Align Technology (NASDAQ:ALGN) Now Covered by Mizuho

Mizuho began coverage on shares of Align Technology (NASDAQ:ALGN - Free Report) in a research report report published on Wednesday morning, MarketBeat.com reports. The firm issued an outperform rating and a $295.00 price objective on the medical equipment provider's stock.

A number of other research firms also recently issued reports on ALGN. Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research note on Monday, November 4th. Evercore ISI decreased their target price on Align Technology from $270.00 to $250.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Stifel Nicolaus decreased their target price on Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a report on Thursday, October 24th. Robert W. Baird decreased their target price on Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Finally, StockNews.com raised Align Technology from a "hold" rating to a "buy" rating in a report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy 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 target price of $278.44.

Align Technology Stock Performance

Shares of ALGN stock traded up $1.28 on Wednesday, reaching $235.29. The stock had a trading volume of 582,555 shares, compared to its average volume of 783,477. The stock has a market cap of $17.56 billion, a P/E ratio of 39.93, a price-to-earnings-growth ratio of 6.07 and a beta of 1.66. Align Technology has a 1 year low of $196.09 and a 1 year high of $335.40. The company has a 50 day simple moving average of $225.75 and a 200 day simple moving average of $235.46.

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

Institutional Investors Weigh In On Align Technology

Several large investors have recently made changes to their positions in ALGN. Wellington Management Group LLP increased its holdings in shares of Align Technology by 49.0% in the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider's stock worth $670,031,000 after purchasing an additional 866,663 shares during the last quarter. Holocene Advisors LP purchased a new position in Align Technology in the third quarter worth about $137,287,000. Kayne Anderson Rudnick Investment Management LLC grew its position in Align Technology by 4,391.3% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider's stock worth $117,879,000 after acquiring an additional 477,380 shares in the last quarter. FMR LLC grew its position in Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider's stock worth $310,736,000 after acquiring an additional 367,508 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its position in Align Technology by 96.3% in the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider's stock worth $171,493,000 after acquiring an additional 330,807 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

About Align Technology

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.