Align Technology (NASDAQ:ALGN) Upgraded by Zacks Research to Strong-Buy Rating

Zacks Research upgraded shares of Align Technology (NASDAQ:ALGN) from a hold rating to a strong-buy rating in a research report sent to investors on Monday morning,Zacks.com reports.

A number of other equities analysts have also recently weighed in on the company. Robert W. Baird set a $218.00 price target on Align Technology in a report on Thursday, February 5th. Leerink Partners increased their price target on Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. UBS Group increased their price target on Align Technology from $175.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Jefferies Financial Group increased their price target on Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. Finally, Weiss Ratings upgraded Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Align Technology has an average rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Trading Down 1.8%

NASDAQ ALGN opened at $166.69 on Monday. The stock has a market cap of $11.94 billion, a PE ratio of 27.97, a P/E/G ratio of 1.74 and a beta of 1.67. Align Technology has a twelve month low of $122.00 and a twelve month high of $208.30. The stock has a fifty day simple moving average of $173.61 and a 200-day simple moving average of $168.68.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 15.82% and a net margin of 10.50%.The company’s revenue was up 6.2% compared to the same quarter last year. During the same period in the prior year, the business posted $2.13 EPS. Research analysts predict that Align Technology will post 9.48 EPS for the current year.

Align Technology declared that its Board of Directors has approved a share repurchase plan on Wednesday, April 29th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Align Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Sentry Investment Management LLC boosted its holdings in Align Technology by 73.1% during 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. Sunbelt Securities Inc. boosted its holdings in Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 109 shares during the period. Blue Trust Inc. boosted its holdings in Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 69 shares during the period. Independence Bank of Kentucky boosted its holdings in Align Technology by 77.7% during 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. Finally, Tobam purchased a new position in Align Technology during the 4th quarter valued at about $30,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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.