Align Technology, Inc. (NASDAQ:ALGN) Given Consensus Rating of “Moderate Buy” by Analysts

Align Technology, Inc. (NASDAQ:ALGN) has earned an average recommendation of “Moderate Buy” from the fifteen analysts that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation, nine have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $241.25.

Several brokerages recently commented on ALGN. HSBC cut shares of Align Technology from a “buy” rating to a “hold” rating and reduced their price objective for the company from $290.00 to $170.00 in a research note on Friday, April 25th. Mizuho cut their price target on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Tuesday, April 29th. Wells Fargo & Company cut their price target on shares of Align Technology from $255.00 to $246.00 and set an “overweight” rating for the company in a research note on Thursday, May 1st. Hsbc Global Res cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. Finally, Piper Sandler reissued an “overweight” rating and issued a $250.00 price target (up previously from $235.00) on shares of Align Technology in a research note on Thursday, May 1st.

Align Technology Trading Down 1.0%

Shares of NASDAQ:ALGN opened at $170.80 on Friday. The company has a 50 day moving average of $170.98 and a 200 day moving average of $197.75. The stock has a market cap of $12.38 billion, a P/E ratio of 30.45, a P/E/G ratio of 2.24 and a beta of 1.68. Align Technology has a 12 month low of $141.74 and a 12 month high of $271.59.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, beating the consensus estimate of $2.00 by $0.13. The company had revenue of $979.26 million during the quarter, compared to analysts’ expectations of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Align Technology’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.14 earnings per share. On average, equities analysts forecast that Align Technology will post 7.98 earnings per share for the current fiscal year.

Align Technology announced that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the medical equipment provider to purchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Align Technology

A number of hedge funds have recently made changes to their positions in ALGN. Norges Bank bought a new stake in shares of Align Technology in the 4th quarter worth approximately $190,792,000. Ninety One UK Ltd lifted its holdings in shares of Align Technology by 58.7% in the 1st quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider’s stock worth $307,800,000 after acquiring an additional 716,954 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of Align Technology by 510.3% in the 1st quarter. Federated Hermes Inc. now owns 707,514 shares of the medical equipment provider’s stock worth $112,396,000 after acquiring an additional 591,588 shares during the last quarter. Mackenzie Financial Corp raised its holdings in Align Technology by 4,217.3% during the 1st quarter. Mackenzie Financial Corp now owns 426,205 shares of the medical equipment provider’s stock valued at $67,707,000 after buying an additional 416,333 shares during the last quarter. Finally, Meridiem Investment Management Ltd. boosted its position in Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after buying an additional 297,472 shares during the period. 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.