Align Technology, Inc. (NASDAQ:ALGN) Given Consensus Recommendation of “Moderate Buy” by Analysts

Align Technology, Inc. (NASDAQ:ALGN) has been assigned a consensus recommendation of “Moderate Buy” from the thirteen analysts that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among analysts that have covered the stock in the last year is $267.45.

A number of brokerages recently commented on ALGN. Mizuho began coverage on Align Technology in a research report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price objective on the stock. Jefferies Financial Group dropped their price objective on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday. Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Finally, Bank of America raised their price target on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th.

Align Technology Price Performance

NASDAQ ALGN opened at $233.30 on Friday. The company has a market cap of $17.42 billion, a PE ratio of 39.81, a price-to-earnings-growth ratio of 5.14 and a beta of 1.67. The stock’s 50 day simple moving average is $223.06 and its 200-day simple moving average is $227.81. Align Technology has a 1-year low of $196.09 and a 1-year high of $335.40.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. During the same quarter last year, the business posted $1.62 earnings per share. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, equities research analysts anticipate that Align Technology will post 7.47 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

A number of institutional investors have recently modified their holdings of ALGN. Wellington Management Group LLP raised its position in shares of Align Technology by 49.0% in the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after buying an additional 866,663 shares during the last quarter. Holocene Advisors LP acquired a new stake in shares of Align Technology in the third quarter worth $137,287,000. Kayne Anderson Rudnick Investment Management LLC boosted its stake in shares of Align Technology by 4,391.3% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock valued at $117,879,000 after purchasing an additional 477,380 shares during the period. FMR LLC boosted its stake in shares of Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after purchasing an additional 367,508 shares during the period. Finally, Point72 Asset Management L.P. boosted its stake in shares of Align Technology by 96.3% in the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock valued at $171,493,000 after purchasing an additional 330,807 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

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.