Align Technology (NASDAQ:ALGN) Downgraded by Zacks Research to Hold

Zacks Research lowered shares of Align Technology (NASDAQ:ALGN) from a strong-buy rating to a hold rating in a research report report published on Thursday,Zacks.com reports.

Other equities analysts have also issued research reports about the company. Evercore increased their target price on Align Technology from $200.00 to $220.00 in a report on Thursday, April 30th. BMO Capital Markets started coverage on Align Technology in a report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price target for the company. Leerink Partners upped their price objective on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Weiss Ratings downgraded Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. Finally, Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Align Technology has an average rating of “Moderate Buy” and a consensus price target of $206.07.

Align Technology Stock Down 0.9%

Shares of ALGN stock opened at $176.76 on Thursday. The firm has a 50 day moving average of $172.30 and a two-hundred day moving average of $174.48. The stock has a market capitalization of $12.66 billion, a PE ratio of 29.66, a P/E/G ratio of 1.83 and a beta of 1.67. Align Technology has a 52 week low of $122.00 and a 52 week high of $208.30.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period in the prior year, the firm earned $2.13 earnings per share. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. Analysts expect that Align Technology will post 9.48 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has initiated a share repurchase plan on Wednesday, April 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Align Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Align Technology by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock valued at $1,624,000 after purchasing an additional 469 shares during the last quarter. Focus Partners Wealth grew its position in Align Technology by 5.2% during the 1st quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock worth $486,000 after purchasing an additional 151 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in Align Technology in the second quarter valued at $204,000. EverSource Wealth Advisors LLC increased its stake in Align Technology by 55.7% in the second quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider’s stock valued at $101,000 after purchasing an additional 190 shares during the period. Finally, First Trust Advisors LP increased its stake in Align Technology by 201.7% in the second quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider’s stock valued at $16,712,000 after purchasing an additional 59,010 shares during the period. Hedge funds and other 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.