Align Technology, Inc. (NASDAQ:ALGN) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Align Technology, Inc. (NASDAQ:ALGN) has been assigned a consensus rating of “Moderate Buy” from the fifteen brokerages that are covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $241.25.

A number of research analysts have recently issued reports on ALGN shares. Wells Fargo & Company reduced their price objective on Align Technology from $255.00 to $246.00 and set an “overweight” rating on the stock in a research note on Thursday, May 1st. HSBC cut Align Technology from a “buy” rating to a “hold” rating and decreased their price target for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. Jefferies Financial Group dropped their price objective on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Thursday, May 1st. Finally, Mizuho dropped their price target on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research report on Tuesday, April 29th.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in Align Technology in the fourth quarter worth $190,792,000. Ninety One UK Ltd grew its position in shares of Align Technology by 58.7% in the 1st quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider’s stock worth $307,800,000 after buying an additional 716,954 shares during the period. Meridiem Investment Management Ltd. increased its stake in shares of Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock worth $159,470,000 after acquiring an additional 297,472 shares in the last quarter. Senvest Management LLC lifted its position in Align Technology by 58.1% during the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider’s stock valued at $151,429,000 after acquiring an additional 267,000 shares during the period. Finally, Resona Asset Management Co. Ltd. bought a new stake in Align Technology during the fourth quarter worth about $47,853,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

NASDAQ:ALGN opened at $177.61 on Tuesday. The company has a market capitalization of $13.00 billion, a price-to-earnings ratio of 31.66, a PEG ratio of 2.24 and a beta of 1.68. The business has a 50 day moving average of $168.15 and a 200 day moving average of $200.61. Align Technology has a 1-year low of $141.74 and a 1-year high of $291.80.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.00 by $0.13. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The firm had revenue of $979.26 million during the quarter, compared to analyst estimates of $977.90 million. During the same period in the previous year, the business posted $2.14 EPS. The business’s quarterly revenue was down 1.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Align Technology will post 7.98 EPS 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.