Align Technology (NASDAQ:ALGN) Raised to Strong-Buy at Wall Street Zen

Align Technology (NASDAQ:ALGN) was upgraded by analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued on Saturday.

ALGN has been the subject of a number of other reports. Jefferies Financial Group raised their price objective on shares of Align Technology from $155.00 to $185.00 and gave the company a “hold” rating in a research note on Thursday, February 5th. Barclays increased their price target on shares of Align Technology from $170.00 to $200.00 and gave the company an “equal weight” rating in a report on Wednesday, February 25th. Leerink Partners raised their price target on shares of Align Technology from $210.00 to $225.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Stifel Nicolaus boosted their price objective on shares of Align Technology from $200.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Finally, Mizuho upped their price objective on Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Six equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Align Technology presently has a consensus rating of “Hold” and an average target price of $198.08.

Align Technology Trading Down 0.9%

NASDAQ ALGN opened at $174.00 on Friday. Align Technology has a 12 month low of $122.00 and a 12 month high of $208.30. The stock’s fifty day moving average price is $174.64 and its 200-day moving average price is $152.40. The stock has a market cap of $12.40 billion, a P/E ratio of 30.74, a P/E/G ratio of 1.90 and a beta of 1.79.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.99 by $0.30. The firm had revenue of $1.05 billion during the quarter, compared to analyst estimates of $1.03 billion. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.Align Technology’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.44 EPS. As a group, analysts forecast that Align Technology will post 7.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Align Technology news, EVP John Morici sold 7,969 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total value of $1,508,611.39. Following the transaction, the executive vice president owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.66% of the company’s stock.

Institutional Investors Weigh In On Align Technology

Several hedge funds and other institutional investors have recently made changes to their positions in ALGN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Align Technology by 4.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock worth $1,624,000 after buying an additional 469 shares during the last quarter. Focus Partners Wealth increased its holdings in Align Technology by 5.2% during the first quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock valued at $486,000 after buying an additional 151 shares during the last quarter. Sivia Capital Partners LLC bought a new position in Align Technology in the second quarter worth approximately $204,000. Assetmark Inc. boosted its stake in shares of Align Technology by 327.6% during the 2nd quarter. Assetmark Inc. now owns 449 shares of the medical equipment provider’s stock worth $85,000 after acquiring an additional 344 shares during the last quarter. Finally, Atria Investments Inc boosted its stake in shares of Align Technology by 4.9% during the 2nd quarter. Atria Investments Inc now owns 1,575 shares of the medical equipment provider’s stock worth $298,000 after acquiring an additional 74 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

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.