Align Technology (NASDAQ:ALGN) Research Coverage Started at Barclays

Barclays assumed coverage on shares of Align Technology (NASDAQ:ALGN) in a research note released on Monday morning, Marketbeat.com reports. The firm issued an equal weight rating and a $170.00 target price on the medical equipment provider’s stock.

Other research analysts have also issued research reports about the company. Stifel Nicolaus set a $200.00 price target on Align Technology in a report on Thursday, October 30th. Zacks Research raised Align Technology from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 30th. Morgan Stanley increased their target price on Align Technology from $142.00 to $154.00 and gave the stock an “equal weight” rating in a report on Thursday, October 30th. Mizuho decreased their price target on shares of Align Technology from $210.00 to $170.00 and set an “outperform” rating for the company in a research note on Monday, October 13th. Finally, Jefferies Financial Group upped their price objective on shares of Align Technology from $140.00 to $155.00 in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $175.00.

Align Technology Stock Up 3.5%

Align Technology stock opened at $164.58 on Monday. The company has a market capitalization of $11.81 billion, a PE ratio of 31.90, a PEG ratio of 1.93 and a beta of 1.86. Align Technology has a 12-month low of $122.00 and a 12-month high of $246.19. The firm’s fifty day moving average is $139.04 and its 200 day moving average is $155.04.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.23. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The business had revenue of $995.69 million during the quarter, compared to analysts’ expectations of $980.75 million. During the same period last year, the company posted $2.35 earnings per share. The business’s quarterly revenue was up 1.8% on a year-over-year basis. 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 have recently made changes to their positions in ALGN. Vanguard Group Inc. raised its holdings in shares of Align Technology by 0.7% in the third quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider’s stock valued at $1,039,528,000 after purchasing an additional 58,546 shares during the last quarter. Capital International Investors grew its position in Align Technology by 88.6% in the 3rd quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider’s stock worth $381,968,000 after purchasing an additional 1,433,393 shares in the last quarter. Ninety One UK Ltd increased its stake in Align Technology by 18.3% in the 3rd quarter. Ninety One UK Ltd now owns 2,267,192 shares of the medical equipment provider’s stock valued at $283,898,000 after buying an additional 350,883 shares during the last quarter. Invesco Ltd. lifted its position in shares of Align Technology by 37.4% during the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock worth $187,521,000 after buying an additional 407,559 shares in the last quarter. Finally, Holocene Advisors LP bought a new position in shares of Align Technology during the 3rd quarter worth approximately $179,035,000. Institutional investors own 88.43% of the company’s stock.

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.