Align Technology, Inc. (NASDAQ:ALGN) Receives $241.25 Consensus Price Target from Analysts

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) has been assigned an average rating of "Moderate Buy" from the fifteen research firms that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation, nine have assigned a buy recommendation and one has given 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 $241.25.

Several analysts have recently commented on the stock. UBS Group decreased their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and decreased their price target for the company from $290.00 to $170.00 in a research note on Friday, April 25th. Piper Sandler reissued an "overweight" rating and issued a $250.00 price target (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Evercore ISI increased their price target on Align Technology from $165.00 to $200.00 and gave the company an "outperform" rating in a research note on Thursday, May 1st. Finally, Mizuho dropped their target price on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th.

Align Technology Trading Up 4.5%

Shares of Align Technology stock traded up $7.75 on Friday, reaching $178.55. The stock had a trading volume of 872,714 shares, compared to its average volume of 919,408. Align Technology has a 1 year low of $141.74 and a 1 year high of $271.59. The business's 50 day moving average is $171.07 and its two-hundred day moving average is $197.04. The company has a market cap of $12.94 billion, a P/E ratio of 31.83, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.00 by $0.13. The firm had revenue of $979.26 million for the quarter, compared to analysts' expectations of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The company's revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.14 earnings per share. On average, equities analysts anticipate that Align Technology will post 7.98 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has authorized a stock buyback program on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Institutional Trading of Align Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Picton Mahoney Asset Management increased its holdings in shares of Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after acquiring an additional 58 shares during the period. GKV Capital Management Co. Inc. bought a new position in Align Technology in the 4th quarter worth about $31,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Align Technology in the first quarter valued at approximately $32,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Align Technology during the fourth quarter valued at approximately $35,000. Finally, Center for Financial Planning Inc. acquired a new position in shares of Align Technology during the first quarter worth approximately $35,000. 88.43% of the stock is owned by institutional investors and hedge funds.

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.