Align Technology (NASDAQ:ALGN) Upgraded to Outperform at Leerink Partners

Leerink Partners upgraded shares of Align Technology (NASDAQ:ALGN) from a market perform rating to an outperform rating in a research report sent to investors on Monday, Marketbeat Ratings reports. They currently have $280.00 price target on the medical equipment provider’s stock, up from their previous price target of $235.00.

A number of other analysts have also weighed in on the stock. Mizuho began coverage on shares of Align Technology in a research note on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price objective for the company. Stifel Nicolaus reduced their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Evercore ISI decreased their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Bank of America upped their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Two analysts have rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $268.20.

Align Technology Trading Up 5.1 %

Shares of NASDAQ:ALGN opened at $218.88 on Monday. The company has a market cap of $16.34 billion, a price-to-earnings ratio of 37.35, a price-to-earnings-growth ratio of 6.20 and a beta of 1.67. Align Technology has a 12 month low of $196.09 and a 12 month high of $335.40. The company has a 50-day moving average price of $221.79 and a 200-day moving average price of $229.64.

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

Institutional Trading of Align Technology

Several hedge funds have recently made changes to their positions in the business. Achmea Investment Management B.V. boosted its stake in shares of Align Technology by 3.4% during the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock valued at $2,495,000 after purchasing an additional 339 shares during the period. Baker Avenue Asset Management LP bought a new position in shares of Align Technology in the 3rd quarter worth $4,250,000. Swedbank AB lifted its position in shares of Align Technology by 30.1% during the third quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock valued at $98,960,000 after buying an additional 90,000 shares during the last quarter. KBC Group NV boosted its stake in Align Technology by 11.8% in the third quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider’s stock valued at $13,595,000 after acquiring an additional 5,663 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in Align Technology by 2.6% in the third quarter. Fisher Asset Management LLC now owns 105,770 shares of the medical equipment provider’s stock valued at $26,900,000 after buying an additional 2,717 shares during the last quarter. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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.