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

Shares of Align Technology, Inc. (NASDAQ:ALGN) have been given a consensus rating of “Hold” by the twelve analysts that are presently covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, four have given a hold recommendation and six have issued a buy recommendation on the company. The average 1 year price target among brokers that have covered the stock in the last year is $271.20.

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus decreased their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Bank of America raised their target price on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Evercore ISI dropped their price target on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Morgan Stanley decreased their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Finally, Robert W. Baird dropped their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th.

Align Technology Trading Down 1.9 %

Shares of Align Technology stock opened at $211.43 on Wednesday. The business’s fifty day simple moving average is $222.34 and its 200 day simple moving average is $231.33. Align Technology has a 12 month low of $196.09 and a 12 month high of $335.40. The firm has a market capitalization of $15.78 billion, a P/E ratio of 36.08, a price-to-earnings-growth ratio of 6.20 and a beta of 1.66.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of Align Technology by 2.7% in the third quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider’s stock worth $20,859,000 after buying an additional 2,168 shares in the last quarter. Exome Asset Management LLC purchased a new stake in shares of Align Technology in the 3rd quarter valued at about $4,756,000. Oddo BHF Asset Management Sas bought a new stake in shares of Align Technology during the 3rd quarter valued at about $747,000. Wilmington Savings Fund Society FSB purchased a new position in shares of Align Technology during the third quarter worth about $78,000. Finally, Virtue Capital Management LLC bought a new position in shares of Align Technology in the third quarter worth approximately $203,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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.