Align Technology, Inc. (NASDAQ:ALGN) Receives $241.25 Average Target Price from Analysts

Shares of Align Technology, Inc. (NASDAQ:ALGN) have received an average rating of “Moderate Buy” from the fifteen analysts that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $241.25.

A number of equities analysts recently issued reports on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research report on Thursday, May 1st. Hsbc Global Res lowered shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. UBS Group dropped their target price on shares of Align Technology from $240.00 to $215.00 and set a “neutral” rating on the stock in a research report on Thursday, April 24th. Piper Sandler reaffirmed an “overweight” rating and set a $250.00 target price (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Finally, Mizuho dropped their target price on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 29th.

Institutional Investors Weigh In On Align Technology

Several institutional investors and hedge funds have recently bought and sold shares of ALGN. Vanguard Group Inc. boosted its stake in shares of Align Technology by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 8,441,592 shares of the medical equipment provider’s stock valued at $1,341,031,000 after purchasing an additional 185,187 shares in the last quarter. Ninety One UK Ltd boosted its stake 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 valued at $307,800,000 after purchasing an additional 716,954 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Align Technology by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider’s stock valued at $372,299,000 after purchasing an additional 39,209 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Align Technology by 12.7% in the 1st quarter. Invesco Ltd. now owns 1,219,715 shares of the medical equipment provider’s stock valued at $193,764,000 after purchasing an additional 137,553 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Align Technology in the 4th quarter valued at $190,792,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Up 1.0%

NASDAQ:ALGN opened at $181.79 on Wednesday. Align Technology has a 12 month low of $141.74 and a 12 month high of $263.24. The firm has a market cap of $13.18 billion, a price-to-earnings ratio of 33.11, a P/E/G ratio of 1.91 and a beta of 1.64. The company’s 50 day moving average is $178.71 and its 200-day moving average is $191.36.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 EPS for the quarter, beating analysts’ consensus estimates of $2.00 by $0.13. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The company had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. During the same quarter last year, the firm posted $2.14 earnings per share. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. Research analysts predict that Align Technology will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has initiated a stock buyback plan on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Align Technology Company Profile

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.