Align Technology (NASDAQ:ALGN) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Align Technology (NASDAQ:ALGN) from a hold rating to a buy rating in a research note published on Thursday.

ALGN has been the topic of several other research reports. Robert W. Baird cut their price objective on Align Technology from $370.00 to $325.00 and set an outperform rating on the stock in a research note on Monday, July 22nd. OTR Global reissued a mixed rating on shares of Align Technology in a research report on Tuesday, June 4th. Piper Sandler reaffirmed an overweight rating and issued a $315.00 price objective on shares of Align Technology in a report on Friday, September 13th. Stifel Nicolaus dropped their target price on shares of Align Technology from $400.00 to $350.00 and set a buy rating on the stock in a report on Thursday, July 25th. Finally, Morgan Stanley reduced their price target on shares of Align Technology from $328.00 to $310.00 and set an overweight rating on the stock in a research report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $306.88.

Align Technology Trading Down 1.7 %

Align Technology stock opened at $252.85 on Thursday. Align Technology has a 52 week low of $176.34 and a 52 week high of $335.40. The stock has a market cap of $19.04 billion, a P/E ratio of 41.66, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64. The stock has a 50 day moving average of $232.50 and a 200-day moving average of $264.61.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.09. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period last year, the business earned $1.73 EPS. As a group, equities analysts predict that Align Technology will post 7.61 earnings per share for the current fiscal year.

Insider Buying and Selling at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction dated 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 transaction, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.62% of the stock is owned by company insiders.

Hedge Funds Weigh In On Align Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Align Technology by 4,391.3% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after acquiring an additional 477,380 shares during the period. Swedbank AB acquired a new stake in Align Technology in the first quarter worth approximately $96,117,000. Bares Capital Management Inc. boosted its stake in Align Technology by 44.4% during the 1st quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after purchasing an additional 252,220 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of Align Technology by 102.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock valued at $113,648,000 after purchasing an additional 209,419 shares during the period. Finally, Point72 Asset Management L.P. raised its stake in shares of Align Technology by 127.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock worth $82,934,000 after buying an additional 192,474 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

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.