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

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the fifteen analysts that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $241.25.

Several research analysts recently issued reports on ALGN shares. Evercore ISI increased their target price on shares of Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a research note on Thursday, May 1st. Wells Fargo & Company dropped their price objective on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. UBS Group dropped 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 note on Thursday, April 24th. Finally, HSBC lowered shares of Align Technology from a "buy" rating to a "hold" rating and dropped their price objective for the company from $290.00 to $170.00 in a research note on Friday, April 25th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in ALGN. Voya Investment Management LLC increased its holdings in Align Technology by 23.3% during the first quarter. Voya Investment Management LLC now owns 81,297 shares of the medical equipment provider's stock worth $12,915,000 after buying an additional 15,355 shares during the last quarter. Militia Capital Partners LP purchased a new stake in Align Technology during the first quarter worth about $3,670,000. Inspire Investing LLC increased its holdings in Align Technology by 59.8% during the first quarter. Inspire Investing LLC now owns 2,013 shares of the medical equipment provider's stock worth $320,000 after buying an additional 753 shares during the last quarter. Strs Ohio purchased a new stake in Align Technology during the first quarter worth about $794,000. Finally, Acadian Asset Management LLC purchased a new stake in Align Technology during the first quarter worth about $20,194,000. 88.43% of the stock is owned by institutional investors.

Align Technology Trading Up 1.0%

NASDAQ ALGN traded up $1.78 on Wednesday, hitting $181.79. 1,275,883 shares of the company were exchanged, compared to its average volume of 914,976. The company has a market cap of $13.18 billion, a PE ratio of 33.11, a PEG ratio of 1.93 and a beta of 1.64. Align Technology has a 12 month low of $141.74 and a 12 month high of $263.24. The stock has a fifty day moving average of $178.71 and a 200-day moving average of $191.06.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.13. The business had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. Align Technology's revenue was down 1.8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.14 earnings per share. On average, analysts expect that Align Technology will post 7.98 earnings per share for the current year.

Align Technology declared that its board has authorized a share repurchase plan on Tuesday, May 6th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

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.