Align Technology (NASDAQ:ALGN) Downgraded by Zacks Research to “Hold”

Align Technology (NASDAQ:ALGN) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

ALGN has been the topic of several other reports. Morgan Stanley upped their price objective on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research report on Friday, April 24th. Piper Sandler boosted their price target on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Leerink Partners boosted their price target on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Weiss Ratings lowered shares of Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. Finally, BMO Capital Markets initiated coverage on shares of Align Technology in a research report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $206.07.

Align Technology Stock Performance

NASDAQ:ALGN opened at $176.76 on Thursday. Align Technology has a 52-week low of $122.00 and a 52-week high of $208.30. The stock has a fifty day moving average of $172.30 and a 200 day moving average of $174.48. The firm has a market capitalization of $12.66 billion, a price-to-earnings ratio of 29.66, a P/E/G ratio of 1.83 and a beta of 1.67.

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

Align Technology declared that its Board of Directors has authorized a share buyback plan on Wednesday, April 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Align Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Sunbelt Securities Inc. lifted its holdings in shares of Align Technology by 222.4% in the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 109 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Align Technology by 77.5% in the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 69 shares in the last quarter. Independence Bank of Kentucky boosted its stake in shares of Align Technology by 77.7% in the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after purchasing an additional 80 shares in the last quarter. Tobam bought a new position in shares of Align Technology during the 4th quarter valued at $30,000. Finally, Miller Global Investments LLC bought a new position in shares of Align Technology during the 4th quarter valued at $31,000. Hedge funds and other institutional investors 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.