Align Technology (NASDAQ:ALGN) Stock Price Expected to Rise, Evercore ISI Analyst Says

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

A number of other analysts have also weighed in on the stock. 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. Mizuho dropped their price target on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a report on Tuesday, April 29th. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Wells Fargo & Company dropped their price target on shares of Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. Finally, Piper Sandler reissued an "overweight" rating and issued a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. One 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's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $242.92.

Align Technology Stock Performance

Shares of Align Technology stock traded up $5.01 during trading on Wednesday, hitting $200.48. The company's stock had a trading volume of 711,110 shares, compared to its average volume of 919,818. The company has a market capitalization of $14.53 billion, a PE ratio of 36.52, a P/E/G ratio of 2.05 and a beta of 1.63. Align Technology has a 52 week low of $141.74 and a 52 week high of $263.24. The company has a fifty day simple moving average of $182.86 and a two-hundred day simple moving average of $187.97.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. Align Technology's revenue was down 1.8% compared to the same quarter last year. During the same period last year, the business earned $2.14 EPS. As a group, analysts predict that Align Technology will post 7.98 EPS for the current year.

Align Technology announced that its Board of Directors has approved a stock buyback plan on Tuesday, May 6th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Align Technology

Hedge funds have recently modified their holdings of the stock. Picton Mahoney Asset Management lifted its holdings in shares of Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock worth $30,000 after buying an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. purchased a new position in shares of Align Technology in the fourth quarter worth $31,000. Compagnie Lombard Odier SCmA purchased a new position in shares of Align Technology in the first quarter worth $32,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Align Technology in the fourth quarter worth $35,000. Finally, Center for Financial Planning Inc. purchased a new position in shares of Align Technology in the first quarter worth $35,000. Hedge funds and other institutional investors 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.