Bank of America Issues Positive Forecast for Align Technology (NASDAQ:ALGN) Stock Price

Align Technology (NASDAQ:ALGN) had its price objective increased by equities research analysts at Bank of America from $200.00 to $206.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “underperform” rating on the medical equipment provider’s stock. Bank of America‘s target price suggests a potential downside of 12.49% from the stock’s previous close.

Several other equities analysts have also recently issued reports on ALGN. Stifel Nicolaus decreased their target price on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Robert W. Baird lowered their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Mizuho began coverage on Align Technology in a report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price target for the company. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Finally, Evercore ISI dropped their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Align Technology currently has an average rating of “Hold” and a consensus price target of $271.20.

Align Technology Stock Performance

Shares of ALGN opened at $235.39 on Friday. The business’s 50-day moving average is $224.11 and its two-hundred day moving average is $234.30. The company has a market capitalization of $17.57 billion, a P/E ratio of 40.17, a P/E/G ratio of 6.20 and a beta of 1.66. Align Technology has a fifty-two week low of $196.09 and a fifty-two week high of $335.40.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same period last year, the company earned $1.62 earnings per share. Align Technology’s revenue for the quarter was up 1.8% compared to the same quarter last year. Analysts forecast that Align Technology will post 7.45 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Quarry LP increased its holdings in shares of Align Technology by 53.0% in the second quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock valued at $31,000 after purchasing an additional 44 shares during the last quarter. Crewe Advisors LLC raised its holdings in shares of Align Technology by 36.8% during the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock worth $41,000 after acquiring an additional 46 shares during the period. Empirical Finance LLC boosted its position in shares of Align Technology by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock valued at $632,000 after acquiring an additional 50 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Align Technology by 0.6% in the second quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock valued at $2,143,000 after purchasing an additional 54 shares during the period. Finally, Lake Street Advisors Group LLC increased its position in Align Technology by 5.6% during the third quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock worth $265,000 after purchasing an additional 55 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Company Profile

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.