Align Technology (NASDAQ:ALGN) Upgraded by Leerink Partners to "Outperform" Rating

Align Technology (NASDAQ:ALGN - Get Free Report) was upgraded by Leerink Partners from a "market perform" rating to an "outperform" rating in a report issued on Monday, Marketbeat.com reports. The brokerage presently has a $280.00 price target on the medical equipment provider's stock, up from their previous price target of $235.00. Leerink Partners' target price indicates a potential upside of 27.92% from the company's previous close.

ALGN has been the topic of several other reports. Mizuho began coverage on shares of Align Technology in a research report on Wednesday, December 4th. They set an "outperform" rating and a $295.00 target price on the stock. Morgan Stanley cut their target price on shares of Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a research report on Thursday, October 24th. Piper Sandler dropped their price target on shares of Align Technology from $285.00 to $275.00 and set an "overweight" rating on the stock in a research report on Thursday, October 24th. Robert W. Baird dropped their price target on shares of Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a research report on Thursday, October 24th. Finally, Bank of America boosted their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an "underperform" rating in a research report on Friday, December 13th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $268.20.

Align Technology Stock Performance

Shares of ALGN traded up $10.62 during mid-day trading on Monday, reaching $218.88. The company had a trading volume of 913,585 shares, compared to its average volume of 649,461. The company's 50 day simple moving average is $221.73 and its 200 day simple moving average is $229.81. Align Technology has a 1-year low of $196.09 and a 1-year high of $335.40. The company has a market capitalization of $16.34 billion, a price-to-earnings ratio of 37.35, a P/E/G ratio of 6.20 and a beta of 1.67.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $990.05 million. During the same period last year, the company earned $1.62 EPS. The firm's revenue was up 1.8% compared to the same quarter last year. As a group, equities analysts forecast that Align Technology will post 7.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Nordea Investment Management AB lifted its position in shares of Align Technology by 3.5% during the 4th quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider's stock valued at $56,870,000 after acquiring an additional 9,139 shares during the period. Versant Capital Management Inc lifted its position in shares of Align Technology by 212.2% during the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider's stock valued at $48,000 after acquiring an additional 157 shares during the period. Principal Financial Group Inc. lifted its position in shares of Align Technology by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider's stock valued at $20,859,000 after acquiring an additional 2,168 shares during the period. Exome Asset Management LLC acquired a new position in shares of Align Technology during the 3rd quarter valued at $4,756,000. Finally, Oddo BHF Asset Management Sas acquired a new position in Align Technology during the third quarter worth $747,000. Institutional investors and hedge funds 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.