Align Technology (NASDAQ:ALGN) Raised to Strong-Buy at Leerink Partnrs

Align Technology (NASDAQ:ALGN) was upgraded by equities research analysts at Leerink Partnrs from a “hold” rating to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

A number of other equities research analysts have also weighed in on the company. Evercore ISI reduced their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Piper Sandler lowered their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Morgan Stanley reduced their target price on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and raised their price target for the company from $235.00 to $280.00 in a research note on Monday. Finally, Robert W. Baird cut their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and a consensus target price of $268.20.

Align Technology Trading Up 5.1 %

ALGN stock opened at $218.88 on Monday. The firm has a 50-day moving average price of $221.79 and a 200-day moving average price of $229.64. Align Technology has a 12 month low of $196.09 and a 12 month high of $335.40. The stock has a market capitalization of $16.34 billion, a P/E ratio of 37.35, a price-to-earnings-growth ratio of 6.20 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The company’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the business posted $1.62 earnings per share. As a group, equities analysts predict that Align Technology will post 7.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ALGN. Nordea Investment Management AB lifted its stake in Align Technology by 3.5% in the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock valued at $56,870,000 after buying an additional 9,139 shares during the period. Versant Capital Management Inc lifted its position in shares of Align Technology by 212.2% during the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock valued at $48,000 after acquiring an additional 157 shares during the period. Principal Financial Group Inc. lifted its position in shares of Align Technology by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider’s stock valued at $20,859,000 after acquiring an additional 2,168 shares during the period. Exome Asset Management LLC bought a new position in Align Technology during the third quarter worth $4,756,000. Finally, Oddo BHF Asset Management Sas bought a new stake in Align Technology in the third quarter valued at $747,000. 88.43% of the stock is owned by institutional investors and hedge funds.

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.