Align Technology (NASDAQ:ALGN) Now Covered by Mizuho

Equities research analysts at Mizuho initiated coverage on shares of Align Technology (NASDAQ:ALGN) in a note issued to investors on Wednesday,Briefing.com Automated Import reports. The brokerage set an “outperform” rating and a $295.00 price target on the medical equipment provider’s stock. Mizuho’s price objective suggests a potential upside of 26.06% from the company’s current price.

ALGN has been the topic of a number of other research reports. Stifel Nicolaus cut their price objective on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Morgan Stanley cut their price objective on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Evercore ISI cut their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Finally, Piper Sandler cut their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $278.44.

Align Technology Trading Down 0.1 %

NASDAQ:ALGN opened at $234.01 on Wednesday. The firm has a market capitalization of $17.47 billion, a price-to-earnings ratio of 39.93, a PEG ratio of 6.07 and a beta of 1.66. The firm’s fifty day simple moving average is $225.75 and its 200 day simple moving average is $235.46. Align Technology has a twelve month low of $196.09 and a twelve month high of $335.40.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. The business had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.62 EPS. On average, analysts predict that Align Technology will post 7.45 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP grew its position 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 worth $670,031,000 after purchasing an additional 866,663 shares during the last quarter. Geode Capital Management LLC grew its position in Align Technology by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock worth $443,810,000 after purchasing an additional 21,605 shares during the last quarter. FMR LLC grew its position in Align Technology by 43.0% in 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 during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Align Technology by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock valued at $277,230,000 after acquiring an additional 15,540 shares in the last quarter. Finally, Ninety One UK Ltd boosted its holdings in shares of Align Technology by 1.0% in the second quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock valued at $276,950,000 after acquiring an additional 10,919 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

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.