Align Technology (NASDAQ:ALGN) Coverage Initiated at Mizuho

Stock analysts at Mizuho began coverage on shares of Align Technology (NASDAQ:ALGN) in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The firm set an “outperform” rating and a $295.00 price target on the medical equipment provider’s stock. Mizuho’s price target indicates a potential upside of 29.49% from the company’s previous close.

A number of other brokerages have also issued reports on ALGN. Morgan Stanley dropped their price objective on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Evercore ISI dropped their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Stifel Nicolaus dropped their price objective on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 24th. Piper Sandler dropped their price objective on shares of Align Technology from $285.00 to $275.00 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 for the company in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Align Technology has an average rating of “Moderate Buy” and a consensus price target of $278.44.

Align Technology Stock Down 3.2 %

Align Technology stock opened at $227.81 on Wednesday. Align Technology has a 52-week low of $196.09 and a 52-week high of $335.40. The firm has a market capitalization of $17.01 billion, a price-to-earnings ratio of 38.88, a PEG ratio of 6.06 and a beta of 1.66. The company has a fifty day simple moving average of $225.18 and a 200-day simple moving average of $235.40.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) 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 business had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. During the same quarter in the prior year, the firm earned $1.62 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, research analysts anticipate that Align Technology will post 7.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Cullen Frost Bankers Inc. lifted its position in Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 94 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Align Technology during the second quarter worth about $26,000. Rothschild Investment LLC acquired a new stake in shares of Align Technology during the second quarter worth about $26,000. True Wealth Design LLC lifted its position in shares of Align Technology by 10,700.0% during the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 107 shares in the last quarter. Finally, Mather Group LLC. lifted its position in shares of Align Technology by 52.5% during the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 42 shares in the last quarter. Institutional investors and hedge funds 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.