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

Shares of Align Technology, Inc. (NASDAQ:ALGN) have earned an average recommendation of “Moderate Buy” from the fourteen analysts that are covering the firm, MarketBeat reports. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $205.8462.

Several brokerages have commented on ALGN. Piper Sandler upped their price target on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Evercore upped their price target on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, March 7th. Jefferies Financial Group upped their price target on Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th. Finally, Leerink Partners upped their price target on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th.

Insider Buying and Selling

In other news, EVP John Morici sold 7,969 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total value of $1,508,611.39. Following the completion of the sale, the executive vice president owned 8,237 shares in the company, valued at approximately $1,559,346.47. This trade represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.75% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Align Technology

Large investors have recently modified their holdings of the stock. Blue Trust Inc. grew its stake 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 buying an additional 69 shares in the last quarter. Sunbelt Securities Inc. grew its stake in shares of Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 109 shares in the last quarter. Independence Bank of Kentucky grew its stake in shares of Align Technology by 77.7% in the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after buying an additional 80 shares in the last quarter. Sentry Investment Management LLC grew its stake in shares of Align Technology by 73.1% in the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 79 shares in the last quarter. Finally, CYBER HORNET ETFs LLC acquired a new stake in shares of Align Technology in the second quarter valued at about $36,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $157.25 on Friday. The firm has a market capitalization of $11.26 billion, a PE ratio of 26.38, a P/E/G ratio of 1.65 and a beta of 1.70. The business has a 50-day moving average of $175.26 and a two-hundred day moving average of $166.29. Align Technology has a 12 month low of $122.00 and a 12 month high of $208.30.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.26 by $0.32. The company had revenue of $1.04 billion during 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 revenue was up 6.2% on a year-over-year basis. During the same period in the prior year, the firm posted $2.13 earnings per share. As a group, research analysts anticipate that Align Technology will post 9.47 earnings per share for the current year.

Align Technology announced that its Board of Directors has approved a stock buyback program on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.