Wells Fargo & Company Initiates Coverage on Align Technology (NASDAQ:ALGN)

Stock analysts at Wells Fargo & Company started coverage on shares of Align Technology (NASDAQ:ALGN) in a note issued to investors on Friday, Marketbeat Ratings reports. The firm set an “overweight” rating and a $255.00 price target on the medical equipment provider’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 23.33% from the stock’s current price.

Other analysts have also issued reports about the company. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Robert W. Baird lowered their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Stifel Nicolaus cut their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Mizuho began coverage on shares of Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective for the company. Finally, Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Align Technology has a consensus rating of “Moderate Buy” and an average target price of $269.91.

Align Technology Price Performance

Shares of Align Technology stock opened at $206.77 on Friday. The firm has a market capitalization of $15.44 billion, a price-to-earnings ratio of 36.86, a PEG ratio of 4.79 and a beta of 1.67. Align Technology has a one year low of $196.09 and a one year high of $335.40. The business has a 50-day simple moving average of $218.77 and a 200 day simple moving average of $224.95.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. On average, sell-side analysts expect that Align Technology will post 8.09 EPS for the current year.

Hedge Funds Weigh In On Align Technology

Several large investors have recently modified their holdings of ALGN. Wellington Management Group LLP raised its stake in shares of 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 purchasing an additional 866,663 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Align Technology by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider’s stock worth $372,299,000 after buying an additional 39,209 shares in the last quarter. FMR LLC boosted its position in shares of Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after acquiring an additional 367,508 shares during the period. Ninety One UK Ltd grew its stake in Align Technology by 3.7% during the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock valued at $254,508,000 after acquiring an additional 43,524 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Align Technology by 17.1% during the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider’s stock worth $225,642,000 after acquiring an additional 158,312 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

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.