Evercore ISI Raises Align Technology (NASDAQ:ALGN) Price Target to $200.00

Align Technology (NASDAQ:ALGN) had its price objective increased by research analysts at Evercore ISI from $165.00 to $200.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the medical equipment provider’s stock. Evercore ISI’s price objective suggests a potential upside of 11.22% from the company’s previous close.

Other equities research analysts also recently issued research reports about the stock. HSBC downgraded shares of Align Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Hsbc Global Res cut Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. Piper Sandler reissued an “overweight” rating and issued a $235.00 target price (down previously from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. Mizuho cut their price target on Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $241.25.

Align Technology Price Performance

Align Technology stock opened at $179.82 on Thursday. Align Technology has a one year low of $141.74 and a one year high of $295.69. The business’s fifty day moving average is $168.42 and its 200 day moving average is $201.12. The stock has a market capitalization of $13.16 billion, a PE ratio of 32.05, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The business had revenue of $979.26 million for the quarter, compared to analysts’ expectations of $977.90 million. During the same quarter in the prior year, the business earned $2.14 EPS. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, sell-side analysts expect that Align Technology will post 7.98 EPS for the current fiscal year.

Institutional Trading of Align Technology

Several institutional investors and hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. boosted its holdings in Align Technology by 98.1% in the 1st quarter. Victory Capital Management Inc. now owns 323,158 shares of the medical equipment provider’s stock worth $51,337,000 after buying an additional 160,056 shares during the period. PAX Financial Group LLC lifted its position in shares of Align Technology by 4.5% in the first quarter. PAX Financial Group LLC now owns 3,614 shares of the medical equipment provider’s stock valued at $574,000 after acquiring an additional 156 shares in the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Align Technology by 40.3% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 811 shares of the medical equipment provider’s stock worth $129,000 after acquiring an additional 233 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in shares of Align Technology during the first quarter worth about $17,344,000. Finally, Asahi Life Asset Management CO. LTD. bought a new stake in Align Technology during the 1st quarter valued at approximately $267,000. 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.