Brokerages Set Align Technology, Inc. (NASDAQ:ALGN) Target Price at $206.07

Shares of Align Technology, Inc. (NASDAQ:ALGN) have earned an average rating of “Moderate Buy” from the fifteen brokerages that are covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $206.3571.

ALGN has been the topic of several research analyst reports. Leerink Partners raised their price target on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Zacks Research cut Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Thursday, July 16th. Evercore increased their target price on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Wall Street Zen raised Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Finally, Citigroup began coverage on Align Technology in a research report on Wednesday, April 15th. They issued a “buy” rating and a $240.00 price target on the stock.

Hedge Funds Weigh In On Align Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. boosted its holdings in Align Technology by 37.2% in the 1st quarter. Bessemer Group Inc. now owns 247 shares of the medical equipment provider’s stock valued at $43,000 after purchasing an additional 67 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. grew its position in Align Technology by 3.7% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider’s stock worth $296,000 after purchasing an additional 68 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 69 shares during the period. Comerica Bank increased its holdings in shares of Align Technology by 0.6% during the 4th quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider’s stock worth $2,132,000 after purchasing an additional 76 shares during the period. Finally, First Bank & Trust raised its position in shares of Align Technology by 5.0% during the second quarter. First Bank & Trust now owns 1,599 shares of the medical equipment provider’s stock valued at $270,000 after buying an additional 76 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Trading Down 0.7%

NASDAQ:ALGN opened at $167.01 on Thursday. Align Technology has a 1 year low of $122.00 and a 1 year high of $208.30. The firm’s fifty day simple moving average is $173.31 and its 200 day simple moving average is $175.01. The firm has a market capitalization of $11.96 billion, a PE ratio of 28.02, a PEG ratio of 1.71 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping the consensus estimate of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter last year, the firm posted $2.13 EPS. The business’s quarterly revenue was up 6.2% on a year-over-year basis. As a group, analysts anticipate that Align Technology will post 9.48 EPS for the current fiscal year.

Align Technology announced that its board has authorized a stock repurchase plan on Wednesday, April 29th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.