Align Technology, Inc. (NASDAQ:ALGN) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Align Technology, Inc. (NASDAQ:ALGN) have been given a consensus recommendation of “Moderate Buy” by the fourteen brokerages that are presently covering the stock, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $205.8462.

A number of analysts recently commented on the stock. Barclays upgraded shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price target on the stock in a research note on Tuesday, March 17th. Citigroup assumed coverage on shares of Align Technology in a research note on Wednesday, April 15th. They set a “buy” rating and a $240.00 price target on the stock. Leerink Partners upped their price target on shares of Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Morgan Stanley upped their price target on shares of Align Technology from $169.00 to $188.00 and gave the company an “equal weight” rating in a research note on Friday, April 24th. Finally, Wall Street Zen cut shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 13th.

Institutional Trading of Align Technology

A number of institutional investors have recently modified their holdings of the business. Redwood Investment Management LLC purchased a new stake in shares of Align Technology during the 1st quarter valued at approximately $1,056,000. Empowered Funds LLC lifted its stake in Align Technology by 279.0% in the 1st quarter. Empowered Funds LLC now owns 6,311 shares of the medical equipment provider’s stock worth $1,082,000 after purchasing an additional 4,646 shares in the last quarter. Militia Capital Management LLC purchased a new stake in Align Technology in the 1st quarter worth approximately $3,549,000. Parallel Advisors LLC lifted its stake in Align Technology by 15.8% in the 1st quarter. Parallel Advisors LLC now owns 1,377 shares of the medical equipment provider’s stock worth $236,000 after purchasing an additional 188 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Align Technology by 6.0% in the 1st quarter. NewEdge Advisors LLC now owns 2,669 shares of the medical equipment provider’s stock worth $458,000 after purchasing an additional 152 shares in the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Up 1.5%

Align Technology stock opened at $178.43 on Friday. Align Technology has a twelve month low of $122.00 and a twelve month high of $208.30. The firm has a 50 day moving average price of $173.11 and a 200-day moving average price of $172.44. The company has a market capitalization of $12.78 billion, a P/E ratio of 29.94, a P/E/G ratio of 1.83 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, beating analysts’ consensus estimates of $2.26 by $0.32. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The firm had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the prior year, the firm earned $2.13 EPS. The company’s revenue was up 6.2% compared to the same quarter last year. Equities analysts expect that Align Technology will post 9.48 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has approved a share buyback plan on Wednesday, April 29th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to purchase up to 1.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

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.