Align Technology (NASDAQ:ALGN) Stock Rating Upgraded by Leerink Partnrs

Align Technology (NASDAQ:ALGN) was upgraded by research analysts at Leerink Partnrs from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

Several other brokerages have also recently issued reports on ALGN. Mizuho began coverage on shares of Align Technology in a research report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price target on the stock. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and raised their target price for the company from $235.00 to $280.00 in a research note on Monday. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Evercore ISI lowered their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and an average target price of $268.20.

Align Technology Stock Performance

NASDAQ ALGN opened at $217.56 on Monday. The stock has a market cap of $16.24 billion, a P/E ratio of 37.13, a price-to-earnings-growth ratio of 6.20 and a beta of 1.67. Align Technology has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The stock has a 50 day simple moving average of $221.89 and a two-hundred day simple moving average of $229.46.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP lifted its stake in Align Technology by 49.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after acquiring an additional 866,663 shares during the period. Holocene Advisors LP bought a new position in Align Technology during the third quarter valued at approximately $137,287,000. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Align Technology by 4,391.3% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after purchasing an additional 477,380 shares during the last quarter. FMR LLC boosted its holdings in Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after purchasing an additional 367,508 shares during the last quarter. Finally, Point72 Asset Management L.P. grew its holdings in shares of Align Technology by 96.3% in the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after acquiring an additional 330,807 shares during the period. 88.43% of the stock is owned by institutional investors.

Align Technology Company Profile

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.