Align Technology, Inc. (NASDAQ:ALGN) Stock Has Average Price Target of $201.71 According to Brokerages

Align Technology, Inc. (NASDAQ:ALGN) has been assigned a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are covering the company, Marketbeat reports. Seven research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have covered the stock in the last year is $199.21.

Several analysts recently commented on ALGN shares. Stifel Nicolaus dropped their target price on Align Technology from $210.00 to $175.00 and set a “buy” rating on the stock in a report on Friday. Raymond James Financial reiterated a “buy” rating on shares of Align Technology in a research report on Monday, October 5th. BMO Capital Markets assumed coverage on Align Technology in a report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price target for the company. Weiss Ratings upgraded Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday. Finally, UBS Group restated a “neutral” rating and issued a $189.00 price objective on shares of Align Technology in a research report on Thursday, July 23rd.

Align Technology Stock Performance

NASDAQ:ALGN opened at $142.71 on Tuesday. The firm’s fifty day moving average is $156.79 and its two-hundred day moving average is $168.30. The firm has a market cap of $10.22 billion, a price-to-earnings ratio of 24.82, a PEG ratio of 1.52 and a beta of 1.67. Align Technology has a one year low of $124.91 and a one year high of $200.43.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%. The company’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business posted $2.49 EPS. As a group, equities research analysts predict that Align Technology will post 9.36 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Align Technology

Large investors have recently made changes to their positions in the company. Capital International Investors boosted its holdings in Align Technology by 52.2% during the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after buying an additional 1,592,848 shares in the last quarter. BlackRock Inc. purchased a new position in Align Technology in the second quarter valued at $745,370,000. Capital World Investors increased its holdings in Align Technology by 13.2% in the fourth quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider’s stock valued at $232,742,000 after buying an additional 173,641 shares in the last quarter. Ruane Cunniff & Goldfarb L.P. purchased a new position in Align Technology in the fourth quarter valued at $190,899,000. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Align Technology by 4.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,054,633 shares of the medical equipment provider’s stock worth $180,796,000 after acquiring an additional 49,220 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Company Profile

Align Technology, Inc is a medical device and digital technology company that designs, manufactures and markets products used in orthodontics and restorative dentistry. The company is best known for Invisalign clear aligners, which are custom-made orthodontic devices intended to gradually move patients’ teeth under the supervision of dental professionals.

Align also develops the iTero family of intraoral scanners and related digital imaging systems, which help dental professionals create digital impressions and treatment plans.