Align Technology (NASDAQ:ALGN) PT Raised to $320.00

Align Technology (NASDAQ:ALGN) had its target price boosted by analysts at UBS Group from $280.00 to $320.00 in a report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the medical equipment provider’s stock. UBS Group’s target price would indicate a potential upside of 4.88% from the company’s previous close.

ALGN has been the topic of several other research reports. The Goldman Sachs Group boosted their price target on shares of Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a report on Friday, February 2nd. SVB Leerink started coverage on Align Technology in a report on Monday, February 26th. They set a “market perform” rating and a $310.00 price objective for the company. Leerink Partnrs reiterated a “market perform” rating on shares of Align Technology in a research report on Monday, February 26th. Piper Sandler boosted their price target on shares of Align Technology from $335.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, March 14th. Finally, Stifel Nicolaus boosted their target price on Align Technology from $340.00 to $350.00 and gave the stock a “buy” rating in a report on Friday, March 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $339.91.

Align Technology Price Performance

ALGN stock opened at $305.10 on Monday. The company has a 50-day moving average of $312.30 and a two-hundred day moving average of $269.75. The stock has a market capitalization of $22.96 billion, a price-to-earnings ratio of 52.42, a price-to-earnings-growth ratio of 5.67 and a beta of 1.65. Align Technology has a 52-week low of $176.34 and a 52-week high of $413.20.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 EPS for the quarter, topping the consensus estimate of $1.78 by $0.13. Align Technology had a return on equity of 13.88% and a net margin of 11.52%. The company had revenue of $956.73 million for the quarter, compared to the consensus estimate of $928.57 million. Equities analysts expect that Align Technology will post 7.65 EPS for the current fiscal year.

Insider Buying and Selling at Align Technology

In other Align Technology news, EVP Emory Wright sold 2,524 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the transaction, the executive vice president now owns 709 shares in the company, valued at $203,802.05. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Joseph Lacob sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the sale, the director now owns 146,994 shares of the company’s stock, valued at $46,010,591.94. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Emory Wright sold 2,524 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the completion of the transaction, the executive vice president now owns 709 shares of the company’s stock, valued at $203,802.05. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,524 shares of company stock worth $8,403,924. Insiders own 0.72% of the company’s stock.

Institutional Investors Weigh In On Align Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rhenman & Partners Asset Management AB acquired a new position in Align Technology during the 3rd quarter worth approximately $305,000. Norges Bank bought a new stake in Align Technology during the fourth quarter worth about $223,610,000. Ameriprise Financial Inc. increased its position in shares of Align Technology by 348.9% during the 3rd quarter. Ameriprise Financial Inc. now owns 756,393 shares of the medical equipment provider’s stock worth $230,938,000 after purchasing an additional 587,886 shares during the last quarter. Brown Advisory Inc. boosted its holdings in shares of Align Technology by 41.4% in the 4th quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after buying an additional 441,754 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in 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 worth $113,648,000 after acquiring an additional 209,419 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

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.