Align Technology (NASDAQ:ALGN) Receives New Coverage from Analysts at HSBC

HSBC started coverage on shares of Align Technology (NASDAQ:ALGN) in a report issued on Wednesday morning, FlyOnTheWall reports. The brokerage issued a buy rating on the medical equipment provider’s stock.

Several other research analysts also recently commented on ALGN. OTR Global downgraded shares of Align Technology to a positive rating in a research note on Friday, June 16th. Stifel Nicolaus lifted their price target on shares of Align Technology from $390.00 to $430.00 and gave the company a buy rating in a report on Thursday, August 24th. Robert W. Baird lifted their price target on shares of Align Technology from $385.00 to $406.00 in a report on Thursday, July 27th. Jefferies Financial Group lifted their price target on shares of Align Technology from $367.00 to $400.00 in a report on Thursday, July 27th. Finally, StockNews.com assumed coverage on shares of Align Technology in a report on Thursday, August 17th. They issued a buy rating on the stock. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Align Technology currently has an average rating of Moderate Buy and a consensus target price of $371.63.

Align Technology Stock Performance

ALGN stock opened at $370.86 on Wednesday. The company has a market capitalization of $28.38 billion, a PE ratio of 91.12, a price-to-earnings-growth ratio of 2.84 and a beta of 1.63. Align Technology has a one year low of $172.05 and a one year high of $413.20. The company’s 50 day moving average price is $352.51 and its two-hundred day moving average price is $329.03.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, July 26th. The medical equipment provider reported $1.73 EPS for the quarter, topping the consensus estimate of $1.64 by $0.09. Align Technology had a net margin of 8.40% and a return on equity of 11.42%. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $985.87 million. On average, research analysts predict that Align Technology will post 7.2 EPS for the current year.

Institutional Trading of Align Technology

A number of hedge funds have recently modified their holdings of ALGN. Raymond James Trust N.A. boosted its holdings in shares of Align Technology by 39.4% during the 1st quarter. Raymond James Trust N.A. now owns 934 shares of the medical equipment provider’s stock valued at $407,000 after buying an additional 264 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Align Technology by 11.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 180,978 shares of the medical equipment provider’s stock worth $78,911,000 after purchasing an additional 18,153 shares during the last quarter. Prudential PLC purchased a new position in shares of Align Technology in the 1st quarter worth about $955,000. Cetera Investment Advisers raised its position in shares of Align Technology by 4.9% in the 1st quarter. Cetera Investment Advisers now owns 1,713 shares of the medical equipment provider’s stock worth $747,000 after purchasing an additional 80 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in shares of Align Technology by 17.1% in the 1st quarter. Sequoia Financial Advisors LLC now owns 526 shares of the medical equipment provider’s stock worth $229,000 after purchasing an additional 77 shares during the last quarter. Institutional investors own 87.07% of the company’s stock.

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, China, and internationally. It operates in two segments, Clear Aligner; and Imaging Systems and CAD/CAM Services (Systems and Services).