Align Technology, Inc. (NASDAQ:ALGN) Receives Consensus Recommendation of "Moderate Buy" from Analysts

Shares of Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) have been given a consensus rating of "Moderate Buy" by the ten analysts that are covering the stock, Marketbeat reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The average 1-year price objective among brokers that have covered the stock in the last year is $322.78.

A number of research firms have recently commented on ALGN. Evercore ISI cut their price objective on Align Technology from $370.00 to $300.00 and set an "outperform" rating on the stock in a report on Monday, June 10th. Stifel Nicolaus decreased their price objective on shares of Align Technology from $400.00 to $350.00 and set a "buy" rating for the company in a research note on Thursday, July 25th. Piper Sandler decreased their target price on Align Technology from $330.00 to $315.00 and set an "overweight" rating for the company in a research report on Thursday, July 25th. StockNews.com downgraded Align Technology from a "buy" rating to a "hold" rating in a report on Friday, August 16th. Finally, Morgan Stanley decreased their price target on Align Technology from $328.00 to $310.00 and set an "overweight" rating for the company in a report on Thursday, July 25th.

Align Technology Trading Down 2.7 %

ALGN traded down $6.44 during midday trading on Thursday, hitting $228.69. The company's stock had a trading volume of 691,627 shares, compared to its average volume of 792,845. The firm has a market cap of $17.22 billion, a P/E ratio of 37.68, a PEG ratio of 5.18 and a beta of 1.66. Align Technology has a 52-week low of $176.34 and a 52-week high of $375.68. The firm has a 50-day moving average price of $236.82 and a two-hundred day moving average price of $274.91.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, topping analysts' consensus estimates of $2.32 by $0.09. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. Align Technology's revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.73 earnings per share. On average, equities analysts expect that Align Technology will post 7.64 EPS for the current year.

Insider Transactions at Align Technology

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of Align Technology stock in a transaction dated Thursday, August 15th. The shares were acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares of the company's stock, valued at approximately $6,647,366.51. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.62% of the company's stock.

Institutional Investors Weigh In On Align Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Parnassus Investments LLC boosted its stake in Align Technology by 11.3% in the fourth quarter. Parnassus Investments LLC now owns 396,603 shares of the medical equipment provider's stock valued at $108,669,000 after acquiring an additional 40,406 shares during the period. Tidal Investments LLC grew its stake in Align Technology by 122.9% during the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider's stock worth $1,445,000 after buying an additional 2,430 shares during the last quarter. Truist Financial Corp increased its position in Align Technology by 24.8% in the fourth quarter. Truist Financial Corp now owns 11,165 shares of the medical equipment provider's stock worth $3,059,000 after buying an additional 2,220 shares during the period. Nomura Holdings Inc. bought a new stake in Align Technology in the fourth quarter valued at $1,197,000. Finally, Norden Group LLC boosted its holdings in shares of Align Technology by 3,647.7% during the first quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider's stock valued at $11,982,000 after acquiring an additional 35,565 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

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.