Align Technology (NASDAQ:ALGN) Shares Gap Up on Analyst Upgrade

Shares of Align Technology, Inc. (NASDAQ:ALGN) gapped up before the market opened on Thursday after Robert W. Baird raised their price target on the stock from $333.00 to $370.00. The stock had previously closed at $313.78, but opened at $325.00. Robert W. Baird currently has an outperform rating on the stock. Align Technology shares last traded at $301.46, with a volume of 543,779 shares.

Other research analysts have also issued research reports about the stock. Piper Sandler boosted their price objective on shares of Align Technology from $335.00 to $355.00 and gave the stock an “overweight” rating in a research note on Thursday, March 14th. Stifel Nicolaus increased their price objective on shares of Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. UBS Group increased their price target on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. SVB Leerink began coverage on shares of Align Technology in a report on Monday, February 26th. They set a “market perform” rating and a $310.00 price objective on the stock. Finally, The Goldman Sachs Group increased their price objective on shares of Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $343.00.

Insider Buying and Selling at Align Technology

In other news, Director Joseph Lacob sold 10,000 shares of Align Technology stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the completion of the transaction, the director now directly owns 146,994 shares in the company, valued at approximately $46,010,591.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Align Technology news, EVP Emory Wright sold 2,524 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the transaction, the executive vice president now owns 709 shares in the company, valued at approximately $203,802.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Lacob sold 10,000 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total value of $3,130,100.00. Following the transaction, the director now directly owns 146,994 shares in the company, valued at $46,010,591.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,524 shares of company stock valued at $8,403,924. 0.64% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Align Technology

Several institutional investors have recently bought and sold shares of the business. Deepwater Asset Management LLC raised its holdings in shares of Align Technology by 46.8% in the 4th quarter. Deepwater Asset Management LLC now owns 48,981 shares of the medical equipment provider’s stock valued at $13,421,000 after purchasing an additional 15,608 shares in the last quarter. London & Capital Asset Management Ltd lifted its position in shares of Align Technology by 7.1% during the fourth quarter. London & Capital Asset Management Ltd now owns 58,025 shares of the medical equipment provider’s stock worth $15,899,000 after purchasing an additional 3,843 shares in the last quarter. Morgan Stanley boosted its stake in Align Technology by 9.8% during the 3rd quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock valued at $310,866,000 after acquiring an additional 90,581 shares during the last quarter. Country Trust Bank lifted its position in shares of Align Technology by 27.7% in the 4th quarter. Country Trust Bank now owns 80,830 shares of the medical equipment provider’s stock worth $22,147,000 after buying an additional 17,515 shares during the last quarter. Finally, Factory Mutual Insurance Co. increased its holdings in shares of Align Technology by 26.3% in the 4th quarter. Factory Mutual Insurance Co. now owns 143,293 shares of the medical equipment provider’s stock worth $39,262,000 after acquiring an additional 29,800 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Stock Performance

The company’s 50 day simple moving average is $313.37 and its 200 day simple moving average is $270.52. The stock has a market cap of $22.68 billion, a price-to-earnings ratio of 53.91, a PEG ratio of 5.59 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.13. The business had revenue of $956.73 million for the quarter, compared to analyst estimates of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. Sell-side analysts predict that Align Technology, Inc. will post 7.69 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.