Align Technology (NASDAQ:ALGN) Price Target Raised to $230.00 at Leerink Partners

Align Technology (NASDAQ:ALGN) had its price objective boosted by analysts at Leerink Partners from $225.00 to $230.00 in a research report issued to clients and investors on Thursday,MarketScreener reports. Leerink Partners’ price objective suggests a potential upside of 30.01% from the stock’s current price.

A number of other brokerages have also commented on ALGN. Robert W. Baird set a $218.00 price objective on Align Technology in a research report on Thursday, February 5th. Citigroup assumed coverage on Align Technology in a research report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price objective on the stock. Piper Sandler increased their price objective on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Evercore reiterated an “outperform” rating on shares of Align Technology in a research report on Wednesday, April 8th. Finally, Mizuho increased their price objective on Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Eight equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $205.85.

Align Technology Stock Up 0.5%

ALGN stock traded up $0.90 during midday trading on Thursday, reaching $176.91. 67,711 shares of the company’s stock traded hands, compared to its average volume of 1,194,728. The company has a 50-day simple moving average of $179.02 and a two-hundred day simple moving average of $164.00. Align Technology has a 1-year low of $122.00 and a 1-year high of $208.30. The company has a market cap of $12.67 billion, a price-to-earnings ratio of 29.70, a PEG ratio of 1.94 and a beta of 1.81.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. Align Technology had a return on equity of 16.00% and a net margin of 10.50%.The firm had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period last year, the firm posted $2.13 EPS. The business’s revenue was up 6.2% on a year-over-year basis. Equities research analysts forecast that Align Technology will post 9.15 EPS for the current year.

Align Technology declared that its board has initiated a stock buyback program on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, EVP John Morici sold 7,969 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total value of $1,508,611.39. Following the transaction, the executive vice president directly owned 8,237 shares in the company, valued at $1,559,346.47. This trade represents a 49.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.75% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Align Technology by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider’s stock worth $1,039,528,000 after purchasing an additional 58,546 shares during the last quarter. Capital International Investors lifted its holdings in Align Technology by 52.2% during the fourth quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after acquiring an additional 1,592,848 shares in the last quarter. Invesco Ltd. lifted its holdings in Align Technology by 37.4% during the third quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock worth $187,521,000 after acquiring an additional 407,559 shares in the last quarter. Capital World Investors lifted its holdings in Align Technology by 13.2% during the fourth quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider’s stock worth $232,742,000 after acquiring an additional 173,641 shares in the last quarter. Finally, Holocene Advisors LP bought a new position in Align Technology during the third quarter worth about $179,035,000. 88.43% of the stock is currently owned by institutional investors.

About Align Technology

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.