Align Technology (NASDAQ:ALGN) Upgraded at Leerink Partnrs

Align Technology (NASDAQ:ALGN) was upgraded by investment analysts at Leerink Partnrs from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other research firms have also issued reports on ALGN. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Robert W. Baird lowered their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Stifel Nicolaus lowered their target price on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 24th. Finally, Piper Sandler cut their price target 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. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $268.20.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $217.56 on Monday. The company has a market cap of $16.24 billion, a P/E ratio of 37.13, a P/E/G ratio of 6.20 and a beta of 1.67. Align Technology has a 52-week low of $196.09 and a 52-week high of $335.40. The firm’s fifty day moving average is $221.89 and its two-hundred day moving average is $229.46.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS 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 firm had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. During the same period in the prior year, the company earned $1.62 EPS. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. As a group, analysts forecast that Align Technology will post 7.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

A number of institutional investors have recently modified their holdings of ALGN. Achmea Investment Management B.V. boosted its holdings in shares of Align Technology by 3.4% in the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock valued at $2,495,000 after purchasing an additional 339 shares during the period. Baker Avenue Asset Management LP bought a new stake in Align Technology during the 3rd quarter valued at $4,250,000. Swedbank AB lifted its holdings in shares of Align Technology by 30.1% in the 3rd quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock worth $98,960,000 after buying an additional 90,000 shares during the period. KBC Group NV lifted its holdings in shares of Align Technology by 11.8% in the 3rd quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider’s stock worth $13,595,000 after buying an additional 5,663 shares during the period. Finally, Fisher Asset Management LLC grew its position in shares of Align Technology by 2.6% during the 3rd quarter. Fisher Asset Management LLC now owns 105,770 shares of the medical equipment provider’s stock worth $26,900,000 after buying an additional 2,717 shares in the last quarter. 88.43% of the stock is 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.