Align Technology (NASDAQ:ALGN) Upgraded at Leerink Partnrs

Leerink Partnrs upgraded shares of Align Technology (NASDAQ:ALGN) from a hold rating to a strong-buy rating in a research note released on Monday morning,Zacks.com reports.

ALGN has been the topic of several other reports. Piper Sandler dropped their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Robert W. Baird reduced their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Bank of America upped their target price on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Finally, Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $235.00 to $280.00 in a report on Monday. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and an average target price of $268.20.

Align Technology Price Performance

Shares of ALGN opened at $215.37 on Monday. The company’s fifty day moving average price is $221.98 and its 200-day moving average price is $229.37. Align Technology has a 1-year low of $196.09 and a 1-year high of $335.40. The firm has a market capitalization of $16.08 billion, a PE ratio of 36.75, a price-to-earnings-growth ratio of 6.20 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating 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 business had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same period in the prior year, the company earned $1.62 earnings per share. The company’s revenue was up 1.8% on a year-over-year basis. As a group, research analysts anticipate that Align Technology will post 7.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its position in shares of Align Technology by 49.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after purchasing an additional 866,663 shares during the last quarter. Holocene Advisors LP purchased a new stake in Align Technology during the 3rd quarter worth approximately $137,287,000. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of Align Technology by 4,391.3% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock valued at $117,879,000 after acquiring an additional 477,380 shares during the last quarter. FMR LLC lifted its position in shares of Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after acquiring an additional 367,508 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in shares of Align Technology by 96.3% in the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after acquiring an additional 330,807 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.