Align Technology (NASDAQ:ALGN) Upgraded at Leerink Partners

Leerink Partners upgraded shares of Align Technology (NASDAQ:ALGN) from a market perform rating to an outperform rating in a report issued on Monday morning, MarketBeat Ratings reports. They currently have $280.00 target price on the medical equipment provider’s stock, up from their previous target price of $235.00.

Several other equities analysts have also recently issued reports on the company. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Robert W. Baird cut their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Mizuho started coverage on shares of Align Technology in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price target for the company. Bank of America increased their price objective on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Finally, Piper Sandler lowered their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $268.20.

Align Technology Price Performance

NASDAQ ALGN opened at $215.37 on Monday. The firm’s 50-day moving average is $221.98 and its two-hundred day moving average is $229.37. Align Technology has a 12 month low of $196.09 and a 12 month high of $335.40. The stock has a market capitalization of $16.08 billion, a P/E ratio of 36.75, a PEG ratio of 6.20 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. The firm had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. Align Technology’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.62 EPS. As a group, analysts anticipate that Align Technology will post 7.45 EPS for the current year.

Institutional Trading of Align Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Cullen Frost Bankers Inc. boosted its stake in shares of Align Technology by 854.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 94 shares during the last quarter. True Wealth Design LLC lifted its position in Align Technology by 10,700.0% during the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 107 shares in the last quarter. University of Texas Texas AM Investment Management Co. purchased a new stake in Align Technology during the 2nd quarter worth $31,000. Quarry LP boosted its position in shares of Align Technology by 53.0% in the second quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after buying an additional 44 shares during the period. Finally, Neo Ivy Capital Management acquired a new stake in Align Technology in the third quarter valued at approximately $32,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Company Profile

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.