Align Technology (NASDAQ:ALGN) Stock Rating Upgraded by Zacks Research

Align Technology (NASDAQ:ALGN) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

Other analysts also recently issued reports about the company. UBS Group boosted their target price on Align Technology from $175.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price for the company in a report on Tuesday, March 17th. Wells Fargo & Company upped their price objective on Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Evercore upped their price objective on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Finally, Citigroup assumed coverage on Align Technology in a research note on Wednesday, April 15th. They set a “buy” rating and a $240.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $205.85.

Align Technology Stock Performance

Align Technology stock opened at $166.69 on Monday. Align Technology has a fifty-two week low of $122.00 and a fifty-two week high of $208.30. The company has a market capitalization of $11.94 billion, a P/E ratio of 27.97, a PEG ratio of 1.74 and a beta of 1.67. The stock has a 50-day simple moving average of $173.61 and a 200-day simple moving average of $168.68.

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

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

Institutional Trading of Align Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AE Wealth Management LLC purchased a new position in shares of Align Technology during the 3rd quarter worth approximately $650,000. Dana Investment Advisors Inc. purchased a new position in shares of Align Technology during the 3rd quarter worth approximately $9,991,000. AIA Group Ltd purchased a new position in shares of Align Technology during the 3rd quarter worth approximately $2,507,000. Sequoia Financial Advisors LLC raised its stake in shares of 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 buying an additional 6,085 shares in the last quarter. Finally, Clarkston Capital Partners LLC raised its stake in shares of 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 buying an additional 28,850 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

About Align Technology

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.