Align Technology (NASDAQ:ALGN) Stock Breaks Above 50 Day Moving Average – Here’s What Happened

Align Technology, Inc. (NASDAQ:ALGN)’s share price crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $150.29 and traded as high as $154.69. Align Technology shares last traded at $154.13, with a volume of 898,573 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ALGN shares. Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, October 9th. Raymond James Financial reiterated a “buy” rating on shares of Align Technology in a research note on Monday, October 5th. Stifel Nicolaus reduced their target price on shares of Align Technology from $210.00 to $175.00 and set a “buy” rating for the company in a research report on Friday, October 9th. UBS Group reissued a “neutral” rating and set a $189.00 target price on shares of Align Technology in a research report on Thursday, July 23rd. Finally, Evercore lowered shares of Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 price target for the company. in a research note on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $193.08.

Align Technology Price Performance

The stock has a fifty day moving average price of $150.29 and a 200 day moving average price of $168.68. The stock has a market capitalization of $11.04 billion, a P/E ratio of 22.44, a price-to-earnings-growth ratio of 1.65 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, October 28th. The medical equipment provider reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.03. Align Technology had a return on equity of 16.11% and a net margin of 11.83%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the previous year, the business earned $2.61 earnings per share. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. Research analysts anticipate that Align Technology, Inc. will post 9.26 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ALGN. Hollencrest Capital Management purchased a new stake in shares of Align Technology in the first quarter worth about $34,000. Osterweis Capital Management Inc. bought a new position in shares of Align Technology in the second quarter valued at approximately $36,000. Global Retirement Partners LLC purchased a new position in Align Technology during the second quarter valued at approximately $38,000. Bessemer Group Inc. grew its stake in Align Technology by 37.2% during the first quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock valued at $43,000 after acquiring an additional 67 shares in the last quarter. Finally, Trifecta Capital Advisors LLC purchased a new position in Align Technology during the second quarter valued at approximately $46,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Company Profile

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align’s products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.