Leerink Partners Issues Positive Forecast for Align Technology (NASDAQ:ALGN) Stock Price

Align Technology (NASDAQ:ALGN) had its price target hoisted by Leerink Partners from $189.00 to $210.00 in a research report sent to investors on Thursday,MarketScreener reports. The brokerage currently has an outperform rating on the medical equipment provider’s stock.

Several other brokerages have also commented on ALGN. UBS Group lowered their price objective on shares of Align Technology from $160.00 to $155.00 and set a “neutral” rating on the stock in a research report on Thursday, October 16th. HSBC raised their price target on shares of Align Technology from $140.00 to $150.00 in a research note on Friday, October 31st. Morgan Stanley upped their price objective on Align Technology from $142.00 to $154.00 and gave the company an “equal weight” rating in a research note on Thursday, October 30th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday, October 30th. Finally, Barclays began coverage on Align Technology in a research note on Monday, December 8th. They issued an “equal weight” rating and a $170.00 target price on the stock. Six equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $176.82.

Align Technology Trading Down 0.6%

Shares of Align Technology stock opened at $168.92 on Thursday. The firm has a market capitalization of $12.12 billion, a P/E ratio of 32.74, a price-to-earnings-growth ratio of 1.91 and a beta of 1.83. The business’s fifty day simple moving average is $157.33 and its 200 day simple moving average is $150.92. Align Technology has a 12 month low of $122.00 and a 12 month high of $235.55.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.23. The firm had revenue of $995.69 million during the quarter, compared to analyst estimates of $980.75 million. Align Technology had a return on equity of 13.96% and a net margin of 9.50%.The business’s revenue was up 1.8% compared to the same quarter last year. During the same period last year, the firm posted $2.35 EPS. Analysts predict that Align Technology will post 7.98 EPS for the current fiscal year.

Institutional Trading of Align Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in ALGN. Sentry Investment Management LLC boosted its stake in Align Technology by 73.1% in the 3rd quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 79 shares during the period. Steigerwald Gordon & Koch Inc. purchased a new stake in shares of Align Technology in the third quarter worth about $26,000. Rothschild Investment LLC grew its stake in Align Technology by 140.3% during the second quarter. Rothschild Investment LLC now owns 149 shares of the medical equipment provider’s stock valued at $28,000 after acquiring an additional 87 shares in the last quarter. True Wealth Design LLC grew its stake in Align Technology by 7,650.0% during the second quarter. True Wealth Design LLC now owns 155 shares of the medical equipment provider’s stock valued at $29,000 after acquiring an additional 153 shares in the last quarter. Finally, Independence Bank of Kentucky increased its holdings in 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. 88.43% of the stock is currently owned by institutional investors.

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.