Align Technology, Inc. (NASDAQ:ALGN) Given Consensus Rating of “Moderate Buy” by Analysts

Align Technology, Inc. (NASDAQ:ALGN) has earned an average rating of “Moderate Buy” from the fifteen analysts that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, nine have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $241.25.

A number of brokerages recently issued reports on ALGN. UBS Group lowered their price target on shares of Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Thursday, May 1st. Hsbc Global Res cut Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. Evercore ISI raised their price objective on Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday, May 1st. Finally, Mizuho lowered their price objective on Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Tuesday, April 29th.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Militia Capital Partners LP bought a new stake in Align Technology in the 1st quarter worth about $3,670,000. Inspire Investing LLC lifted its holdings in shares of Align Technology by 59.8% during the 1st quarter. Inspire Investing LLC now owns 2,013 shares of the medical equipment provider’s stock valued at $320,000 after buying an additional 753 shares during the period. Strs Ohio bought a new position in Align Technology in the first quarter valued at about $794,000. Acadian Asset Management LLC bought a new stake in shares of Align Technology during the 1st quarter valued at about $20,194,000. Finally, IFM Investors Pty Ltd increased its position in shares of Align Technology by 1.4% during the 1st quarter. IFM Investors Pty Ltd now owns 13,730 shares of the medical equipment provider’s stock valued at $2,181,000 after purchasing an additional 191 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $175.16 on Wednesday. The firm has a market capitalization of $12.70 billion, a P/E ratio of 31.91, a P/E/G ratio of 1.93 and a beta of 1.64. The stock has a 50 day moving average price of $177.66 and a 200-day moving average price of $192.18. Align Technology has a 52-week low of $141.74 and a 52-week high of $263.24.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.13. Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The business had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. During the same quarter in the prior year, the company earned $2.14 earnings per share. The firm’s quarterly revenue was down 1.8% compared to the same quarter last year. On average, equities analysts forecast that Align Technology will post 7.98 EPS for the current fiscal year.

Align Technology announced that its board has approved a share buyback program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Align Technology Company Profile

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.