Align Technology, Inc. (NASDAQ:ALGN) Receives $176.82 Average PT from Brokerages

Shares of Align Technology, Inc. (NASDAQ:ALGN) have received an average recommendation of “Hold” from the fifteen analysts that are presently covering the company, MarketBeat reports. Nine investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $176.8182.

ALGN has been the subject of several recent research reports. Wells Fargo & Company cut their price target on Align Technology from $199.00 to $181.00 and set an “overweight” rating for the company in a report on Thursday, October 30th. Barclays began coverage on shares of Align Technology in a report on Monday, December 8th. They issued an “equal weight” rating and a $170.00 target price on the stock. HSBC boosted their target price on Align Technology from $140.00 to $150.00 in a research report on Friday, October 31st. Piper Sandler reiterated an “overweight” rating and set a $200.00 price objective (up previously from $190.00) on shares of Align Technology in a research report on Thursday, October 30th. Finally, Leerink Partners boosted their target price on shares of Align Technology from $189.00 to $210.00 and gave the stock an “outperform” rating in a report on Thursday, January 22nd.

Hedge Funds Weigh In On Align Technology

A number of large investors have recently made changes to their positions in ALGN. Pinnacle Wealth Management Advisory Group LLC purchased a new stake in shares of Align Technology during the fourth quarter valued at $220,000. Fifth Third Bancorp raised its holdings in shares of Align Technology by 49.4% in the fourth quarter. Fifth Third Bancorp now owns 5,619 shares of the medical equipment provider’s stock valued at $877,000 after acquiring an additional 1,859 shares in the last quarter. New York State Teachers Retirement System raised its holdings in shares of Align Technology by 0.8% in the fourth quarter. New York State Teachers Retirement System now owns 54,284 shares of the medical equipment provider’s stock valued at $8,476,000 after acquiring an additional 451 shares in the last quarter. Jennison Associates LLC purchased a new stake in Align Technology in the fourth quarter worth about $23,358,000. Finally, Wealthfront Advisers LLC bought a new position in Align Technology during the 4th quarter worth about $248,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Trading Up 0.4%

ALGN opened at $163.63 on Thursday. The company’s 50 day moving average is $161.41 and its 200 day moving average is $148.74. The company has a market cap of $11.74 billion, a price-to-earnings ratio of 31.71, a PEG ratio of 1.83 and a beta of 1.83. Align Technology has a 12-month low of $122.00 and a 12-month high of $232.20.

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.