Leerink Partners Forecasts Strong Price Appreciation for Align Technology (NASDAQ:ALGN) Stock

Align Technology (NASDAQ:ALGN) had its price objective upped by equities research analysts at Leerink Partners from $189.00 to $210.00 in a note issued to investors on Thursday,MarketScreener reports. The brokerage currently has an “outperform” rating on the medical equipment provider’s stock. Leerink Partners’ price target points to a potential upside of 23.41% from the company’s previous close.

ALGN has been the subject of several other research reports. Zacks Research upgraded Align Technology from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 30th. Jefferies Financial Group upped their price objective on shares of Align Technology from $140.00 to $155.00 in a research report on Thursday, October 30th. Mizuho boosted their price target on shares of Align Technology from $170.00 to $200.00 and gave the stock an “outperform” rating in a research note on Tuesday. Barclays initiated coverage on shares of Align Technology in a report on Monday, December 8th. They set an “equal weight” rating and a $170.00 price target for the company. Finally, Stifel Nicolaus set a $200.00 price objective on Align Technology in a report on Thursday, October 30th. Six research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Align Technology currently has an average rating of “Hold” and an average target price of $176.82.

Align Technology Stock Performance

Shares of Align Technology stock opened at $170.17 on Thursday. The company has a market capitalization of $12.21 billion, a P/E ratio of 33.03, a PEG ratio of 1.86 and a beta of 1.83. Align Technology has a 1 year low of $122.00 and a 1 year high of $237.23. The company’s fifty day moving average is $156.74 and its two-hundred day moving average is $150.80.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.23. The business had revenue of $995.69 million during the quarter, compared to the consensus estimate of $980.75 million. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.35 earnings per share. As a group, equities analysts expect that Align Technology will post 7.98 earnings per share for the current year.

Institutional Trading of Align Technology

Several institutional investors and hedge funds have recently modified their holdings of ALGN. QRG Capital Management Inc. purchased a new stake in shares of Align Technology during the second quarter valued at approximately $306,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Align Technology during the 3rd quarter valued at $1,327,000. Nordea Investment Management AB increased its stake in Align Technology by 20.7% during the 3rd quarter. Nordea Investment Management AB now owns 770,360 shares of the medical equipment provider’s stock worth $95,178,000 after buying an additional 132,019 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in Align Technology by 4.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 2,372 shares of the medical equipment provider’s stock worth $449,000 after buying an additional 102 shares in the last quarter. Finally, Navera Investment Management Ltd. boosted its position in Align Technology by 3.0% in the 2nd quarter. Navera Investment Management Ltd. now owns 787,559 shares of the medical equipment provider’s stock valued at $149,126,000 after buying an additional 23,080 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Company Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.