sell-side analysts expect that Align Technology will post 7.98 EPS for the current fiscal year.

Institutional Trading of Align Technology

Several institutional investors have recently made changes to their positions in the company. Royal Bank of Canada grew its position in Align Technology by 4.0% in the 1st quarter. Royal Bank of Canada now owns 176,811 shares of the medical equipment provider’s stock worth $28,088,000 after purchasing an additional 6,837 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Align Technology by 104.2% in the 1st quarter. AQR Capital Management LLC now owns 404,310 shares of the medical equipment provider’s stock worth $63,133,000 after buying an additional 206,308 shares during the last quarter. Invenomic Capital Management LP bought a new position in shares of Align Technology in the first quarter valued at approximately $3,575,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Align Technology by 4.8% during the first 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 last quarter. Finally, Nissay Asset Management Corp Japan ADV increased its position in shares of Align Technology by 1.2% during the first quarter. Nissay Asset Management Corp Japan ADV now owns 8,710 shares of the medical equipment provider’s stock valued at $1,384,000 after acquiring an additional 104 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

About Align Technology

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.