Align Technology (NASDAQ:ALGN) Given New $260.00 Price Target at Evercore ISI

Align Technology (NASDAQ:ALGN) had its target price hoisted by analysts at Evercore ISI from $240.00 to $260.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the medical equipment provider’s stock. Evercore ISI’s price objective would suggest a potential upside of 19.62% from the company’s previous close.

Other analysts also recently issued reports about the stock. Jefferies Financial Group reduced their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research report on Thursday, January 23rd. Mizuho initiated coverage on shares of Align Technology in a research note on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price for the company. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Morgan Stanley lowered their price objective on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $271.40.

Align Technology Stock Up 0.5 %

Shares of NASDAQ:ALGN traded up $0.99 on Thursday, hitting $217.35. The company had a trading volume of 693,069 shares, compared to its average volume of 701,033. The firm’s 50-day simple moving average is $221.92 and its two-hundred day simple moving average is $226.15. The firm has a market capitalization of $16.22 billion, a price-to-earnings ratio of 37.40, a P/E/G ratio of 4.80 and a beta of 1.67. Align Technology has a 1 year low of $196.09 and a 1 year high of $335.40.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.99% and a net margin of 11.15%. Equities research analysts anticipate that Align Technology will post 7.47 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ALGN. Wellington Management Group LLP raised its stake in Align Technology by 49.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after acquiring an additional 866,663 shares during the period. Geode Capital Management LLC increased its stake in Align Technology by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock worth $443,810,000 after buying an additional 21,605 shares in the last quarter. FMR LLC raised its holdings in Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after acquiring an additional 367,508 shares during the period. Ninety One UK Ltd lifted its position in shares of Align Technology by 3.7% in the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock valued at $254,508,000 after acquiring an additional 43,524 shares in the last quarter. Finally, Meridiem Investment Management Ltd. lifted its position in shares of Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after acquiring an additional 297,472 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

About Align Technology

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.