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 fifteen brokerages that are currently covering the firm, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $206.3571.

ALGN has been the subject of a number of research reports. Evercore increased their price target on shares of Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. UBS Group restated a “neutral” rating and set a $189.00 price objective on shares of Align Technology in a report on Thursday, July 23rd. Zacks Research lowered shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th. Weiss Ratings lowered shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, August 3rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Thursday, July 30th.

Institutional Trading of Align Technology

A number of hedge funds have recently modified their holdings of ALGN. BlackRock Inc. bought a new stake in Align Technology in the 2nd quarter valued at $745,370,000. Capital International Investors lifted its holdings in shares of Align Technology by 52.2% during the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after acquiring an additional 1,592,848 shares during the period. Ruane Cunniff & Goldfarb L.P. acquired a new stake in shares of Align Technology during the 4th quarter valued at about $190,899,000. Norges Bank acquired a new stake in shares of Align Technology during the 4th quarter valued at about $155,556,000. Finally, Assenagon Asset Management S.A. increased its stake in Align Technology by 413.0% in the first quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider’s stock valued at $169,611,000 after acquiring an additional 796,529 shares during the period. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of ALGN stock opened at $181.31 on Monday. Align Technology has a 12 month low of $122.00 and a 12 month high of $200.43. The firm has a market cap of $12.99 billion, a PE ratio of 31.53, a price-to-earnings-growth ratio of 1.93 and a beta of 1.65. The stock has a 50 day moving average of $175.99 and a 200-day moving average of $175.58.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating the consensus estimate of $2.62 by $0.02. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.Align Technology’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.49 earnings per share. As a group, equities analysts predict that Align Technology will post 9.38 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, April 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

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.