Align Technology, Inc. (NASDAQ:ALGN) Receives Average Recommendation of “Hold” from Analysts

Align Technology, Inc. (NASDAQ:ALGN) has been assigned a consensus rating of “Hold” from the nine research firms that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and five have given a buy recommendation to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $306.88.

Several equities research analysts have recently issued reports on the company. Morgan Stanley lowered their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Robert W. Baird reduced their price objective on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Evercore ISI lowered their target price on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. Piper Sandler reaffirmed an “overweight” rating and issued a $315.00 price objective on shares of Align Technology in a research report on Friday, September 13th. Finally, Stifel Nicolaus lowered their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, July 25th.

Align Technology Stock Performance

Shares of Align Technology stock opened at $252.85 on Monday. The company has a market cap of $19.04 billion, a P/E ratio of 41.66, a PEG ratio of 5.13 and a beta of 1.64. Align Technology has a one year low of $176.34 and a one year high of $335.40. The firm has a fifty day moving average of $232.50 and a two-hundred day moving average of $264.85.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.73 EPS. As a group, equities analysts predict that Align Technology will post 7.61 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Align Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGN. Norges Bank acquired a new position in Align Technology during the 4th quarter valued at $223,610,000. Kayne Anderson Rudnick Investment Management LLC grew its position in Align Technology by 4,391.3% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after buying an additional 477,380 shares in the last quarter. Swedbank AB bought a new position in Align Technology during the first quarter valued at about $96,117,000. Bares Capital Management Inc. lifted its position in shares of Align Technology by 44.4% in the 1st quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after acquiring an additional 252,220 shares during the period. Finally, Envestnet Asset Management Inc. increased its position in shares of Align Technology by 102.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock valued at $113,648,000 after purchasing an additional 209,419 shares during the period. Institutional investors and hedge funds 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.