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

Align Technology (NASDAQ:ALGN) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Monday.

A number of other research analysts have also recently weighed in on ALGN. Stifel Nicolaus dropped their price target on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. Morgan Stanley dropped their price target on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Piper Sandler dropped their price target on Align Technology from $330.00 to $315.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. OTR Global restated a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, Evercore ISI dropped their price objective on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research report on Monday, June 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $322.78.

Align Technology Price Performance

Shares of ALGN stock traded down $5.55 during trading hours on Monday, reaching $207.94. 1,409,905 shares of the stock were exchanged, compared to its average volume of 792,097. The business’s fifty day moving average is $245.59 and its two-hundred day moving average is $279.08. Align Technology has a 12-month low of $176.34 and a 12-month high of $375.68. The firm has a market capitalization of $15.65 billion, a P/E ratio of 34.26, a P/E/G ratio of 5.18 and a beta of 1.66.

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 the consensus estimate of $2.32 by $0.09. The company had revenue of $1.03 billion for 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 was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.73 earnings per share. As a group, equities research analysts predict that Align Technology will post 7.64 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Align Technology

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Align Technology by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider’s stock valued at $2,746,378,000 after buying an additional 25,362 shares during the last quarter. Brown Advisory Inc. grew its holdings in shares of Align Technology by 41.4% during the 4th quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock worth $413,488,000 after purchasing an additional 441,754 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Align Technology by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock worth $277,230,000 after purchasing an additional 15,540 shares in the last quarter. Ninety One UK Ltd grew its holdings in shares of Align Technology by 1.0% during the 2nd quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock worth $276,950,000 after purchasing an additional 10,919 shares in the last quarter. Finally, Bares Capital Management Inc. grew its holdings in shares of 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 worth $268,871,000 after purchasing an additional 252,220 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

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.