Align Technology (NASDAQ:ALGN) Shares Gap Up Following Analyst Upgrade

Shares of Align Technology, Inc. (NASDAQ:ALGN) gapped up before the market opened on Thursday after Evercore ISI raised their price target on the stock from $240.00 to $260.00. The stock had previously closed at $216.36, but opened at $227.46. Evercore ISI currently has an outperform rating on the stock. Align Technology shares last traded at $224.96, with a volume of 302,677 shares.

Several other research firms also recently weighed in on ALGN. Stifel Nicolaus dropped their target price on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Piper Sandler dropped their price objective on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating on the stock in a report on Thursday. Morgan Stanley reduced their target price on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research note on Thursday. Bank of America boosted their price target on Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Finally, Mizuho initiated coverage on Align Technology in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 target price on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $271.40.

Institutional Trading of Align Technology

A number of hedge funds have recently added to or reduced their stakes in ALGN. Baker Avenue Asset Management LP acquired a new position in shares of Align Technology in the third quarter worth about $4,250,000. Swedbank AB increased its stake in shares of Align Technology by 30.1% in the 3rd quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock valued at $98,960,000 after purchasing an additional 90,000 shares in the last quarter. KBC Group NV raised its holdings in Align Technology by 11.8% in the 3rd quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider’s stock worth $13,595,000 after purchasing an additional 5,663 shares during the period. Nordea Investment Management AB boosted its position in Align Technology by 3.5% during the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock worth $56,870,000 after purchasing an additional 9,139 shares in the last quarter. Finally, Fisher Asset Management LLC grew its holdings in Align Technology by 2.6% in the third quarter. Fisher Asset Management LLC now owns 105,770 shares of the medical equipment provider’s stock valued at $26,900,000 after purchasing an additional 2,717 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Price Performance

The company has a market capitalization of $16.30 billion, a price-to-earnings ratio of 37.27, a price-to-earnings-growth ratio of 4.80 and a beta of 1.67. The firm has a fifty day simple moving average of $221.92 and a 200 day simple moving average of $226.15.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.99% and a net margin of 11.15%. Research analysts predict that Align Technology, Inc. will post 7.47 EPS for the current year.

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.