Align Technology, Inc. (NASDAQ:ALGN) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) has received an average rating of "Moderate Buy" from the fifteen brokerages that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $241.25.

Several equities analysts have recently issued reports on ALGN shares. Evercore ISI lifted their price target on Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a research report on Thursday, May 1st. UBS Group lowered their price target on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Finally, Wells Fargo & Company lowered their price target on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a research report on Thursday, May 1st.

Align Technology Price Performance

NASDAQ:ALGN traded up $2.94 during trading hours on Friday, hitting $183.05. The company had a trading volume of 1,282,041 shares, compared to its average volume of 922,231. The company has a market capitalization of $13.27 billion, a PE ratio of 32.63, a price-to-earnings-growth ratio of 2.24 and a beta of 1.68. The stock has a 50-day moving average price of $171.75 and a 200 day moving average price of $196.51. Align Technology has a 52 week low of $141.74 and a 52 week high of $271.59.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. The business 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 firm'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 business posted $2.14 earnings per share. Analysts anticipate that Align Technology will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has approved a stock buyback plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its shares are undervalued.

Institutional Investors Weigh In On Align Technology

Several hedge funds and other institutional investors have recently made changes to their positions in ALGN. Norges Bank purchased a new stake in shares of Align Technology during the 4th quarter valued at about $190,792,000. Ninety One UK Ltd increased its holdings in Align Technology by 58.7% in the 1st quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider's stock worth $307,800,000 after acquiring an additional 716,954 shares in the last quarter. Federated Hermes Inc. increased its holdings in Align Technology by 510.3% in the 1st quarter. Federated Hermes Inc. now owns 707,514 shares of the medical equipment provider's stock worth $112,396,000 after acquiring an additional 591,588 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Align Technology by 4,217.3% in the 1st quarter. Mackenzie Financial Corp now owns 426,205 shares of the medical equipment provider's stock worth $67,707,000 after acquiring an additional 416,333 shares in the last quarter. Finally, Meridiem Investment Management Ltd. increased its holdings in Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after acquiring an additional 297,472 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Company Profile

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.