Align Technology, Inc. (NASDAQ:ALGN) Given Average Rating of “Hold” by Brokerages

Align Technology, Inc. (NASDAQ:ALGN) has been assigned a consensus recommendation of “Hold” from the nine ratings firms that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $306.88.

A number of equities analysts recently commented on ALGN shares. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Thursday. Morgan Stanley dropped their price target on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Evercore ISI reduced their price objective on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research report on Monday, June 10th. Robert W. Baird dropped their price objective on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $315.00 target price on shares of Align Technology in a report on Friday, September 13th.

Align Technology Stock Down 1.7 %

Shares of Align Technology stock opened at $252.85 on Monday. The stock has a market cap of $19.04 billion, a P/E ratio of 41.66, a P/E/G ratio of 5.13 and a beta of 1.64. Align Technology has a 12-month low of $176.34 and a 12-month high of $335.40. The business’s 50 day moving average is $232.50 and its 200-day moving average is $264.34.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the company posted $1.73 earnings per share. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, sell-side analysts expect that Align Technology will post 7.61 EPS for the current year.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the purchase, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Align Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGN. Mather Group LLC. acquired a new position in Align Technology in the first quarter valued at about $26,000. LRI Investments LLC bought a new position in Align Technology in the 1st quarter valued at about $29,000. Cullen Frost Bankers Inc. raised its position in shares of Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 94 shares in the last quarter. Rothschild Investment LLC bought a new stake in shares of Align Technology during the 2nd quarter worth approximately $26,000. Finally, Innealta Capital LLC acquired a new stake in shares of Align Technology during the 2nd quarter worth approximately $26,000. 88.43% of the stock is owned by institutional investors and hedge funds.

About Align Technology

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.