Evercore ISI Forecasts Strong Price Appreciation for Align Technology (NASDAQ:ALGN) Stock

Align Technology (NASDAQ:ALGN) had its price target raised by equities research analysts at Evercore ISI from $240.00 to $260.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the medical equipment provider’s stock. Evercore ISI’s target price would indicate a potential upside of 23.49% from the stock’s previous close.

Several other research analysts have also issued reports on the stock. Morgan Stanley decreased their price target on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday. Bank of America lifted their target price on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Mizuho assumed coverage on Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price for the company. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday. Finally, Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and upped their price objective for the company 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 assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $271.40.

Align Technology Stock Performance

Shares of ALGN stock opened at $210.55 on Thursday. The stock has a market cap of $15.72 billion, a PE ratio of 35.93, a price-to-earnings-growth ratio of 4.80 and a beta of 1.67. The business’s fifty day moving average is $221.70 and its 200-day moving average is $226.10. Align Technology has a 1 year low of $196.09 and a 1 year high of $335.40.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. True Wealth Design LLC lifted its stake in shares of Align Technology by 10,700.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 107 shares during the last quarter. Neo Ivy Capital Management bought a new position in Align Technology during the third quarter valued at about $32,000. CVA Family Office LLC raised its holdings in Align Technology by 85.2% during the third quarter. CVA Family Office LLC now owns 150 shares of the medical equipment provider’s stock valued at $38,000 after buying an additional 69 shares in the last quarter. Private Trust Co. NA lifted its position in shares of Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock worth $36,000 after buying an additional 93 shares during the last quarter. Finally, Mather Group LLC. boosted its stake in shares of Align Technology by 51.6% during the 3rd quarter. Mather Group LLC. now owns 185 shares of the medical equipment provider’s stock worth $47,000 after acquiring an additional 63 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.