Align Technology (NASDAQ:ALGN) Given New $220.00 Price Target at Evercore ISI

Align Technology (NASDAQ:ALGN - Free Report) had its price target upped by Evercore ISI from $200.00 to $220.00 in a research note published on Wednesday,Benzinga reports. They currently have an outperform rating on the medical equipment provider's stock.

Several other brokerages have also recently issued reports on ALGN. Wells Fargo & Company dropped their price objective on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. 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 research report on Thursday, May 1st. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Finally, Mizuho reduced their price target on Align Technology from $250.00 to $245.00 and set an "outperform" rating for the company in a report on Tuesday, April 29th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $242.92.

Align Technology Trading Down 1.1%

Shares of ALGN traded down $2.20 during mid-day trading on Wednesday, hitting $202.28. 793,190 shares of the company's stock were exchanged, compared to its average volume of 920,142. Align Technology has a fifty-two week low of $141.74 and a fifty-two week high of $263.24. The business's 50 day moving average is $183.96 and its two-hundred day moving average is $188.04. The firm has a market capitalization of $14.66 billion, a P/E ratio of 36.85, a P/E/G ratio of 2.13 and a beta of 1.63.

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

Align Technology announced that its board has initiated a stock repurchase program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its shares are undervalued.

Hedge Funds Weigh In On Align Technology

A number of hedge funds have recently made changes to their positions in ALGN. Norges Bank acquired a new stake in Align Technology in the 4th quarter valued at $190,792,000. Ninety One UK Ltd boosted its position in shares of Align Technology by 58.7% in the first quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider's stock worth $307,800,000 after buying an additional 716,954 shares during the period. Federated Hermes Inc. grew its stake in shares of Align Technology by 510.3% in the first quarter. Federated Hermes Inc. now owns 707,514 shares of the medical equipment provider's stock valued at $112,396,000 after buying an additional 591,588 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Align Technology by 4,217.3% during the 1st quarter. Mackenzie Financial Corp now owns 426,205 shares of the medical equipment provider's stock valued at $67,707,000 after buying an additional 416,333 shares during the period. Finally, Senvest Management LLC raised its holdings in shares of Align Technology by 58.1% during the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock valued at $151,429,000 after buying an additional 267,000 shares during the period. Hedge funds and other institutional investors own 88.43% of the company's stock.

About Align Technology

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.