Align Technology (NASDAQ:ALGN) Upgraded to “Strong-Buy” at Wall Street Zen

Align Technology (NASDAQ:ALGN) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued on Saturday.

Other equities research analysts have also recently issued reports about the stock. Robert W. Baird set a $218.00 price objective on shares of Align Technology in a report on Thursday, February 5th. Evercore boosted their target price on shares of Align Technology from $180.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday, February 5th. Mizuho raised their price target on Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Piper Sandler lifted their price objective on Align Technology from $200.00 to $220.00 and gave the stock an “overweight” rating in a research note on Thursday, February 5th. Finally, Wells Fargo & Company boosted their price objective on Align Technology from $181.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $198.08.

Align Technology Trading Down 0.9%

Shares of Align Technology stock opened at $174.00 on Friday. Align Technology has a 1 year low of $122.00 and a 1 year high of $208.30. The company has a market cap of $12.40 billion, a P/E ratio of 30.74, a P/E/G ratio of 1.92 and a beta of 1.79. The stock has a 50-day moving average price of $174.64 and a 200 day moving average price of $152.28.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 EPS for the quarter, beating the consensus estimate of $2.99 by $0.30. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The business had revenue of $1.05 billion for the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the previous year, the company posted $2.44 EPS. Align Technology’s revenue was up 5.3% on a year-over-year basis. On average, equities analysts forecast that Align Technology will post 7.98 earnings per share for the current fiscal year.

Insider Transactions at Align Technology

In other Align Technology news, EVP John Morici sold 7,969 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total value of $1,508,611.39. Following the transaction, the executive vice president directly owned 8,237 shares in the company, valued at approximately $1,559,346.47. This trade represents a 49.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Align Technology

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Align Technology by 0.7% during the third quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider’s stock worth $1,039,528,000 after purchasing an additional 58,546 shares during the period. Capital International Investors increased its holdings in shares of Align Technology by 52.2% during the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after acquiring an additional 1,592,848 shares during the last quarter. Ninety One UK Ltd raised its stake in Align Technology by 18.3% in the 3rd quarter. Ninety One UK Ltd now owns 2,267,192 shares of the medical equipment provider’s stock valued at $283,898,000 after acquiring an additional 350,883 shares during the period. Invesco Ltd. lifted its holdings in Align Technology by 37.4% during the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock valued at $187,521,000 after purchasing an additional 407,559 shares during the last quarter. Finally, Capital World Investors lifted its holdings in Align Technology by 13.2% during the 4th quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider’s stock valued at $232,742,000 after purchasing an additional 173,641 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Company Profile

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.