Align Technology, Inc. (NASDAQ:ALGN) Receives Average Recommendation of “Hold” from Analysts

Align Technology, Inc. (NASDAQ:ALGN) has earned a consensus recommendation of “Hold” from the nine brokerages that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $306.88.

A number of brokerages have recently weighed in on ALGN. OTR Global restated a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Robert W. Baird reduced their target price on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday. Evercore ISI decreased their price objective on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, June 10th. Finally, Piper Sandler restated an “overweight” rating and set a $315.00 target price on shares of Align Technology in a research report on Friday, September 13th.

Insiders Place Their Bets

In other Align Technology news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the stock in a transaction on Thursday, August 15th. The stock was bought at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the acquisition, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Align Technology

Several institutional investors have recently added to or reduced their stakes in the stock. Parnassus Investments LLC grew its stake in shares of Align Technology by 11.3% during the 4th quarter. Parnassus Investments LLC now owns 396,603 shares of the medical equipment provider’s stock worth $108,669,000 after acquiring an additional 40,406 shares in the last quarter. Achmea Investment Management B.V. lifted its position in Align Technology by 3.4% during the 2nd quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock worth $2,495,000 after buying an additional 339 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of Align Technology by 122.9% during the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock worth $1,445,000 after buying an additional 2,430 shares during the last quarter. Nomura Holdings Inc. bought a new position in shares of Align Technology in the 4th quarter valued at about $1,197,000. Finally, Norden Group LLC increased its position in shares of Align Technology by 3,647.7% in the first quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock valued at $11,982,000 after acquiring an additional 35,565 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $252.85 on Monday. The stock has a market capitalization of $19.04 billion, a price-to-earnings ratio of 41.66, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64. The business’s fifty day moving average price is $232.50 and its two-hundred day moving average price is $264.85. Align Technology has a fifty-two week low of $176.34 and a fifty-two week high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.09. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period last year, the firm posted $1.73 EPS. Research analysts expect that Align Technology will post 7.61 EPS for the current fiscal year.

About Align Technology

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.