Align Technology (NASDAQ:ALGN) Shares Gap Up After Analyst Upgrade

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report)'s share price gapped up before the market opened on Thursday after Evercore ISI raised their price target on the stock from $240.00 to $260.00. The stock had previously closed at $216.36, but opened at $227.46. Evercore ISI currently has an outperform rating on the stock. Align Technology shares last traded at $224.96, with a volume of 302,677 shares traded.

A number of other equities analysts also recently commented on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday. Piper Sandler reduced their target price on Align Technology from $275.00 to $270.00 and set an "overweight" rating on the stock in a research report on Thursday. Morgan Stanley decreased their price target on Align Technology from $280.00 to $272.00 and set an "overweight" rating on the stock in a research note on Thursday. Mizuho started coverage on shares of Align Technology in a research report on Wednesday, December 4th. They issued an "outperform" rating and a $295.00 target price on the stock. Finally, Stifel Nicolaus lowered their price objective on shares of Align Technology from $285.00 to $275.00 and set a "buy" rating for the company in a research report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $271.40.

Institutional Trading of Align Technology

Several institutional investors and hedge funds have recently bought and sold shares of ALGN. Sanctuary Advisors LLC bought a new position in Align Technology in the 2nd quarter worth about $926,000. Mather Group LLC. raised its holdings in shares of Align Technology by 51.6% during the third quarter. Mather Group LLC. now owns 185 shares of the medical equipment provider's stock valued at $47,000 after acquiring an additional 63 shares during the period. CWM LLC grew its stake in Align Technology by 59.3% during the 3rd quarter. CWM LLC now owns 6,721 shares of the medical equipment provider's stock valued at $1,709,000 after acquiring an additional 2,503 shares in the last quarter. Wedmont Private Capital raised its stake in shares of Align Technology by 12.6% during the 3rd quarter. Wedmont Private Capital now owns 1,409 shares of the medical equipment provider's stock worth $331,000 after purchasing an additional 158 shares in the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Align Technology by 600.0% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 700 shares of the medical equipment provider's stock valued at $178,000 after acquiring an additional 600 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Performance

The firm has a 50 day moving average of $221.25 and a two-hundred day moving average of $225.52. The stock has a market cap of $15.83 billion, a P/E ratio of 37.80, a P/E/G ratio of 4.79 and a beta of 1.67.

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 analysts' consensus estimates 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 anticipate that Align Technology, Inc. will post 8.09 EPS for the current fiscal year.

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.