Align Technology, Inc. (NASDAQ:ALGN) Receives Average Recommendation of “Hold” from Brokerages

Shares of Align Technology, Inc. (NASDAQ:ALGN) have been given a consensus rating of “Hold” by the ten analysts that are covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $276.38.

ALGN has been the subject of several recent research reports. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Stifel Nicolaus decreased 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 $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Robert W. Baird decreased their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Finally, Evercore ISI cut their target price 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.

Align Technology Stock Performance

ALGN opened at $232.77 on Friday. The company has a market capitalization of $17.38 billion, a PE ratio of 39.72, a P/E/G ratio of 5.95 and a beta of 1.65. The stock’s fifty day moving average is $226.43 and its 200-day moving average is $236.60. Align Technology has a one year low of $196.09 and a one year high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The firm had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. During the same period in the previous year, the business earned $1.62 earnings per share. Align Technology’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, equities research analysts forecast that Align Technology will post 7.45 EPS for the current fiscal year.

Institutional Trading of Align Technology

Hedge funds have recently modified their holdings of the business. Wilmington Savings Fund Society FSB purchased a new position in Align Technology during the 3rd quarter valued at about $78,000. Virtue Capital Management LLC purchased a new stake in shares of Align Technology in the third quarter worth approximately $203,000. Neo Ivy Capital Management acquired a new stake in shares of Align Technology during the third quarter worth approximately $32,000. Coldstream Capital Management Inc. grew its position in Align Technology by 9.3% during the third quarter. Coldstream Capital Management Inc. now owns 2,251 shares of the medical equipment provider’s stock valued at $566,000 after purchasing an additional 191 shares in the last quarter. Finally, 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 valued at $443,810,000 after buying an additional 21,605 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

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.