Align Technology (NASDAQ:ALGN) Raised to “Outperform” at Leerink Partners

Leerink Partners upgraded shares of Align Technology (NASDAQ:ALGN) from a market perform rating to an outperform rating in a research note issued to investors on Monday morning, MarketBeat Ratings reports. The firm currently has $280.00 price objective on the medical equipment provider’s stock, up from their previous price objective of $235.00.

ALGN has been the subject of several other research reports. Robert W. Baird decreased their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Stifel Nicolaus dropped their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Evercore ISI reduced their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Morgan Stanley decreased their price target on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Two analysts have rated the stock with a sell rating, two have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $268.20.

Align Technology Price Performance

Align Technology stock opened at $215.37 on Monday. Align Technology has a 12 month low of $196.09 and a 12 month high of $335.40. The company has a fifty day moving average price of $221.98 and a two-hundred day moving average price of $229.37. The company has a market cap of $16.08 billion, a PE ratio of 36.75, a P/E/G ratio of 6.20 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. During the same quarter in the previous year, the firm posted $1.62 EPS. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. Equities research analysts anticipate that Align Technology will post 7.45 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Cullen Frost Bankers Inc. increased its position in Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 94 shares during the period. True Wealth Design LLC increased its holdings in Align Technology by 10,700.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 107 shares during the period. Neo Ivy Capital Management acquired a new position in Align Technology in the third quarter worth about $32,000. Quarry LP raised its holdings in shares of Align Technology by 53.0% in the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after buying an additional 44 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new stake in Align Technology in the second quarter valued at $31,000. 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.