Align Technology, Inc. (NASDAQ:ALGN) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

Align Technology, Inc. (NASDAQ:ALGN) has been given a consensus rating of “Moderate Buy” by the sixteen brokerages that are currently covering the stock, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $199.21.

A number of research firms recently weighed in on ALGN. UBS Group reaffirmed a “neutral” rating and issued a $189.00 price target on shares of Align Technology in a report on Thursday, July 23rd. BMO Capital Markets initiated coverage on Align Technology in a report on Wednesday, July 8th. They issued an “outperform” rating and a $209.00 price objective on the stock. Wall Street Zen cut Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Evercore cut Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 price objective for the company. in a research report on Monday, October 5th. Finally, Zacks Research downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Thursday, July 16th.

Institutional Trading of Align Technology

Several institutional investors have recently modified their holdings of the stock. Moody National Bank Trust Division increased its stake in shares of Align Technology by 35.4% during the third quarter. Moody National Bank Trust Division now owns 2,214 shares of the medical equipment provider’s stock worth $322,000 after purchasing an additional 579 shares in the last quarter. Versant Capital Management Inc raised its position in shares of Align Technology by 977.8% during the 3rd quarter. Versant Capital Management Inc now owns 4,796 shares of the medical equipment provider’s stock worth $642,000 after purchasing an additional 4,351 shares during the last quarter. Parrish Capital LLC lifted its stake in Align Technology by 30.7% in the 3rd quarter. Parrish Capital LLC now owns 4,300 shares of the medical equipment provider’s stock valued at $625,000 after buying an additional 1,011 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in Align Technology by 19,139.6% in the 2nd quarter. QRG Capital Management Inc. now owns 325,534 shares of the medical equipment provider’s stock worth $54,905,000 after buying an additional 323,842 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its stake in Align Technology by 4,057.5% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 72,008 shares of the medical equipment provider’s stock worth $12,145,000 after buying an additional 70,276 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Stock Performance

ALGN stock opened at $140.42 on Tuesday. The firm has a market cap of $10.06 billion, a PE ratio of 24.42, a P/E/G ratio of 1.52 and a beta of 1.67. The firm’s fifty day moving average is $156.14 and its 200 day moving average is $167.93. Align Technology has a one year low of $126.26 and a one year high of $200.43.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. During the same quarter in the previous year, the company earned $2.49 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. Research analysts predict that Align Technology will post 9.36 earnings per share for the current fiscal year.

Align Technology Company Profile

Align Technology, Inc is a medical device and digital technology company that designs, manufactures and markets products used in orthodontics and restorative dentistry. The company is best known for Invisalign clear aligners, which are custom-made orthodontic devices intended to gradually move patients’ teeth under the supervision of dental professionals.

Align also develops the iTero family of intraoral scanners and related digital imaging systems, which help dental professionals create digital impressions and treatment plans.