Align Technology (NASDAQ:ALGN) Shares Cross Above Two Hundred Day Moving Average – Here’s Why
by Renee Jackson · The Cerbat GemAlign Technology, Inc. (NASDAQ:ALGN – Get Free Report) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $157.87 and traded as high as $171.15. Align Technology shares last traded at $166.87, with a volume of 933,692 shares trading hands.
Analyst Upgrades and Downgrades
ALGN has been the topic of a number of research analyst reports. Morgan Stanley lifted their price target on shares of Align Technology from $154.00 to $169.00 and gave the company an “equal weight” rating in a report on Thursday, February 5th. Weiss Ratings upgraded shares of Align Technology from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, January 16th. Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. UBS Group lifted their target price on shares of Align Technology from $175.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 5th. Finally, Mizuho lifted their target price on shares of Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a report on Thursday, February 5th. Seven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $198.08.
Check Out Our Latest Research Report on ALGN
Align Technology Stock Performance
The firm has a market cap of $12.50 billion, a price-to-earnings ratio of 30.84, a price-to-earnings-growth ratio of 1.93 and a beta of 1.81. The company’s fifty day moving average is $177.81 and its two-hundred day moving average is $158.11.
Align Technology (NASDAQ:ALGN – Get Free Report) last posted its earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, beating the consensus estimate of $2.99 by $0.30. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.44 EPS. As a group, analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.
Insider Transactions at Align Technology
In related news, EVP John Morici sold 7,969 shares of Align Technology stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the sale, the executive vice president owned 8,237 shares of the company’s stock, valued at $1,559,346.47. The trade was a 49.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.66% of the stock is owned by company insiders.
Institutional Investors Weigh In On Align Technology
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGN. Capital International Investors increased its stake in Align Technology by 52.2% during the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after buying an additional 1,592,848 shares during the period. Holocene Advisors LP purchased a new stake in Align Technology during the 3rd quarter worth $179,035,000. Ruane Cunniff & Goldfarb L.P. purchased a new stake in Align Technology during the 4th quarter worth $190,899,000. Norges Bank purchased a new stake in Align Technology during the 4th quarter worth $155,556,000. Finally, Arrowstreet Capital Limited Partnership increased its stake in Align Technology by 247.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,005,413 shares of the medical equipment provider’s stock worth $156,995,000 after buying an additional 715,919 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.
About Align Technology
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.