Brokerages Set Align Technology, Inc. (NASDAQ:ALGN) Target Price at $269.91

Align Technology, Inc. (NASDAQ:ALGN) has earned an average recommendation of “Moderate Buy” from the thirteen research firms that are covering the firm, MarketBeat reports. One equities research 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 company. The average 1-year target price among brokerages that have covered the stock in the last year is $269.91.

ALGN has been the subject of several recent analyst reports. Jefferies Financial Group cut their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Mizuho started 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. Bank of America upped their price objective on Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Finally, Wells Fargo & Company assumed coverage on Align Technology in a research report on Friday, February 14th. They issued an “overweight” rating and a $255.00 target price on the stock.

Hedge Funds Weigh In On Align Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Impax Asset Management Group plc grew its stake in Align Technology by 26.8% during the 3rd quarter. Impax Asset Management Group plc now owns 114,057 shares of the medical equipment provider’s stock worth $29,007,000 after purchasing an additional 24,115 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Align Technology by 2.7% during the third quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider’s stock worth $20,859,000 after buying an additional 2,168 shares in the last quarter. Portside Wealth Group LLC purchased a new stake in shares of Align Technology during the third quarter worth approximately $238,000. Covestor Ltd increased its stake in shares of Align Technology by 26.6% during the third quarter. Covestor Ltd now owns 362 shares of the medical equipment provider’s stock worth $92,000 after buying an additional 76 shares during the period. Finally, Baker Avenue Asset Management LP acquired a new stake in Align Technology in the third quarter valued at approximately $4,250,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Trading Down 0.3 %

ALGN stock opened at $164.57 on Monday. The firm has a 50-day moving average of $205.41 and a two-hundred day moving average of $219.86. Align Technology has a 12 month low of $159.56 and a 12 month high of $335.40. The company has a market cap of $12.11 billion, a price-to-earnings ratio of 29.34, a PEG ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last posted 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 net margin of 10.54% and a return on equity of 13.84%. As a group, equities analysts forecast that Align Technology will post 7.98 earnings per share for the current year.

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.