Align Technology (NASDAQ:ALGN) Now Covered by Analysts at Barclays

Equities researchers at Barclays assumed coverage on shares of Align Technology (NASDAQ:ALGN) in a report released on Monday, MarketBeat Ratings reports. The brokerage set an “equal weight” rating and a $170.00 price target on the medical equipment provider’s stock. Barclays‘s price target suggests a potential upside of 6.92% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Jefferies Financial Group raised their target price on shares of Align Technology from $140.00 to $155.00 in a research note on Thursday, October 30th. Piper Sandler reissued an “overweight” rating and issued a $200.00 price objective (up from $190.00) on shares of Align Technology in a research note on Thursday, October 30th. Leerink Partners lifted their target price on shares of Align Technology from $172.00 to $189.00 in a research note on Thursday, October 30th. Wall Street Zen raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Finally, Stifel Nicolaus set a $200.00 price target on Align Technology in a research note on Thursday, October 30th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $175.00.

Align Technology Stock Performance

NASDAQ ALGN opened at $159.00 on Monday. The business’s fifty day moving average is $138.30 and its 200 day moving average is $154.98. Align Technology has a fifty-two week low of $122.00 and a fifty-two week high of $246.19. The company has a market capitalization of $11.41 billion, a PE ratio of 30.81, a price-to-earnings-growth ratio of 1.92 and a beta of 1.86.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.23. Align Technology had a return on equity of 13.96% and a net margin of 9.50%.The business had revenue of $995.69 million during the quarter, compared to analysts’ expectations of $980.75 million. During the same quarter in the prior year, the business posted $2.35 earnings per share. The business’s quarterly revenue was up 1.8% on a year-over-year basis. On average, sell-side analysts forecast that Align Technology will post 7.98 EPS for the current year.

Institutional Trading of Align Technology

Hedge funds have recently bought and sold shares of the stock. Redmond Asset Management LLC grew its position in shares of Align Technology by 2.0% during the first quarter. Redmond Asset Management LLC now owns 2,769 shares of the medical equipment provider’s stock valued at $440,000 after purchasing an additional 54 shares in the last quarter. Horizon Investments LLC increased its stake in Align Technology by 6.2% in the 1st quarter. Horizon Investments LLC now owns 1,018 shares of the medical equipment provider’s stock worth $162,000 after acquiring an additional 59 shares during the last quarter. Atria Investments Inc raised its holdings in shares of Align Technology by 4.9% during the 2nd quarter. Atria Investments Inc now owns 1,575 shares of the medical equipment provider’s stock worth $298,000 after acquiring an additional 74 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Align Technology by 5.7% during the 2nd quarter. IFP Advisors Inc now owns 1,427 shares of the medical equipment provider’s stock worth $270,000 after acquiring an additional 77 shares in the last quarter. Finally, Covestor Ltd boosted its position in shares of Align Technology by 18.8% during the 1st quarter. Covestor Ltd now owns 493 shares of the medical equipment provider’s stock valued at $78,000 after acquiring an additional 78 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

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.