Align Technology, Inc. (NASDAQ:ALGN) Receives $241.25 Average PT from Brokerages

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the fifteen ratings firms that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, nine have assigned 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 a report on the stock in the last year is $241.25.

A number of equities research analysts have weighed in on ALGN shares. Evercore ISI upped their price objective on shares of Align Technology from $165.00 to $200.00 and gave the stock an "outperform" rating in a report on Thursday, May 1st. UBS Group cut their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Piper Sandler restated an "overweight" rating and issued a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Mizuho cut their price objective on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Covestor Ltd lifted its position in Align Technology by 14.6% during the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock valued at $87,000 after purchasing an additional 53 shares during the period. Redmond Asset Management LLC lifted its position in Align Technology by 2.0% during the first quarter. Redmond Asset Management LLC now owns 2,769 shares of the medical equipment provider's stock valued at $440,000 after purchasing an additional 54 shares during the period. Picton Mahoney Asset Management lifted its position in Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after purchasing an additional 58 shares during the period. Horizon Investments LLC lifted its position in Align Technology by 6.2% during the first quarter. Horizon Investments LLC now owns 1,018 shares of the medical equipment provider's stock valued at $162,000 after purchasing an additional 59 shares during the period. Finally, Washington Trust Advisors Inc. lifted its position in Align Technology by 5.2% during the first quarter. Washington Trust Advisors Inc. now owns 1,205 shares of the medical equipment provider's stock valued at $191,000 after purchasing an additional 60 shares during the period. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Performance

Shares of NASDAQ ALGN traded up $4.85 during midday trading on Wednesday, hitting $180.01. 1,421,154 shares of the company traded hands, compared to its average volume of 914,819. Align Technology has a 12-month low of $141.74 and a 12-month high of $263.24. The stock has a 50-day moving average price of $177.96 and a 200 day moving average price of $192.10. The firm has a market cap of $13.05 billion, a P/E ratio of 32.79, a P/E/G ratio of 1.91 and a beta of 1.64.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts' consensus estimates 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 10.29% and a return on equity of 13.52%. The business's revenue was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.14 earnings per share. As a group, equities analysts expect that Align Technology will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has authorized a share buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its shares are undervalued.

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.