Align Technology (NASDAQ:ALGN) Rating Increased to Buy at StockNews.com

Align Technology (NASDAQ:ALGN) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a report released on Thursday.

A number of other research firms have also issued reports on ALGN. Stifel Nicolaus lowered their target price on Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday, July 25th. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Evercore ISI cut their target price on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. Robert W. Baird decreased their price target on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Finally, Piper Sandler reiterated an “overweight” rating and set a $315.00 price objective on shares of Align Technology in a research report on Friday, September 13th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $306.88.

Align Technology Price Performance

Shares of ALGN stock traded up $4.16 during trading hours on Thursday, reaching $257.17. The stock had a trading volume of 514,008 shares, compared to its average volume of 774,875. The firm has a market capitalization of $19.36 billion, a PE ratio of 42.37, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64. The firm has a 50-day simple moving average of $232.30 and a 200-day simple moving average of $265.24. Align Technology has a twelve month low of $176.34 and a twelve month high of $335.40.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter in the prior year, the company posted $1.73 earnings per share. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. On average, equities analysts anticipate that Align Technology will post 7.61 earnings per share for the current year.

Insider Activity

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of Align Technology stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.62% of the company’s stock.

Institutional Trading of Align Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Gryphon Financial Partners LLC lifted its stake in Align Technology by 31.0% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,396 shares of the medical equipment provider’s stock valued at $383,000 after acquiring an additional 330 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Align Technology by 3.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 213,667 shares of the medical equipment provider’s stock valued at $58,548,000 after purchasing an additional 7,266 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in Align Technology by 34.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 12,546 shares of the medical equipment provider’s stock worth $3,438,000 after purchasing an additional 3,185 shares in the last quarter. Coldstream Capital Management Inc. boosted its holdings in Align Technology by 19.2% in the fourth quarter. Coldstream Capital Management Inc. now owns 1,941 shares of the medical equipment provider’s stock worth $532,000 after purchasing an additional 313 shares in the last quarter. Finally, D.A. Davidson & CO. increased its position in Align Technology by 4.5% during the fourth quarter. D.A. Davidson & CO. now owns 4,644 shares of the medical equipment provider’s stock worth $1,272,000 after buying an additional 200 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

About Align Technology

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.