Evercore ISI Issues Positive Forecast for Align Technology (NASDAQ:ALGN) Stock Price

Align Technology (NASDAQ:ALGN - Get Free Report) had its price objective upped by investment analysts at Evercore ISI from $200.00 to $220.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an "outperform" rating on the medical equipment provider's stock. Evercore ISI's price objective points to a potential upside of 12.55% from the stock's current price.

A number of other analysts have also recently weighed in on ALGN. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Mizuho dropped their price target on Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. HSBC cut Align Technology from a "buy" rating to a "hold" rating and dropped their price target for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Piper Sandler reaffirmed an "overweight" rating and set a $250.00 price target (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st. Finally, Wells Fargo & Company cut their price target on Align Technology from $255.00 to $246.00 and set an "overweight" rating on the stock in a report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Align Technology has an average rating of "Moderate Buy" and a consensus price target of $242.92.

Align Technology Stock Performance

NASDAQ:ALGN opened at $195.47 on Wednesday. The stock has a 50-day simple moving average of $182.86 and a 200 day simple moving average of $187.97. Align Technology has a one year low of $141.74 and a one year high of $263.24. The company has a market capitalization of $14.17 billion, a price-to-earnings ratio of 35.60, a price-to-earnings-growth ratio of 2.05 and a beta of 1.63.

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

Align Technology announced that its Board of Directors has approved a stock buyback program 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 buy up to 7.9% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Align Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. raised its holdings in Align Technology by 14.5% during the first quarter. Asset Management One Co. Ltd. now owns 31,624 shares of the medical equipment provider's stock worth $5,024,000 after purchasing an additional 4,009 shares in the last quarter. Giverny Capital Inc. raised its holdings in Align Technology by 30.3% during the fourth quarter. Giverny Capital Inc. now owns 43,006 shares of the medical equipment provider's stock worth $8,967,000 after purchasing an additional 10,013 shares in the last quarter. Virtu Financial LLC bought a new stake in Align Technology during the fourth quarter worth approximately $3,115,000. Schonfeld Strategic Advisors LLC raised its holdings in Align Technology by 1,679.5% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 35,110 shares of the medical equipment provider's stock worth $7,321,000 after purchasing an additional 33,137 shares in the last quarter. Finally, American Assets Inc. bought a new stake in Align Technology during the fourth quarter worth approximately $417,000. 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.

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