Align Technology, Inc. (NASDAQ:ALGN) Given Average Recommendation of “Moderate Buy” by Analysts

Align Technology, Inc. (NASDAQ:ALGN) has received a consensus rating of “Moderate Buy” from the fourteen ratings firms that are currently covering the stock, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation, eight have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $205.8462.

Several equities research analysts have commented on the stock. Weiss Ratings lowered shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday. Wall Street Zen raised shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Zacks Research raised Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. Piper Sandler raised their target price on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday, April 21st. Finally, Evercore raised their target price on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th.

Align Technology Stock Performance

Shares of ALGN opened at $167.74 on Wednesday. The business’s 50 day moving average price is $172.63 and its two-hundred day moving average price is $169.48. Align Technology has a 52-week low of $122.00 and a 52-week high of $208.30. The firm has a market cap of $12.01 billion, a PE ratio of 28.14, a price-to-earnings-growth ratio of 1.72 and a beta of 1.68.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the prior year, the business earned $2.13 earnings per share. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. Research analysts predict that Align Technology will post 9.48 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has authorized a stock repurchase program on Wednesday, April 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the medical equipment provider to reacquire up to 1.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Bessemer Group Inc. grew its holdings in Align Technology by 37.2% during the 1st quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock valued at $43,000 after buying an additional 67 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in Align Technology by 3.7% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock valued at $296,000 after buying an additional 68 shares in the last quarter. Blue Trust Inc. grew its holdings in Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 69 shares in the last quarter. Comerica Bank grew its position in shares of Align Technology by 0.6% during the 4th quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock valued at $2,132,000 after purchasing an additional 76 shares in the last quarter. Finally, Arizona State Retirement System grew its position in shares of Align Technology by 0.4% during the 3rd quarter. Arizona State Retirement System now owns 20,387 shares of the medical equipment provider’s stock valued at $2,553,000 after purchasing an additional 79 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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.