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

Shares of Align Technology, Inc. (NASDAQ:ALGN) have earned an average rating of “Moderate Buy” from the fourteen analysts that are presently covering the firm, MarketBeat reports. Five analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $205.8462.

ALGN has been the topic of a number of research analyst reports. Wall Street Zen lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 13th. Morgan Stanley increased their target price on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Piper Sandler lifted their price target on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research note on Tuesday, April 21st. Evercore boosted their price target on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. Finally, Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a research report on Tuesday, March 17th.

Align Technology Price Performance

Shares of Align Technology stock opened at $184.52 on Friday. Align Technology has a 1 year low of $122.00 and a 1 year high of $208.30. The business has a 50-day moving average of $172.03 and a two-hundred day moving average of $172.94. The company has a market capitalization of $13.21 billion, a P/E ratio of 30.96, a price-to-earnings-growth ratio of 1.86 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter in the previous year, the business posted $2.13 EPS. Align Technology’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, equities analysts anticipate that Align Technology will post 9.48 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has approved a stock repurchase 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 usually a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. CX Institutional increased its holdings in shares of Align Technology by 9.8% in the second quarter. CX Institutional now owns 2,431 shares of the medical equipment provider’s stock valued at $410,000 after purchasing an additional 216 shares during the last quarter. Redwood Investment Management LLC bought a new position in Align Technology during the first quarter worth about $1,056,000. Empowered Funds LLC increased its position in Align Technology by 279.0% during the first quarter. Empowered Funds LLC now owns 6,311 shares of the medical equipment provider’s stock worth $1,082,000 after acquiring an additional 4,646 shares during the period. Militia Capital Management LLC acquired a new stake in Align Technology in the 1st quarter worth about $3,549,000. Finally, Parallel Advisors LLC raised its stake in Align Technology by 15.8% in the 1st quarter. Parallel Advisors LLC now owns 1,377 shares of the medical equipment provider’s stock worth $236,000 after purchasing an additional 188 shares in the last quarter. 88.43% of the stock is currently owned by 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.