Align Technology, Inc. (NASDAQ:ALGN) Receives $303.13 Average PT from Brokerages

Align Technology, Inc. (NASDAQ:ALGN) has received a consensus recommendation of “Hold” from the ten ratings firms that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and five have issued a buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $295.00.

Several equities analysts recently issued reports on the stock. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Morgan Stanley dropped their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Needham & Company LLC assumed coverage on shares of Align Technology in a research note on Thursday, October 10th. They set a “hold” rating on the stock. Evercore ISI dropped their price objective on shares of Align Technology from $280.00 to $270.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 8th. Finally, Piper Sandler reissued an “overweight” rating and set a $315.00 price objective on shares of Align Technology in a research note on Friday, September 13th.

Insider Transactions at Align Technology

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were purchased at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the purchase, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ALGN. Bares Capital Management Inc. raised its holdings in shares of Align Technology by 22.6% during the fourth quarter. Bares Capital Management Inc. now owns 567,710 shares of the medical equipment provider’s stock valued at $155,553,000 after purchasing an additional 104,799 shares during the last quarter. Brown Capital Management LLC raised its holdings in shares of Align Technology by 1.2% during the fourth quarter. Brown Capital Management LLC now owns 29,466 shares of the medical equipment provider’s stock valued at $8,074,000 after purchasing an additional 363 shares during the last quarter. Harbert Fund Advisors Inc. purchased a new position in shares of Align Technology during the fourth quarter valued at approximately $1,288,000. Able Wealth Management LLC purchased a new position in shares of Align Technology during the fourth quarter valued at approximately $164,000. Finally, Scarborough Advisors LLC purchased a new position in shares of Align Technology during the fourth quarter valued at approximately $86,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $219.15 on Friday. Align Technology has a 1 year low of $176.34 and a 1 year high of $335.40. The company’s 50-day moving average is $234.20 and its 200 day moving average is $254.75. The stock has a market capitalization of $16.50 billion, a P/E ratio of 36.10, a P/E/G ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The company 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 company earned $1.73 earnings per share. Align Technology’s quarterly revenue was up 2.6% on a year-over-year basis. Research analysts anticipate that Align Technology will post 7.61 earnings per share for the current year.

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.