Wells Fargo & Company Begins Coverage on Align Technology (NASDAQ:ALGN)

Equities researchers at Wells Fargo & Company began coverage on shares of Align Technology (NASDAQ:ALGN) in a research note issued to investors on Friday,Briefing.com Automated Import reports. The firm set an “overweight” rating and a $255.00 price target on the medical equipment provider’s stock. Wells Fargo & Company‘s target price would indicate a potential upside of 24.46% from the stock’s current price.

Several other analysts also recently commented on the stock. Bank of America raised their price objective on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $235.00 to $280.00 in a report on Monday, January 6th. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Stifel Nicolaus reduced their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Finally, Robert W. Baird reduced their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $269.91.

Align Technology Stock Performance

Align Technology stock opened at $204.89 on Friday. The stock has a market cap of $15.30 billion, a P/E ratio of 36.52, a PEG ratio of 4.79 and a beta of 1.67. Align Technology has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The firm’s fifty day moving average price is $219.74 and its 200-day moving average price is $225.21.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Sell-side analysts predict that Align Technology will post 8.09 earnings per share for the current year.

Institutional Trading of Align Technology

Several institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Align Technology in the 4th quarter valued at approximately $190,792,000. Wellington Management Group LLP grew its holdings 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 purchasing an additional 866,663 shares in the last quarter. Holocene Advisors LP acquired a new position in shares of Align Technology in the third quarter valued at approximately $137,287,000. FMR LLC grew its holdings in Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after acquiring an additional 367,508 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in Align Technology by 96.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after acquiring an additional 330,807 shares in the last quarter. Institutional investors and hedge funds 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.