Align Technology, Inc. (NASDAQ:ALGN) Receives $242.92 Consensus Price Target from Brokerages

Align Technology, Inc. (NASDAQ:ALGN) has earned a consensus recommendation of “Moderate Buy” from the fifteen analysts that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $242.92.

Several equities analysts have recently weighed in on the company. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday, May 1st. Wells Fargo & Company cut their target price on Align Technology from $255.00 to $246.00 and set an “overweight” rating on the stock in a research report on Thursday, May 1st. Evercore ISI boosted their target price on Align Technology from $200.00 to $220.00 and gave the company an “outperform” rating in a research report on Wednesday, July 9th. Mizuho cut their target price on Align Technology from $250.00 to $245.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 29th. Finally, Piper Sandler restated an “overweight” rating and set a $250.00 price objective (up previously from $235.00) on shares of Align Technology in a report on Thursday, May 1st.

Align Technology Price Performance

NASDAQ:ALGN opened at $192.81 on Friday. Align Technology has a 1 year low of $141.74 and a 1 year high of $263.24. The stock’s 50 day simple moving average is $185.23 and its two-hundred day simple moving average is $187.54. The company has a market cap of $13.98 billion, a price-to-earnings ratio of 35.12, a PEG ratio of 2.11 and a beta of 1.63.

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

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Teacher Retirement System of Texas acquired a new position in Align Technology during the 1st quarter valued at about $1,647,000. Asset Management One Co. Ltd. increased its holdings in shares of Align Technology by 14.5% in the first quarter. Asset Management One Co. Ltd. now owns 31,624 shares of the medical equipment provider’s stock valued at $5,024,000 after purchasing an additional 4,009 shares during the period. Giverny Capital Inc. increased its holdings in shares of Align Technology by 30.3% in the fourth quarter. Giverny Capital Inc. now owns 43,006 shares of the medical equipment provider’s stock valued at $8,967,000 after purchasing an additional 10,013 shares during the period. Virtu Financial LLC acquired a new position in shares of Align Technology in the fourth quarter valued at about $3,115,000. Finally, Schonfeld Strategic Advisors LLC increased its holdings in shares of Align Technology by 1,679.5% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 35,110 shares of the medical equipment provider’s stock valued at $7,321,000 after purchasing an additional 33,137 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

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.