Align Technology, Inc. (NASDAQ:ALGN) Receives Consensus Recommendation of “Hold” from Brokerages

Align Technology, Inc. (NASDAQ:ALGN) has received a consensus rating of “Hold” from the ten brokerages that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $303.13.

A number of analysts have issued reports on the company. Piper Sandler reissued an “overweight” rating and issued a $315.00 target price on shares of Align Technology in a research report on Friday, September 13th. Morgan Stanley decreased their price objective on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Stifel Nicolaus dropped their price objective on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday, July 25th. Evercore ISI cut their target price on shares of Align Technology from $280.00 to $270.00 and set an “outperform” rating for the company in a research report on Tuesday. Finally, StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th.

Align Technology Stock Performance

ALGN opened at $229.65 on Friday. Align Technology has a fifty-two week low of $176.34 and a fifty-two week high of $335.40. The firm has a 50-day moving average of $233.48 and a 200 day moving average of $258.08. The firm has a market cap of $17.29 billion, a P/E ratio of 37.83, a PEG ratio of 5.77 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the firm earned $1.73 EPS. The company’s revenue was up 2.6% compared to the same quarter last year. Equities research analysts predict that Align Technology will post 7.61 earnings per share for the current fiscal year.

Insider Activity at Align Technology

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the stock in a transaction on Thursday, August 15th. The shares were acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Align Technology

Institutional investors have recently added to or reduced their stakes in the business. Bares Capital Management Inc. increased its position in shares of Align Technology by 22.6% in the fourth quarter. Bares Capital Management Inc. now owns 567,710 shares of the medical equipment provider’s stock worth $155,553,000 after purchasing an additional 104,799 shares during the last quarter. Brown Capital Management LLC increased its holdings in shares of Align Technology by 1.2% in the 4th quarter. Brown Capital Management LLC now owns 29,466 shares of the medical equipment provider’s stock worth $8,074,000 after buying an additional 363 shares during the last quarter. Harbert Fund Advisors Inc. purchased a new stake in shares of Align Technology during the 4th quarter valued at $1,288,000. Able Wealth Management LLC bought a new stake in shares of Align Technology during the 4th quarter worth $164,000. Finally, Scarborough Advisors LLC purchased a new position in Align Technology in the fourth quarter worth $86,000. 88.43% of the stock is currently owned by 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.