Align Technology, Inc. (NASDAQ:ALGN) Receives $205.85 Consensus Target Price from Brokerages

Align Technology, Inc. (NASDAQ:ALGNGet Free Report) has earned an average recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the stock, Marketbeat Ratings reports. Six investment analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $205.8462.

A number of brokerages have issued reports on ALGN. Robert W. Baird set a $218.00 price objective on shares of Align Technology in a research report on Thursday, February 5th. Piper Sandler increased their price target on shares of Align Technology from $220.00 to $235.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 21st. Jefferies Financial Group lifted their price objective on Align Technology from $155.00 to $185.00 and gave the company a “hold” rating in a research report on Thursday, February 5th. Evercore lifted their price objective on Align Technology from $200.00 to $220.00 in a research report on Thursday, April 30th. Finally, Wells Fargo & Company lifted their price objective on Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, February 5th.

Read Our Latest Analysis on Align Technology

Align Technology Stock Down 2.4%

Shares of NASDAQ ALGN opened at $161.75 on Friday. Align Technology has a 52 week low of $122.00 and a 52 week high of $208.30. The firm’s fifty day moving average is $176.20 and its 200 day moving average is $166.18. The company has a market cap of $11.58 billion, a price-to-earnings ratio of 27.14, a PEG ratio of 1.70 and a beta of 1.70.

Align Technology (NASDAQ:ALGNGet 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 analysts’ consensus estimates of $2.26 by $0.32. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.02 billion. Align Technology had a net margin of 10.50% and a return on equity of 15.82%. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.13 EPS. Equities research analysts anticipate that Align Technology will post 9.47 earnings per share for the current year.

Align Technology announced that its board has authorized a stock buyback plan on Wednesday, April 29th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the medical equipment provider to repurchase up to 1.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Align Technology news, EVP John Morici sold 7,969 shares of Align Technology 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 sale, the executive vice president directly owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. The trade was a 49.17% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.75% of the company’s stock.

Institutional Trading of Align Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC grew its position in shares of Align Technology by 38.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 15,551 shares of the medical equipment provider’s stock worth $2,029,000 after buying an additional 4,359 shares during the period. AE Wealth Management LLC bought a new position in Align Technology in the 3rd quarter worth about $650,000. Dana Investment Advisors Inc. bought a new position in Align Technology in the 3rd quarter worth about $9,991,000. AIA Group Ltd bought a new position in Align Technology in the 3rd quarter worth about $2,507,000. Finally, Hussman Strategic Advisors Inc. bought a new position in Align Technology in the 3rd quarter worth about $3,156,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Company Profile

(Get Free Report)

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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Analyst Recommendations for Align Technology (NASDAQ:ALGN)

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