Align Technology, Inc. (NASDAQ:ALGN) Receives Consensus Rating of “Moderate Buy” from Brokerages

Align Technology, Inc. (NASDAQ:ALGN) has been given a consensus recommendation of “Moderate Buy” by the twelve ratings firms that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, two have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $268.20.

ALGN has been the subject of several recent analyst reports. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Morgan Stanley lowered their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and upped their price target for the company from $235.00 to $280.00 in a report on Monday, January 6th. Finally, Stifel Nicolaus reduced their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 24th.

Institutional Investors Weigh In On Align Technology

A number of hedge funds have recently modified their holdings of the business. Baker Avenue Asset Management LP purchased a new position in Align Technology during the third quarter valued at $4,250,000. Swedbank AB lifted its position in shares of Align Technology by 30.1% during the 3rd quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock valued at $98,960,000 after buying an additional 90,000 shares in the last quarter. KBC Group NV grew its stake in shares of Align Technology by 11.8% during the 3rd quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider’s stock valued at $13,595,000 after acquiring an additional 5,663 shares during the period. Nordea Investment Management AB increased its holdings in Align Technology by 3.5% in the 4th quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock worth $56,870,000 after acquiring an additional 9,139 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in Align Technology by 2.6% during the 3rd quarter. Fisher Asset Management LLC now owns 105,770 shares of the medical equipment provider’s stock worth $26,900,000 after acquiring an additional 2,717 shares during the period. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of ALGN opened at $224.23 on Friday. Align Technology has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The firm’s 50-day simple moving average is $222.11 and its two-hundred day simple moving average is $228.27. The stock has a market cap of $16.74 billion, a PE ratio of 38.26, a price-to-earnings-growth ratio of 4.64 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.62 EPS. Equities research analysts predict that Align Technology will post 7.44 EPS for the current year.

Align Technology Company Profile

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.