Align Technology (NASDAQ:ALGN) Price Target Raised to $320.00 at UBS Group

Align Technology (NASDAQ:ALGN) had its target price lifted by UBS Group from $280.00 to $320.00 in a research report sent to investors on Monday morning, Benzinga reports. UBS Group currently has a neutral rating on the medical equipment provider’s stock.

ALGN has been the topic of a number of other reports. Stifel Nicolaus lifted their price target on Align Technology from $340.00 to $350.00 and gave the stock a buy rating in a research note on Friday, March 15th. Leerink Partnrs reiterated a market perform rating on shares of Align Technology in a research report on Monday, February 26th. SVB Leerink initiated coverage on shares of Align Technology in a research report on Monday, February 26th. They set a market perform rating and a $310.00 price target on the stock. Piper Sandler upped their price objective on shares of Align Technology from $335.00 to $355.00 and gave the company an overweight rating in a research note on Thursday, March 14th. Finally, The Goldman Sachs Group raised their target price on shares of Align Technology from $197.00 to $225.00 and gave the stock a sell rating in a research note on Friday, February 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average price target of $344.45.

Align Technology Stock Performance

NASDAQ:ALGN opened at $301.34 on Monday. The company has a fifty day moving average of $312.73 and a two-hundred day moving average of $270.18. Align Technology has a fifty-two week low of $176.34 and a fifty-two week high of $413.20. The stock has a market capitalization of $22.68 billion, a PE ratio of 51.78, a P/E/G ratio of 5.46 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.13. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. The firm had revenue of $956.73 million during the quarter, compared to the consensus estimate of $928.57 million. Research analysts forecast that Align Technology will post 7.69 earnings per share for the current year.

Insider Activity at Align Technology

In other Align Technology news, EVP Emory Wright sold 2,524 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the completion of the sale, the executive vice president now owns 709 shares of the company’s stock, valued at $203,802.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Align Technology news, EVP Emory Wright sold 2,524 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph Lacob sold 10,000 shares of Align Technology stock in a transaction dated Tuesday, February 27th. The shares were 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 27,524 shares of company stock worth $8,403,924. Insiders own 0.64% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Rhenman & Partners Asset Management AB purchased a new stake in shares of Align Technology in the 3rd quarter valued at $305,000. Norges Bank purchased a new stake in Align Technology during the fourth quarter worth about $223,610,000. Ameriprise Financial Inc. lifted its position in shares of Align Technology by 348.9% during the third 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 in the last quarter. Brown Advisory Inc. boosted its stake in shares of Align Technology by 41.4% in the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after purchasing an additional 441,754 shares during the period. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Align Technology by 102.0% in the fourth quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock valued at $113,648,000 after purchasing an additional 209,419 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

About Align Technology

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.