Align Technology, Inc. (NASDAQ:ALGN) Given Average Rating of “Moderate Buy” by Analysts

Align Technology, Inc. (NASDAQ:ALGN) has been given an average rating of “Moderate Buy” by the ten ratings firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $322.78.

Several research firms have recently weighed in on ALGN. UBS Group lifted their price objective on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, April 15th. Morgan Stanley cut their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Stifel Nicolaus reduced their price target on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research report on Thursday, July 25th. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, StockNews.com downgraded Align Technology from a “buy” rating to a “hold” rating in a research report on Thursday, July 25th.

Align Technology Trading Down 6.5 %

Align Technology stock opened at $213.49 on Friday. Align Technology has a 1 year low of $176.34 and a 1 year high of $375.68. The firm has a market capitalization of $16.07 billion, a P/E ratio of 35.17, a PEG ratio of 5.18 and a beta of 1.66. The business has a 50-day moving average of $245.59 and a 200-day moving average of $278.95.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter in the previous year, the business posted $1.73 EPS. Align Technology’s revenue for the quarter was up 2.6% on a year-over-year basis. Research analysts anticipate that Align Technology will post 7.64 EPS for the current fiscal year.

Institutional Investors Weigh In On Align Technology

Several large investors have recently made changes to their positions in the stock. National Bank of Canada FI boosted its holdings in shares of Align Technology by 12.0% in the 2nd quarter. National Bank of Canada FI now owns 32,488 shares of the medical equipment provider’s stock valued at $7,748,000 after buying an additional 3,488 shares during the last quarter. TD Asset Management Inc boosted its holdings in shares of Align Technology by 347.1% in the 2nd quarter. TD Asset Management Inc now owns 112,011 shares of the medical equipment provider’s stock valued at $27,043,000 after buying an additional 86,960 shares during the last quarter. YHB Investment Advisors Inc. boosted its holdings in shares of Align Technology by 19.9% in the 2nd quarter. YHB Investment Advisors Inc. now owns 9,721 shares of the medical equipment provider’s stock valued at $2,347,000 after buying an additional 1,611 shares during the last quarter. Versor Investments LP boosted its holdings in shares of Align Technology by 385.3% in the 2nd quarter. Versor Investments LP now owns 7,139 shares of the medical equipment provider’s stock valued at $1,724,000 after buying an additional 5,668 shares during the last quarter. Finally, GraniteShares Advisors LLC boosted its holdings in shares of Align Technology by 28.2% in the 2nd quarter. GraniteShares Advisors LLC now owns 2,404 shares of the medical equipment provider’s stock valued at $580,000 after buying an additional 529 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

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.