Align Technology (NASDAQ:ALGN – Get Free Report) had its price target upped by investment analysts at Evercore from $200.00 to $220.00 in a report released on Thursday,MarketScreener reports. Evercore’s price objective indicates a potential upside of 24.36% from the company’s previous close.
Other equities analysts also recently issued reports about the company. Wells Fargo & Company lifted 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. Robert W. Baird set a $218.00 price objective on Align Technology 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 note on Tuesday, March 17th. Jefferies Financial Group boosted their target price on Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a research note on Thursday, February 5th. Finally, Mizuho boosted their target price on Align Technology from $200.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and an average price target of $205.85.
View Our Latest Analysis on ALGN
Align Technology Trading Up 0.5%
Align Technology (NASDAQ:ALGN – Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.26 by $0.32. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 16.00%. Align Technology’s revenue was up 6.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.13 EPS. On average, analysts predict that Align Technology will post 9.15 earnings per share for the current year.
Align Technology announced that its board has approved a stock buyback program on Wednesday, April 29th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 1.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Insider Activity at Align Technology
In other news, EVP John Morici sold 7,969 shares of the company’s stock in a transaction that occurred 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 owned 8,237 shares in the company, valued at $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.75% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC raised its position in Align Technology by 38.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,551 shares of the medical equipment provider’s stock worth $2,029,000 after acquiring an additional 4,359 shares in the last quarter. AE Wealth Management LLC purchased a new position in Align Technology in the third quarter worth $650,000. Dana Investment Advisors Inc. purchased a new position in Align Technology in the third quarter worth $9,991,000. AIA Group Ltd purchased a new position in Align Technology in the third quarter worth $2,507,000. Finally, Hussman Strategic Advisors Inc. purchased a new position in Align Technology in the third quarter worth $3,156,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.
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.
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