Align Technology, Inc. (NASDAQ:ALGN) Receives $262.64 Average Price Target from Analysts

Shares of Align Technology, Inc. (NASDAQ:ALGN) have received a consensus recommendation of “Moderate Buy” from the thirteen brokerages that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, nine have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $262.64.

A number of analysts have recently commented on the company. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Thursday, February 6th. Bank of America increased their price target on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Finally, Evercore ISI increased their price target on Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, February 6th.

Hedge Funds Weigh In On Align Technology

A number of hedge funds have recently made changes to their positions in the company. Public Sector Pension Investment Board increased its holdings in shares of Align Technology by 11.8% in the third quarter. Public Sector Pension Investment Board now owns 2,839 shares of the medical equipment provider’s stock valued at $722,000 after purchasing an additional 300 shares during the last quarter. Benjamin Edwards Inc. increased its holdings in shares of Align Technology by 240.4% in the third quarter. Benjamin Edwards Inc. now owns 919 shares of the medical equipment provider’s stock valued at $234,000 after purchasing an additional 649 shares during the last quarter. Investment Management Corp of Ontario increased its holdings in shares of Align Technology by 42.6% in the third quarter. Investment Management Corp of Ontario now owns 2,342 shares of the medical equipment provider’s stock valued at $596,000 after purchasing an additional 700 shares during the last quarter. Readystate Asset Management LP acquired a new stake in shares of Align Technology in the third quarter valued at approximately $11,546,000. Finally, Quarry LP increased its holdings in shares of Align Technology by 74.8% in the third quarter. Quarry LP now owns 222 shares of the medical equipment provider’s stock valued at $56,000 after purchasing an additional 95 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Performance

Align Technology stock opened at $160.14 on Friday. Align Technology has a fifty-two week low of $141.74 and a fifty-two week high of $331.64. The company has a market cap of $11.72 billion, a PE ratio of 28.55, a PEG ratio of 2.24 and a beta of 1.73. The business’s 50-day simple moving average is $178.28 and its two-hundred day simple moving average is $207.89.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 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%. As a group, analysts predict that Align Technology will post 7.98 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.