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

Key Points

• Align Technology has a “Moderate Buy” consensus rating from 15 brokerages, including eight buys, six holds and one strong buy. The average 12-month price target is approximately $206.36.
• In its latest quarterly results, Align reported $2.64 in EPS and $1.06 billion in revenue, exceeding analyst estimates and marking 4.3% year-over-year revenue growth.
• ALGN opened at $150.72, below its $206.36 average analyst target, while institutional investors and hedge funds own 88.43% of the outstanding shares.

Shares of Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) have received an average rating of "Moderate Buy" from the fifteen brokerages that are covering the company, Marketbeat.com reports. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $206.3571.

Several brokerages recently issued reports on ALGN. BMO Capital Markets assumed coverage on Align Technology in a research report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 target price for the company. Weiss Ratings upgraded Align Technology from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, September 4th. Wall Street Zen lowered Align Technology from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 1st. Zacks Research downgraded shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 16th. Finally, Needham & Company LLC restated a "hold" rating on shares of Align Technology in a report on Thursday, July 30th.

Align Technology Price Performance

ALGN opened at $150.72 on Friday. Align Technology has a fifty-two week low of $122.00 and a fifty-two week high of $200.43. The company's 50 day moving average price is $169.67 and its two-hundred day moving average price is $172.91. The firm has a market capitalization of $10.79 billion, a price-to-earnings ratio of 26.21, a PEG ratio of 1.63 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The firm had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter last year, the firm earned $2.49 earnings per share. The company's revenue for the quarter was up 4.3% on a year-over-year basis. As a group, equities research analysts predict that Align Technology will post 9.38 EPS for the current year.

Institutional Investors Weigh In On Align Technology

Several large investors have recently modified their holdings of the company. Sunbelt Securities Inc. lifted its holdings in Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider's stock valued at $25,000 after buying an additional 109 shares during the period. Blue Trust Inc. grew 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 worth $27,000 after acquiring an additional 69 shares during the period. Tobam acquired a new stake in Align Technology during the 4th quarter worth about $30,000. Hollencrest Capital Management acquired a new stake in Align Technology during the 1st quarter worth about $34,000. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Align Technology by 1,773.3% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 281 shares of the medical equipment provider's stock worth $35,000 after acquiring an additional 266 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

About Align Technology

Align Technology, Inc NASDAQ: ALGN is a global medical device company that designs, manufactures and markets products used in orthodontics and digital dentistry. Its best-known product is the Invisalign system, a series of clear, removable aligners intended to gradually straighten teeth and address certain orthodontic conditions under the supervision of dental professionals.

The company also develops digital dentistry technologies, including iTero intraoral scanners and related software, which create digital impressions and support orthodontic, restorative and implant treatment planning.

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