Align Technology (NASDAQ:ALGN) Upgraded by Wall Street Zen to Strong-Buy Rating

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

Several other research analysts have also commented on the company. Weiss Ratings lowered Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, June 4th. Zacks Research raised Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. Evercore upped their price target on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Piper Sandler raised their price objective on Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Finally, Leerink Partners lifted their price objective on shares of Align Technology from $225.00 to $230.00 in a report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $205.85.

Align Technology Stock Performance

Shares of ALGN stock opened at $184.52 on Friday. Align Technology has a one year low of $122.00 and a one year high of $208.30. The company’s 50-day simple moving average is $171.80 and its 200-day simple moving average is $173.02. The stock has a market capitalization of $13.22 billion, a price-to-earnings ratio of 30.96, a PEG ratio of 1.89 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.32. The business had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The company’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period last year, the firm earned $2.13 earnings per share. As a group, research analysts forecast that Align Technology will post 9.48 EPS for the current year.

Align Technology announced that its Board of Directors has initiated a stock repurchase program 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 reacquire up to 1.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ALGN. Sunbelt Securities Inc. increased its position in Align Technology by 222.4% in the fourth quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 109 shares during the period. Blue Trust Inc. lifted 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 buying an additional 69 shares during the last quarter. Independence Bank of Kentucky boosted its holdings in shares of Align Technology by 77.7% during the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock valued at $29,000 after acquiring an additional 80 shares during the period. Tobam acquired a new position in shares of Align Technology during the fourth quarter valued at $30,000. Finally, Miller Global Investments LLC bought a new position in shares of Align Technology during the fourth quarter worth about $31,000. 88.43% of the stock is currently owned by institutional investors.

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.