Align Technology (NASDAQ:ALGN) Upgraded to Buy at Wall Street Zen

by · The Markets Daily

Wall Street Zen upgraded shares of Align Technology (NASDAQ:ALGN – Free Report) from a hold rating to a buy rating in a research report report published on Saturday.

ALGN has been the topic of a number of other reports. Zacks Research raised Align Technology from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 30th. Jefferies Financial Group boosted their target price on shares of Align Technology from $140.00 to $155.00 in a report on Thursday, October 30th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday, October 30th. Evercore ISI dropped their price target on Align Technology from $220.00 to $170.00 and set an “outperform” rating on the stock in a report on Tuesday, November 25th. Finally, Stifel Nicolaus set a $200.00 price objective on Align Technology in a research report on Thursday, October 30th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $172.18.

Read Our Latest Stock Analysis on ALGN

Align Technology Trading Down 0.1%

Shares of NASDAQ:ALGN opened at $156.03 on Friday. The company has a 50 day moving average of $148.38 and a 200-day moving average of $152.55. The firm has a market cap of $11.20 billion, a P/E ratio of 30.24, a P/E/G ratio of 1.76 and a beta of 1.83. Align Technology has a twelve month low of $122.00 and a twelve month high of $237.23.

Align Technology (NASDAQ:ALGN – Get Free Report) last announced its earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 EPS for the quarter, topping the consensus estimate of $2.38 by $0.23. Align Technology had a return on equity of 13.96% and a net margin of 9.50%.The firm had revenue of $995.69 million for the quarter, compared to analysts’ expectations of $980.75 million. During the same quarter in the previous year, the company earned $2.35 earnings per share. The firm’s quarterly revenue was up 1.8% compared to the same quarter last year. Equities research analysts forecast that Align Technology will post 7.98 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of Align Technology by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider’s stock valued at $1,039,528,000 after acquiring an additional 58,546 shares in the last quarter. Capital International Investors boosted its position in Align Technology by 88.6% during the third quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider’s stock valued at $381,968,000 after purchasing an additional 1,433,393 shares during the last quarter. Ninety One UK Ltd grew its stake in Align Technology by 18.3% in the third quarter. Ninety One UK Ltd now owns 2,267,192 shares of the medical equipment provider’s stock valued at $283,898,000 after purchasing an additional 350,883 shares in the last quarter. Invesco Ltd. increased its position in Align Technology by 37.4% in the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock worth $187,521,000 after purchasing an additional 407,559 shares during the last quarter. Finally, Holocene Advisors LP purchased a new stake in shares of Align Technology during the 3rd quarter worth about $179,035,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Company Profile

(Get Free Report)

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.

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