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

Align Technology, Inc. (NASDAQ:ALGN) has been given a consensus rating of “Moderate Buy” by the fourteen ratings firms that are currently covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $205.8462.

Several research analysts recently commented on ALGN shares. Piper Sandler boosted their price objective on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Stifel Nicolaus boosted their price objective on shares of Align Technology from $200.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Barclays upgraded shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a research note on Tuesday, March 17th. Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, May 20th. Finally, Leerink Partners boosted their target price on shares of Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th.

Align Technology Stock Down 1.8%

NASDAQ ALGN opened at $166.69 on Wednesday. The firm has a market cap of $11.94 billion, a PE ratio of 27.97, a price-to-earnings-growth ratio of 1.74 and a beta of 1.67. The company has a 50 day moving average price of $173.61 and a 200 day moving average price of $168.68. Align Technology has a 52 week low of $122.00 and a 52 week high of $208.30.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.26 by $0.32. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. Align Technology’s revenue was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.13 EPS. On average, equities research analysts anticipate that Align Technology will post 9.48 earnings per share for the current fiscal year.

Align Technology announced that its board has authorized a stock repurchase program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Align Technology

Large investors have recently bought and sold shares of the stock. AE Wealth Management LLC purchased a new stake in Align Technology during the 3rd quarter worth approximately $650,000. Dana Investment Advisors Inc. purchased a new stake in Align Technology during the 3rd quarter worth approximately $9,991,000. AIA Group Ltd purchased a new stake in Align Technology during the 3rd quarter worth approximately $2,507,000. Sequoia Financial Advisors LLC grew its position in Align Technology by 320.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock worth $1,247,000 after purchasing an additional 6,085 shares during the last quarter. Finally, Clarkston Capital Partners LLC grew its position in Align Technology by 25.7% during the 3rd quarter. Clarkston Capital Partners LLC now owns 141,215 shares of the medical equipment provider’s stock worth $17,683,000 after purchasing an additional 28,850 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Company Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.