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

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

A number of other equities analysts also recently issued reports on ALGN. Robert W. Baird reduced their price target on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Evercore ISI reduced their price target on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, June 10th. Stifel Nicolaus reduced their price target on Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research report on Thursday, July 25th. Piper Sandler reduced their price target on Align Technology from $330.00 to $315.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Finally, UBS Group upped their price target on Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a research report on Monday, April 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $322.78.

Align Technology Stock Performance

Align Technology stock traded down $5.55 during mid-day trading on Monday, reaching $207.94. 1,409,905 shares of the company were exchanged, compared to its average volume of 792,097. The business has a fifty day moving average of $245.59 and a 200 day moving average of $279.08. The firm has a market cap of $15.65 billion, a P/E ratio of 34.26, a PEG ratio of 5.18 and a beta of 1.66. Align Technology has a 12-month low of $176.34 and a 12-month high of $375.68.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 14.07% and a net margin of 11.34%. Align Technology’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.73 earnings per share. Sell-side analysts predict that Align Technology will post 7.64 EPS for the current year.

Institutional Investors Weigh In On Align Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parnassus Investments LLC boosted its stake in shares of Align Technology by 11.3% during the 4th quarter. Parnassus Investments LLC now owns 396,603 shares of the medical equipment provider’s stock worth $108,669,000 after acquiring an additional 40,406 shares in the last quarter. London & Capital Asset Management Ltd lifted its stake in Align Technology by 7.1% in the 4th quarter. London & Capital Asset Management Ltd now owns 58,025 shares of the medical equipment provider’s stock valued at $15,899,000 after buying an additional 3,843 shares in the last quarter. Tidal Investments LLC lifted its stake in Align Technology by 122.9% in the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock valued at $1,445,000 after buying an additional 2,430 shares in the last quarter. Truist Financial Corp lifted its stake in Align Technology by 24.8% in the 4th quarter. Truist Financial Corp now owns 11,165 shares of the medical equipment provider’s stock valued at $3,059,000 after buying an additional 2,220 shares in the last quarter. Finally, Nomura Holdings Inc. acquired a new stake in Align Technology in the 4th quarter valued at about $1,197,000. 88.43% of the stock is owned by institutional investors and hedge funds.

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.