Leerink Partners Boosts Align Technology (NASDAQ:ALGN) Price Target to $210.00

Align Technology (NASDAQ:ALGN) had its price target raised by stock analysts at Leerink Partners from $189.00 to $210.00 in a note issued to investors on Thursday,MarketScreener reports. The firm presently has an “outperform” rating on the medical equipment provider’s stock. Leerink Partners’ target price suggests a potential upside of 23.41% from the company’s current price.

A number of other equities analysts also recently commented on ALGN. Zacks Research upgraded Align Technology from a “strong sell” rating to a “hold” rating in a research note on Tuesday, September 30th. Wall Street Zen raised Align Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 3rd. Mizuho boosted their price target on Align Technology from $170.00 to $200.00 and gave the company an “outperform” rating in a report on Tuesday. Evercore ISI dropped their price target on Align Technology from $220.00 to $170.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 25th. Finally, HSBC lifted their price objective on shares of Align Technology from $140.00 to $150.00 in a report on Friday, October 31st. Six investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $176.82.

Align Technology Trading Up 2.8%

ALGN stock opened at $170.17 on Thursday. The firm has a 50 day simple moving average of $156.74 and a 200-day simple moving average of $150.80. The company has a market capitalization of $12.21 billion, a P/E ratio of 33.03, a PEG ratio of 1.86 and a beta of 1.83. Align Technology has a twelve month low of $122.00 and a twelve month high of $237.23.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.23. The firm had revenue of $995.69 million for the quarter, compared to analysts’ expectations of $980.75 million. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the prior year, the company posted $2.35 earnings per share. On average, research analysts predict that Align Technology will post 7.98 EPS for the current year.

Hedge Funds Weigh In On Align Technology

Several institutional investors have recently modified their holdings of ALGN. OFI Invest Asset Management acquired a new position in Align Technology during the 4th quarter valued at about $13,164,000. Greenleaf Trust bought a new stake in shares of Align Technology during the fourth quarter valued at approximately $202,000. Modera Wealth Management LLC boosted its position in shares of Align Technology by 9.8% during the fourth quarter. Modera Wealth Management LLC now owns 14,394 shares of the medical equipment provider’s stock worth $2,248,000 after buying an additional 1,285 shares during the period. Groesbeck Investment Management Corp NJ bought a new position in Align Technology in the 4th quarter worth approximately $78,000. Finally, Independence Bank of Kentucky grew its holdings in Align Technology by 77.7% in the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 80 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

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.