Align Technology (NASDAQ:ALGN) Rating Increased to Outperform at Leerink Partners

Align Technology (NASDAQ:ALGN) was upgraded by investment analysts at Leerink Partners from a “market perform” rating to an “outperform” rating in a research note issued to investors on Monday,Briefing.com Automated Import reports. The brokerage presently has a $280.00 price target on the medical equipment provider’s stock, up from their prior price target of $235.00. Leerink Partners’ price target would suggest a potential upside of 34.45% from the stock’s previous close.

Several other research firms have also issued reports on ALGN. Robert W. Baird reduced their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Evercore ISI dropped their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Mizuho assumed coverage on shares of Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective for the company. Morgan Stanley reduced their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Finally, StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $268.20.

Align Technology Trading Down 0.1 %

Shares of ALGN stock opened at $208.26 on Monday. The stock has a 50 day simple moving average of $221.73 and a 200 day simple moving average of $229.81. Align Technology has a 1 year low of $196.09 and a 1 year high of $335.40. The stock has a market cap of $15.55 billion, a P/E ratio of 35.54, a price-to-earnings-growth ratio of 6.20 and a beta of 1.66.

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

Institutional Investors Weigh In On Align Technology

A number of hedge funds have recently added to or reduced their stakes in the business. Nordea Investment Management AB grew its stake in shares of Align Technology by 3.5% in the 4th quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock valued at $56,870,000 after buying an additional 9,139 shares during the period. Versant Capital Management Inc lifted its stake in shares of Align Technology by 212.2% in the fourth quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock valued at $48,000 after buying an additional 157 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Align Technology by 2.7% during the third quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider’s stock valued at $20,859,000 after buying an additional 2,168 shares during the last quarter. Exome Asset Management LLC acquired a new stake in shares of Align Technology in the 3rd quarter worth about $4,756,000. Finally, Oddo BHF Asset Management Sas acquired a new stake in shares of Align Technology in the 3rd quarter worth about $747,000. 88.43% of the stock is currently owned by 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.