Align Technology (NASDAQ:ALGN) Stock Rating Upgraded by Leerink Partners

Align Technology (NASDAQ:ALGN) was upgraded by equities research analysts at Leerink Partners from a “market perform” rating to an “outperform” rating in a research report issued on Monday, MarketBeat Ratings reports. The brokerage presently has a $280.00 price target on the medical equipment provider’s stock, up from their previous price target of $235.00. Leerink Partners’ target price indicates a potential upside of 28.70% from the stock’s current price.

A number of other research analysts have also recently issued reports on ALGN. Mizuho assumed coverage on shares of Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price objective for the company. Morgan Stanley decreased their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Bank of America raised their price target on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Robert W. Baird reduced their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Finally, Needham & Company LLC reissued 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, two have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $268.20.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $217.56 on Monday. Align Technology has a 52-week low of $196.09 and a 52-week high of $335.40. The business’s 50 day simple moving average is $221.89 and its two-hundred day simple moving average is $229.46. The firm has a market cap of $16.24 billion, a P/E ratio of 37.13, a PEG 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 (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The company had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. During the same period last year, the business earned $1.62 EPS. Align Technology’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, equities analysts forecast that Align Technology will post 7.45 earnings per share for the current fiscal year.

Institutional Trading of Align Technology

Hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP grew its stake in Align Technology by 49.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after buying an additional 866,663 shares in the last quarter. Holocene Advisors LP purchased a new position in shares of Align Technology in the third quarter valued at $137,287,000. Kayne Anderson Rudnick Investment Management LLC grew its position in shares of Align Technology by 4,391.3% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock valued at $117,879,000 after purchasing an additional 477,380 shares in the last quarter. FMR LLC lifted its holdings in Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after purchasing an additional 367,508 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in Align Technology by 96.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after purchasing an additional 330,807 shares during the period. 88.43% of the stock is currently owned by 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.