Align Technology (NASDAQ:ALGN – Get Free Report) was upgraded by analysts at BMO Capital Markets to a “strong-buy” rating in a report released on Wednesday,Zacks.com reports.
ALGN has been the topic of a number of other reports. Leerink Partners raised their price objective on Align Technology from $225.00 to $230.00 in a research note on Thursday, April 30th. Zacks Research raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 1st. Morgan Stanley raised their target price on Align Technology from $169.00 to $188.00 and gave the stock an “equal weight” rating in a research report on Friday, April 24th. Barclays raised Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective on the stock in a report on Tuesday, March 17th. Finally, Wall Street Zen raised shares of Align Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 4th. Two investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $206.07.
Get Our Latest Stock Analysis on Align Technology
Align Technology Trading Up 2.0%
Align Technology (NASDAQ:ALGN – Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The medical equipment provider reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.26 by $0.32. The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.02 billion. Align Technology had a return on equity of 15.82% and a net margin of 10.50%.The business’s quarterly revenue was up 6.2% on a year-over-year basis. During the same period last year, the business earned $2.13 EPS. As a group, analysts predict that Align Technology will post 9.48 EPS for the current year.
Align Technology declared that its Board of Directors has approved a share buyback plan on Wednesday, April 29th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the medical equipment provider to purchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
Institutional Investors Weigh In On Align Technology
Several institutional investors have recently modified their holdings of ALGN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Align Technology by 4.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock worth $1,624,000 after acquiring an additional 469 shares during the period. Focus Partners Wealth increased its holdings in shares of Align Technology by 5.2% in the first quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock worth $486,000 after acquiring an additional 151 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in Align Technology during the 2nd quarter worth approximately $204,000. EverSource Wealth Advisors LLC raised its holdings in shares of Align Technology by 55.7% during the second quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider’s stock worth $101,000 after acquiring an additional 190 shares during the period. Finally, First Trust Advisors LP raised its stake in shares of Align Technology by 201.7% in the 2nd quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider’s stock valued at $16,712,000 after purchasing an additional 59,010 shares during the period. Institutional investors and hedge funds 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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