Align Technology (NASDAQ:ALGN) Stock Rating Lowered by Wall Street Zen

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

A number of other analysts have also weighed in on ALGN. Leerink Partners increased their target price on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Piper Sandler increased their target price on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Morgan Stanley increased their target price on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research note on Friday, April 24th. Evercore increased their target price on Align Technology from $200.00 to $220.00 in a research note on Thursday, April 30th. Finally, Barclays upgraded Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price on the stock in a research note on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $205.85.

Align Technology Stock Down 0.9%

ALGN stock opened at $174.84 on Friday. The business’s fifty day simple moving average is $172.98 and its two-hundred day simple moving average is $170.60. Align Technology has a twelve month low of $122.00 and a twelve month high of $208.30. The firm has a market cap of $12.52 billion, a price-to-earnings ratio of 29.34, a PEG ratio of 1.81 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last released 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 quarter last year, the firm posted $2.13 earnings per share. The business’s revenue was up 6.2% compared to the same quarter last year. Research analysts expect that Align Technology will post 9.48 EPS for the current year.

Align Technology declared that its board has initiated a stock repurchase plan on Wednesday, April 29th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the medical equipment provider to buy up to 1.6% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Align Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. grew its stake in Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 109 shares during the last quarter. Blue Trust Inc. grew its stake in Align Technology by 77.5% in the first 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 during the last quarter. Independence Bank of Kentucky grew its stake in Align Technology by 77.7% in the fourth 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 during the last quarter. Tobam purchased a new position in Align Technology in the fourth quarter valued at about $30,000. Finally, Miller Global Investments LLC purchased a new position in Align Technology in the fourth quarter valued at about $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.