Align Technology (NASDAQ:ALGN) Raised to “Strong-Buy” at BMO Capital Markets

Align Technology (NASDAQ:ALGN) was upgraded by stock analysts at BMO Capital Markets to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.

A number of other equities analysts have also commented on ALGN. Morgan Stanley boosted their price objective on shares of Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a report on Friday, April 24th. Leerink Partners lifted their target price on Align Technology from $225.00 to $230.00 in a research report on Thursday, April 30th. Wall Street Zen upgraded Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 4th. Barclays upgraded Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a research note on Tuesday, March 17th. Finally, Weiss Ratings downgraded Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, June 4th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Align Technology has a consensus rating of “Moderate Buy” and an average price target of $206.07.

Align Technology Stock Up 2.0%

Shares of NASDAQ:ALGN opened at $178.17 on Wednesday. Align Technology has a 52-week low of $122.00 and a 52-week high of $208.30. The company has a 50 day moving average of $171.49 and a two-hundred day moving average of $173.68. The company has a market capitalization of $12.76 billion, a price-to-earnings ratio of 29.89, a price-to-earnings-growth ratio of 1.79 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.26 by $0.32. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The business’s revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.13 earnings per share. On average, equities analysts anticipate that Align Technology will post 9.48 earnings per share for the current year.

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

Hedge Funds Weigh In On Align Technology

Several institutional investors have recently made changes to their positions in the stock. Sunbelt Securities Inc. grew its stake in 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. Blue Trust Inc. increased its stake in Align Technology by 77.5% during the 1st quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 69 shares during the period. Independence Bank of Kentucky raised its holdings in Align Technology by 77.7% during the fourth quarter. Independence Bank of Kentucky now owns 183 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 80 shares in the last quarter. Tobam bought a new stake in shares of Align Technology in the 4th quarter worth $30,000. Finally, Miller Global Investments LLC bought a new stake in Align Technology in the fourth quarter worth about $31,000. 88.43% of the stock is owned by institutional investors.

Align Technology Company Profile

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.