Brokerages Set Align Technology, Inc. (NASDAQ:ALGN) Price Target at $271.40

Shares of Align Technology, Inc. (NASDAQ:ALGN) have been given a consensus rating of “Moderate Buy” by the thirteen analysts that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $269.91.

A number of equities analysts recently weighed in on the stock. Stifel Nicolaus lowered their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Piper Sandler dropped their price target on Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a research report on Thursday, February 6th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. Evercore ISI upped their target price on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Finally, Morgan Stanley reduced their price target on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th.

Align Technology Price Performance

NASDAQ ALGN opened at $201.79 on Thursday. The stock’s 50 day simple moving average is $216.70 and its 200-day simple moving average is $224.47. The company has a market cap of $15.06 billion, a PE ratio of 35.97, a price-to-earnings-growth ratio of 2.43 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 announced its quarterly earnings data 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 net margin of 10.54% and a return on equity of 13.84%. On average, equities research analysts anticipate that Align Technology will post 7.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

Several hedge funds have recently bought and sold shares of ALGN. Norges Bank acquired a new stake in shares of Align Technology during the fourth quarter worth about $190,792,000. Wellington Management Group LLP lifted its holdings 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 buying an additional 866,663 shares in the last quarter. Holocene Advisors LP purchased a new position in Align Technology in the 3rd quarter valued at approximately $137,287,000. FMR LLC boosted its position in Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after buying an additional 367,508 shares during the period. Finally, Point72 Asset Management L.P. increased its position in shares of Align Technology by 96.3% during the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after acquiring an additional 330,807 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

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.