Leerink Partners Issues Positive Forecast for Align Technology (NASDAQ:ALGN) Stock Price
by Teresa Graham · The Cerbat GemAlign Technology (NASDAQ:ALGN – Free Report) had its target price raised by Leerink Partners from $225.00 to $230.00 in a research report report published on Thursday,MarketScreener reports.
ALGN has been the topic of a number of other research reports. Robert W. Baird set a $218.00 price objective on Align Technology in a report on Thursday, February 5th. Morgan Stanley boosted their target price on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Friday, April 24th. Citigroup assumed coverage on shares of Align Technology in a research note on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price target on the stock. Jefferies Financial Group raised their price objective on shares of Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. Finally, Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, March 7th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $205.85.
Read Our Latest Analysis on ALGN
Align Technology Stock Performance
Shares of NASDAQ:ALGN traded up $1.49 during trading hours on Thursday, reaching $177.50. The stock had a trading volume of 79,162 shares, compared to its average volume of 1,195,185. Align Technology has a 1 year low of $122.00 and a 1 year high of $208.30. The firm’s 50 day moving average is $179.02 and its 200-day moving average is $164.00. The stock has a market capitalization of $12.71 billion, a price-to-earnings ratio of 29.71, a P/E/G ratio of 1.94 and a beta of 1.81.
Align Technology (NASDAQ:ALGN – Get Free Report) last released its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.26 by $0.32. The business had revenue of $1.04 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 16.00%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.13 EPS. Analysts forecast that Align Technology will post 9.15 EPS for the current year.
Align Technology declared that its board has approved a stock repurchase program on Wednesday, April 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the medical equipment provider to buy up to 1.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Insiders Place Their Bets
In other news, EVP John Morici sold 7,969 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total value of $1,508,611.39. Following the completion of the sale, the executive vice president directly owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.75% of the company’s stock.
Institutional Trading of Align Technology
Large investors have recently bought and sold shares of the business. Blue Trust Inc. raised its holdings in shares of Align Technology by 77.5% in the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 69 shares during the last quarter. Sunbelt Securities Inc. grew its holdings in shares of Align Technology by 222.4% during the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 109 shares during the last quarter. Independence Bank of Kentucky increased its position in Align Technology by 77.7% in the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after acquiring an additional 80 shares during the period. Sentry Investment Management LLC increased its position in Align Technology by 73.1% in the 3rd quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 79 shares during the period. Finally, CYBER HORNET ETFs LLC purchased a new stake in Align Technology during the 2nd quarter valued at approximately $36,000. Institutional investors and hedge funds own 88.43% of the company’s stock.
Align Technology Company Profile
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.