Align Technology, Inc. (NASDAQ:ALGN) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Align Technology, Inc. (NASDAQ:ALGN) have been given an average rating of “Moderate Buy” by the fourteen ratings firms that are currently covering the stock, Marketbeat Ratings reports. Six analysts have rated the stock with a hold recommendation and eight have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $205.8462.

A number of research analysts have commented on the company. Piper Sandler upped their price objective on Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Tuesday, April 21st. Wells Fargo & Company upped their target price on Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th. Barclays upgraded Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 target price for the company in a research report on Tuesday, March 17th. Stifel Nicolaus upped their target price on Align Technology from $200.00 to $210.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Finally, Leerink Partners upped their target price on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th.

Insider Buying and Selling at Align Technology

In other news, EVP John Morici sold 7,969 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the sale, the executive vice president directly owned 8,237 shares in the company, valued at approximately $1,559,346.47. This represents a 49.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.75% of the company’s stock.

Institutional Trading of Align Technology

A number of institutional investors have recently modified their holdings of ALGN. Sentry Investment Management LLC lifted its position in shares of Align Technology by 73.1% during the 3rd quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 79 shares during the period. Sunbelt Securities Inc. lifted its position in shares of Align Technology by 222.4% during the 4th quarter. Sunbelt Securities Inc. now owns 158 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 109 shares during the last quarter. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Align Technology during the 3rd quarter worth $26,000. Blue Trust Inc. lifted its position in shares of Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 69 shares during the last quarter. Finally, Independence Bank of Kentucky lifted its position in shares of Align Technology by 77.7% during the 4th quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after buying an additional 80 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $168.78 on Friday. The stock’s fifty day moving average price is $178.11 and its two-hundred day moving average price is $165.34. Align Technology has a one year low of $122.00 and a one year high of $208.30. The firm has a market cap of $12.09 billion, a price-to-earnings ratio of 28.32, a P/E/G ratio of 1.74 and a beta of 1.70.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.26 by $0.32. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same period in the prior year, the firm posted $2.13 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, equities analysts anticipate that Align Technology will post 9.43 earnings per share for the current fiscal year.

Align Technology announced that its board has authorized a share repurchase plan on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to repurchase up to 1.6% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.