Align Technology (NASDAQ:ALGN) Price Target Raised to $220.00

Align Technology (NASDAQ:ALGN) had its price objective hoisted by Evercore ISI from $200.00 to $220.00 in a report released on Wednesday,Benzinga reports. The firm currently has an outperform rating on the medical equipment provider’s stock.

Other research analysts have also issued reports about the stock. Mizuho reduced their price objective on shares of Align Technology from $250.00 to $245.00 and set an “outperform” rating for the company in a research note on Tuesday, April 29th. UBS Group cut their target price on shares of Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research report on Thursday, April 24th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday, May 1st. HSBC lowered shares of Align Technology from a “buy” rating to a “hold” rating and cut their target price for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $250.00 target price (up from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $242.92.

Align Technology Price Performance

Shares of ALGN opened at $200.48 on Wednesday. Align Technology has a one year low of $141.74 and a one year high of $263.24. The company has a market cap of $14.53 billion, a PE ratio of 36.52, a P/E/G ratio of 2.07 and a beta of 1.63. The stock has a 50-day moving average of $183.40 and a 200-day moving average of $188.06.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.29% and a return on equity of 13.52%. The business had revenue of $979.26 million for the quarter, compared to analysts’ expectations of $977.90 million. During the same quarter last year, the firm earned $2.14 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. Analysts expect that Align Technology will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has authorized a share buyback program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Align Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Asset Management One Co. Ltd. grew its holdings in Align Technology by 14.5% in the first quarter. Asset Management One Co. Ltd. now owns 31,624 shares of the medical equipment provider’s stock worth $5,024,000 after purchasing an additional 4,009 shares during the period. Giverny Capital Inc. grew its holdings in shares of Align Technology by 30.3% during the fourth quarter. Giverny Capital Inc. now owns 43,006 shares of the medical equipment provider’s stock valued at $8,967,000 after buying an additional 10,013 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Align Technology during the fourth quarter valued at approximately $3,115,000. Schonfeld Strategic Advisors LLC grew its holdings in shares of Align Technology by 1,679.5% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 35,110 shares of the medical equipment provider’s stock valued at $7,321,000 after buying an additional 33,137 shares during the last quarter. Finally, American Assets Inc. purchased a new stake in shares of Align Technology during the fourth quarter valued at approximately $417,000. Hedge funds and other institutional investors 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.