Align Technology (NASDAQ:ALGN) Coverage Initiated by Analysts at Citigroup

Key Points

• Citigroup initiated coverage on Align Technology with a "buy" rating and a $240 price target, implying roughly a 29.7% upside from the prior close.
• Analyst consensus is a "Moderate Buy" with an average target of $201.31 — eight analysts rate the stock Buy and seven rate it Hold.
• Align recently beat quarterly expectations, reporting $3.29 EPS vs. $2.99 expected and revenue of $1.05 billion, up 5.3% year-over-year.

Investment analysts at Citigroup assumed coverage on shares of Align Technology (NASDAQ:ALGN - Get Free Report) in a research report issued to clients and investors on Wednesday, MarketBeat reports. The brokerage set a "buy" rating and a $240.00 price target on the medical equipment provider's stock. Citigroup's price objective would suggest a potential upside of 29.72% from the company's previous close.

ALGN has been the topic of a number of other reports. Wells Fargo & Company raised their target price on shares of Align Technology from $181.00 to $200.00 and gave the stock an "overweight" rating in a research note on Thursday, February 5th. Barclays raised shares of Align Technology from an "equal weight" rating to an "overweight" rating and set a $200.00 target price on the stock in a research note on Tuesday, March 17th. Leerink Partners raised their target price on shares of Align Technology from $210.00 to $225.00 and gave the stock an "outperform" rating in a research note on Thursday, February 5th. Weiss Ratings reissued a "hold (c-)" rating on shares of Align Technology in a research note on Wednesday. Finally, Robert W. Baird set a $218.00 price target on shares of Align Technology in a research report on Thursday, February 5th. Eight analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $201.31.

Align Technology Trading Down 0.8%

ALGN stock opened at $185.02 on Wednesday. Align Technology has a 12-month low of $122.00 and a 12-month high of $208.30. The stock has a market cap of $13.25 billion, a price-to-earnings ratio of 32.69, a PEG ratio of 2.04 and a beta of 1.81. The business's 50-day moving average is $179.60 and its 200 day moving average is $159.99.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.99 by $0.30. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.The company had revenue of $1.05 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the previous year, the firm posted $2.44 EPS. Align Technology's revenue was up 5.3% compared to the same quarter last year. As a group, equities analysts forecast that Align Technology will post 7.98 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP John Morici sold 7,969 shares of Align Technology stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total value of $1,508,611.39. Following the completion of the sale, the executive vice president owned 8,237 shares in the company, valued at approximately $1,559,346.47. This trade represents a 49.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.66% of the company's stock.

Institutional Trading of Align Technology

Several institutional investors have recently added to or reduced their stakes in ALGN. Wealth Enhancement Advisory Services LLC grew its stake in shares of Align Technology by 38.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,551 shares of the medical equipment provider's stock worth $2,029,000 after acquiring an additional 4,359 shares in the last quarter. AE Wealth Management LLC acquired a new position in shares of Align Technology during the third quarter worth $650,000. Dana Investment Advisors Inc. acquired a new position in shares of Align Technology during the third quarter worth $9,991,000. AIA Group Ltd acquired a new position in shares of Align Technology during the third quarter worth $2,507,000. Finally, Hussman Strategic Advisors Inc. acquired a new position in shares of Align Technology during the third quarter worth $3,156,000. Institutional investors and hedge funds own 88.43% of the company's stock.

About Align Technology

Align Technology, Inc NASDAQ: ALGN pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company's signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.