Align Technology, Inc. (NASDAQ:ALGN) Stock Has Consensus Price Target of $193.08 According to Brokerages

Align Technology, Inc. (NASDAQ:ALGN) has received an average rating of “Moderate Buy” from the seventeen brokerages that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eight have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $193.08.

A number of research firms have commented on ALGN. Wall Street Zen lowered shares of Align Technology from a “buy” rating to a “hold” rating in a report on Saturday, October 24th. Mizuho dropped their price objective on shares of Align Technology from $220.00 to $200.00 and set an “outperform” rating on the stock in a report on Thursday, October 22nd. Piper Sandler reduced their target price on Align Technology from $235.00 to $205.00 and set an “overweight” rating on the stock in a report on Wednesday, October 21st. Zacks Research lowered shares of Align Technology from a “hold” rating to a “strong sell” rating in a report on Thursday, October 15th. Finally, UBS Group reissued a “neutral” rating and set a $189.00 price target on shares of Align Technology in a research report on Thursday, July 23rd.

Align Technology Stock Up 4.2%

Shares of NASDAQ:ALGN opened at $166.00 on Friday. The company’s fifty day moving average is $150.38 and its 200 day moving average is $168.50. The stock has a market cap of $11.89 billion, a PE ratio of 16.52, a PEG ratio of 1.67 and a beta of 1.74. Align Technology has a 52 week low of $130.23 and a 52 week high of $200.43.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, October 28th. The medical equipment provider reported $2.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.77 by $0.03. Align Technology had a return on equity of 15.96% and a net margin of 11.83%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1 billion. During the same quarter last year, the business posted $2.61 EPS. The firm’s quarterly revenue was up 1.9% on a year-over-year basis. Sell-side analysts anticipate that Align Technology will post 9.21 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Align Technology during the second quarter valued at approximately $745,370,000. Assenagon Asset Management S.A. raised its position in Align Technology by 638.7% in the third quarter. Assenagon Asset Management S.A. now owns 4,662,437 shares of the medical equipment provider’s stock worth $629,469,000 after purchasing an additional 4,031,284 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in Align Technology by 3,162.7% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,097,745 shares of the medical equipment provider’s stock valued at $278,342,000 after acquiring an additional 2,033,451 shares during the last quarter. Vontobel Holding Ltd. raised its stake in Align Technology by 69,628.9% during the third quarter. Vontobel Holding Ltd. now owns 1,385,513 shares of the medical equipment provider’s stock worth $183,335,000 after buying an additional 1,383,526 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in Align Technology by 4.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,054,633 shares of the medical equipment provider’s stock worth $180,796,000 after buying an additional 49,220 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

About Align Technology

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align’s products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.