BMO Capital Markets Upgrades Align Technology (NASDAQ:ALGN) to “Strong-Buy”

Align Technology (NASDAQ:ALGN) was upgraded by equities research analysts at BMO Capital Markets to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

A number of other brokerages have also issued reports on ALGN. Evercore lifted their target price on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Leerink Partners lifted their price objective on shares of Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. Barclays raised shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective on the stock in a research report on Tuesday, March 17th. Wall Street Zen upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Finally, Morgan Stanley raised their target price on shares of Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research report on Friday, April 24th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $206.07.

Align Technology Trading Up 2.0%

Shares of NASDAQ ALGN opened at $178.17 on Wednesday. The company has a fifty day moving average price of $171.49 and a 200 day moving average price of $173.68. Align Technology has a 1-year low of $122.00 and a 1-year high of $208.30. The firm has a market cap of $12.76 billion, a PE ratio of 29.89, a PEG ratio of 1.79 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.13 earnings per share. Equities research analysts forecast that Align Technology will post 9.48 EPS for the current year.

Align Technology announced that its Board of Directors has initiated a stock buyback plan on Wednesday, April 29th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the medical equipment provider to purchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Align Technology

A number of institutional investors have recently bought and sold shares of the business. AIA Group Ltd acquired a new position in shares of Align Technology during the 3rd quarter worth approximately $2,507,000. Sequoia Financial Advisors LLC lifted its holdings in Align Technology by 320.1% during the 4th quarter. Sequoia Financial Advisors LLC now owns 7,986 shares of the medical equipment provider’s stock valued at $1,247,000 after purchasing an additional 6,085 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Align Technology by 35,513.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 545,604 shares of the medical equipment provider’s stock worth $85,196,000 after purchasing an additional 544,072 shares during the period. Polianta Ltd bought a new position in Align Technology during the fourth quarter worth $1,623,000. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of Align Technology by 63.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 25,343 shares of the medical equipment provider’s stock valued at $4,282,000 after purchasing an additional 9,792 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.