Brokerages Set Align Technology, Inc. (NASDAQ:ALGN) Target Price at $242.92

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the fifteen brokerages that are presently covering the company, Marketbeat.com 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 issued a strong buy recommendation on the company. The average 12-month price objective among brokers that have covered the stock in the last year is $242.92.

ALGN has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their price target on Align Technology from $255.00 to $246.00 and set an "overweight" rating for the company in a report on Thursday, May 1st. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. Hsbc Global Res lowered Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. HSBC cut Align Technology from a "buy" rating to a "hold" rating and cut their price target for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a research note on Thursday, May 1st.

Align Technology Stock Down 1.1%

Shares of NASDAQ ALGN traded down $2.20 during trading on Friday, reaching $202.28. The company had a trading volume of 793,190 shares, compared to its average volume of 919,536. Align Technology has a 12 month low of $141.74 and a 12 month high of $263.24. The stock has a market cap of $14.66 billion, a P/E ratio of 36.85, a PEG ratio of 2.14 and a beta of 1.63. The company's fifty day moving average price is $184.41 and its 200-day moving average price is $187.78.

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

Align Technology declared that its Board of Directors has initiated a share repurchase 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 repurchase up to 7.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Align Technology

A number of hedge funds have recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas purchased a new position in shares of Align Technology during the first quarter valued at approximately $1,647,000. Asset Management One Co. Ltd. boosted its holdings in Align Technology by 14.5% during the 1st quarter. Asset Management One Co. Ltd. now owns 31,624 shares of the medical equipment provider's stock worth $5,024,000 after acquiring an additional 4,009 shares during the last quarter. Giverny Capital Inc. boosted its holdings in Align Technology by 30.3% during the 4th quarter. Giverny Capital Inc. now owns 43,006 shares of the medical equipment provider's stock worth $8,967,000 after acquiring an additional 10,013 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Align Technology in the 4th quarter worth $3,115,000. Finally, Schonfeld Strategic Advisors LLC raised its holdings in shares of Align Technology by 1,679.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 35,110 shares of the medical equipment provider's stock valued at $7,321,000 after purchasing an additional 33,137 shares during the last quarter. Institutional investors and hedge funds 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.