Evercore ISI Forecasts Strong Price Appreciation for Align Technology (NASDAQ:ALGN) Stock

Align Technology (NASDAQ:ALGN - Free Report) had its price objective upped by Evercore ISI from $240.00 to $260.00 in a research note published on Thursday morning,Benzinga reports. They currently have an outperform rating on the medical equipment provider's stock.

Other equities analysts have also recently issued reports about the stock. Piper Sandler decreased their target price on shares of Align Technology from $275.00 to $270.00 and set an "overweight" rating for the company in a research note on Thursday. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday. Leerink Partners upgraded Align Technology from a "market perform" rating to an "outperform" rating and raised their target price for the company from $235.00 to $280.00 in a research report on Monday, January 6th. Stifel Nicolaus reduced their price target on Align Technology from $285.00 to $275.00 and set a "buy" rating for the company in a report on Thursday, October 24th. Finally, Morgan Stanley dropped their price objective on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Align Technology has an average rating of "Moderate Buy" and an average target price of $271.40.

Align Technology Stock Performance

ALGN stock traded up $1.48 during midday trading on Thursday, reaching $212.03. The stock had a trading volume of 905,707 shares, compared to its average volume of 788,874. The firm has a fifty day simple moving average of $221.25 and a two-hundred day simple moving average of $225.52. The stock has a market cap of $15.83 billion, a PE ratio of 37.80, a P/E/G ratio of 4.79 and a beta of 1.67. Align Technology has a 52-week low of $196.09 and a 52-week high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. On average, sell-side analysts predict that Align Technology will post 8.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. True Wealth Design LLC boosted its position 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 buying an additional 107 shares during the period. Picton Mahoney Asset Management increased its stake in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after purchasing an additional 58 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in shares of Align Technology during the third quarter worth about $32,000. Private Trust Co. NA raised its position in Align Technology by 113.4% in the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider's stock valued at $36,000 after purchasing an additional 93 shares during the last quarter. Finally, CVA Family Office LLC lifted its holdings in shares of Align Technology by 85.2% during the third quarter. CVA Family Office LLC now owns 150 shares of the medical equipment provider's stock worth $38,000 after purchasing an additional 69 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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.