Align Technology, Inc. (NASDAQ:ALGN) Receives $271.20 Average PT from Brokerages

Shares of Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) have been assigned an average recommendation of "Hold" from the twelve research firms that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $271.20.

Several research analysts have recently issued reports on ALGN shares. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research note on Monday, November 4th. StockNews.com upgraded shares of Align Technology from a "hold" rating to a "buy" rating in a research note on Thursday, September 19th. Mizuho initiated coverage on shares of Align Technology in a research note on Wednesday, December 4th. They issued an "outperform" rating and a $295.00 price objective on the stock. Evercore ISI decreased their target price on shares of Align Technology from $270.00 to $250.00 and set an "outperform" rating for the company in a research report on Thursday, October 24th. Finally, Robert W. Baird cut their price target on Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a research report on Thursday, October 24th.

Align Technology Stock Up 2.9 %

Shares of NASDAQ ALGN traded up $5.93 during trading hours on Wednesday, hitting $213.50. 445,557 shares of the stock were exchanged, compared to its average volume of 779,381. Align Technology has a 12 month low of $196.09 and a 12 month high of $335.40. The firm has a fifty day moving average price of $222.56 and a 200-day moving average price of $232.28. The company has a market cap of $15.94 billion, a PE ratio of 36.43, a PEG ratio of 6.20 and a beta of 1.66.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The business had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same quarter in the prior year, the business posted $1.62 EPS. Align Technology's revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, equities analysts anticipate that Align Technology will post 7.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Cullen Frost Bankers Inc. boosted its holdings in Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock worth $25,000 after buying an additional 94 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Align Technology in the second quarter worth approximately $26,000. Rothschild Investment LLC purchased a new stake in shares of Align Technology during the second quarter worth approximately $26,000. True Wealth Design LLC raised its stake in Align Technology by 10,700.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 107 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in Align Technology in the 2nd quarter valued at $31,000. Hedge funds and other 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.