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

Citigroup initiated coverage on shares of Align Technology (NASDAQ:ALGN) in a research report released on Wednesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $240.00 target price on the medical equipment provider’s stock.

A number of other equities analysts also recently weighed in on the company. Weiss Ratings restated a “hold (c-)” rating on shares of Align Technology in a research note on Wednesday. Evercore reaffirmed an “outperform” rating on shares of Align Technology in a research report on Wednesday, April 8th. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, March 7th. Robert W. Baird set a $218.00 price target on Align Technology in a report on Thursday, February 5th. Finally, Jefferies Financial Group boosted their price objective on Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a research report on Thursday, February 5th. Eight equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $201.31.

Align Technology Price Performance

Shares of ALGN stock opened at $190.07 on Wednesday. The firm has a 50-day moving average of $179.65 and a 200-day moving average of $160.44. The company has a market cap of $13.61 billion, a P/E ratio of 33.58, a P/E/G ratio of 2.02 and a beta of 1.81. Align Technology has a one year low of $122.00 and a one year high of $208.30.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share 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 business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the company earned $2.44 earnings per share. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, research analysts expect that Align Technology will post 7.98 earnings per share for the current fiscal year.

Insider Buying and Selling at Align Technology

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

Hedge Funds Weigh In On Align Technology

Institutional investors have recently bought and sold shares of the company. Sentry Investment Management LLC increased its position in Align Technology by 73.1% in the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 79 shares during the last quarter. Sunbelt Securities Inc. lifted its position in shares of Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 109 shares during the last quarter. Steigerwald Gordon & Koch Inc. bought a new position in shares of Align Technology during the 3rd quarter worth $26,000. Independence Bank of Kentucky grew its stake in shares of Align Technology by 77.7% during the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after acquiring an additional 80 shares during the period. Finally, Quent Capital LLC purchased a new stake in Align Technology in the 3rd quarter worth about $30,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

About Align Technology

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.