Align Technology (NASDAQ:ALGN) Upgraded to Overweight at Barclays

Barclays upgraded shares of Align Technology (NASDAQ:ALGN) from an equal weight rating to an overweight rating in a research note released on Tuesday morning, MarketBeat Ratings reports. The firm currently has $200.00 price objective on the medical equipment provider’s stock.

Several other equities research analysts also recently issued reports on the company. Stifel Nicolaus boosted their price objective on Align Technology from $200.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Leerink Partners raised their target price on Align Technology from $210.00 to $225.00 and gave the company an “outperform” rating in a report on Thursday, February 5th. Evercore boosted their price target on shares of Align Technology from $180.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Jefferies Financial Group increased their price target on shares of Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a research report on Thursday, February 5th. Finally, Piper Sandler raised their price objective on shares of Align Technology from $200.00 to $220.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Seven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and an average target price of $198.08.

Align Technology Price Performance

Shares of ALGN opened at $176.12 on Tuesday. The firm has a 50-day simple moving average of $176.32 and a two-hundred day simple moving average of $153.77. The stock has a market cap of $12.55 billion, a PE ratio of 31.12, a P/E/G ratio of 1.85 and a beta of 1.79. Align Technology has a 1-year low of $122.00 and a 1-year high of $208.30.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 EPS for the quarter, topping the consensus estimate of $2.99 by $0.30. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The firm had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. During the same period in the prior year, the business posted $2.44 EPS. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, sell-side analysts expect that Align Technology will post 7.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP John Morici sold 7,969 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the transaction, the executive vice president owned 8,237 shares of the company’s stock, valued at $1,559,346.47. This trade represents a 49.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.66% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Align Technology

A number of institutional investors and hedge funds have recently bought and sold shares of ALGN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Align Technology by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock worth $1,624,000 after purchasing an additional 469 shares during the last quarter. Focus Partners Wealth lifted its stake in Align Technology by 5.2% during the first quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock valued at $486,000 after purchasing an additional 151 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Align Technology during the second quarter valued at approximately $204,000. PNC Financial Services Group Inc. boosted its holdings in Align Technology by 11.3% during the second quarter. PNC Financial Services Group Inc. now owns 8,720 shares of the medical equipment provider’s stock worth $1,651,000 after buying an additional 888 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Align Technology by 4.1% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 16,711 shares of the medical equipment provider’s stock worth $3,164,000 after buying an additional 663 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Company Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.