Align Technology (NASDAQ:ALGN) Price Target Raised to $230.00 at Leerink Partners

Key Points

• Leerink Partners raised its price target on Align to $230, implying about a 30.01% upside from the stock's prior close.
• Analyst coverage is mixed-but-leaning-positive with eight Buys and six Holds, a consensus rating of "Moderate Buy" and an average target price of $205.85 (Citigroup's target is notably higher at $240).
• Align beat quarterly expectations with $2.58 EPS and $1.04B revenue (up 6.2% YoY) and the board authorized a $200 million share buyback (about 1.6% of shares outstanding).

Align Technology (NASDAQ:ALGN - Get Free Report) had its target price raised by investment analysts at Leerink Partners from $225.00 to $230.00 in a note issued to investors on Thursday,MarketScreener reports. Leerink Partners' target price points to a potential upside of 30.01% from the stock's previous close.

Several other equities analysts have also recently commented on the company. Evercore reaffirmed an "outperform" rating on shares of Align Technology in a report on Wednesday, April 8th. Jefferies Financial Group increased their target price on Align Technology from $155.00 to $185.00 and gave the stock a "hold" rating in a report on Thursday, February 5th. Citigroup initiated coverage on Align Technology in a report on Wednesday, April 15th. They issued a "buy" rating and a $240.00 target price for the company. Wells Fargo & Company increased their target price on Align Technology from $181.00 to $200.00 and gave the stock an "overweight" rating in a report on Thursday, February 5th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Align Technology in a report on Wednesday, April 15th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $205.85.

Align Technology Stock Up 0.5%

Align Technology stock traded up $0.90 during trading hours on Thursday, hitting $176.91. The stock had a trading volume of 67,711 shares, compared to its average volume of 1,194,728. The company has a 50-day moving average of $179.02 and a two-hundred day moving average of $164.00. The company has a market cap of $12.67 billion, a PE ratio of 29.70, a price-to-earnings-growth ratio of 1.94 and a beta of 1.81. Align Technology has a fifty-two week low of $122.00 and a fifty-two week high of $208.30.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating the consensus estimate of $2.26 by $0.32. The firm had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.02 billion. Align Technology had a return on equity of 16.00% and a net margin of 10.50%.The company's revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.13 EPS. As a group, analysts forecast that Align Technology will post 9.15 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has initiated a share buyback program on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the medical equipment provider to purchase up to 1.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's management believes its stock is undervalued.

Insider Activity

In other news, EVP John Morici sold 7,969 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total value of $1,508,611.39. Following the completion of the transaction, the executive vice president directly owned 8,237 shares of the company's stock, valued at approximately $1,559,346.47. This represents a 49.17% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.75% of the company's stock.

Institutional Investors Weigh In On Align Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of ALGN. Sentry Investment Management LLC increased its holdings in Align Technology by 73.1% during the 3rd quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider's stock valued at $25,000 after purchasing an additional 79 shares in the last quarter. Sunbelt Securities Inc. increased its holdings in Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock valued at $25,000 after purchasing an additional 109 shares in the last quarter. Steigerwald Gordon & Koch Inc. acquired a new stake in Align Technology during the 3rd quarter valued at $26,000. Blue Trust Inc. increased its holdings in Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 69 shares in the last quarter. Finally, Independence Bank of Kentucky increased its holdings in Align Technology by 77.7% during the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider's stock valued at $29,000 after purchasing an additional 80 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Company Profile

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.

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