Align Technology, Inc. (NASDAQ:ALGN) Receives $306.88 Consensus Target Price from Brokerages

Align Technology, Inc. (NASDAQ:ALGN) has received an average rating of “Hold” from the nine brokerages that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $306.88.

A number of research analysts have recently commented on the company. Evercore ISI dropped their price target on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. Stifel Nicolaus cut their price target on Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Morgan Stanley cut their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Finally, StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday.

Insider Buying and Selling

In other news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.62% of the stock is owned by insiders.

Hedge Funds Weigh In On Align Technology

A number of institutional investors and hedge funds have recently modified their holdings of the business. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Align Technology during the 2nd quarter valued at $31,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Align Technology in the second quarter valued at $266,000. Sanctuary Advisors LLC acquired a new position in shares of Align Technology during the second quarter valued at about $926,000. Quarry LP boosted its position in shares of Align Technology by 53.0% during the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after purchasing an additional 44 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Align Technology by 5.6% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,019 shares of the medical equipment provider’s stock valued at $729,000 after buying an additional 161 shares during the period. 88.43% of the stock is currently owned by institutional investors.

Align Technology Trading Down 1.7 %

Shares of NASDAQ ALGN opened at $252.85 on Monday. The company has a market cap of $19.04 billion, a price-to-earnings ratio of 41.66, a PEG ratio of 5.13 and a beta of 1.64. Align Technology has a 12 month low of $176.34 and a 12 month high of $335.40. The stock has a 50-day moving average price of $232.50 and a two-hundred day moving average price of $264.34.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the company earned $1.73 EPS. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, sell-side analysts predict that Align Technology will post 7.61 earnings per share for the current year.

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.