Align Technology, Inc. (NASDAQ:ALGN) Given Consensus Rating of “Hold” by Brokerages

Shares of Align Technology, Inc. (NASDAQ:ALGN) have been assigned an average recommendation of “Hold” from the ten brokerages that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $276.38.

A number of equities research analysts have recently weighed in on the company. 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 report on Thursday, October 24th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Stifel Nicolaus reduced their price target 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. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Finally, Morgan Stanley cut their target price on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Tidal Investments LLC increased its holdings in shares of Align Technology by 122.9% during the first quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock valued at $1,445,000 after purchasing an additional 2,430 shares during the period. Comerica Bank lifted its holdings in Align Technology by 4.9% in the first quarter. Comerica Bank now owns 28,842 shares of the medical equipment provider’s stock worth $9,458,000 after purchasing an additional 1,352 shares during the period. LRI Investments LLC bought a new position in Align Technology in the 1st quarter valued at about $29,000. Cetera Investment Advisers increased its stake in Align Technology by 914.2% during the 1st quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock valued at $4,140,000 after buying an additional 11,382 shares during the period. Finally, Cetera Advisors LLC bought a new stake in shares of Align Technology during the 1st quarter worth about $337,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

ALGN opened at $232.77 on Friday. Align Technology has a 12-month low of $196.09 and a 12-month high of $335.40. The stock has a market capitalization of $17.38 billion, a PE ratio of 39.72, a P/E/G ratio of 5.95 and a beta of 1.65. The firm’s fifty day moving average price is $226.43 and its 200 day moving average price is $236.60.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The company’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.62 EPS. On average, equities research analysts forecast that Align Technology will post 7.45 earnings per share for the current fiscal 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.