Align Technology (NASDAQ:ALGN) Now Covered by Analysts at Mizuho

Research analysts at Mizuho began coverage on shares of Align Technology (NASDAQ:ALGN) in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $295.00 price target on the medical equipment provider’s stock. Mizuho’s target price points to a potential upside of 29.49% from the stock’s current price.

A number of other analysts have also weighed in on ALGN. 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 research note on Thursday, October 24th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Evercore ISI dropped their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Stifel Nicolaus dropped 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 note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and an average price target of $278.44.

Align Technology Stock Performance

ALGN stock opened at $227.81 on Wednesday. The company’s 50 day moving average price is $225.18 and its 200 day moving average price is $235.40. Align Technology has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The firm has a market capitalization of $17.01 billion, a price-to-earnings ratio of 38.88, a PEG ratio of 6.06 and a beta of 1.66.

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

Hedge Funds Weigh In On Align Technology

A number of hedge funds have recently modified their holdings of ALGN. Cullen Frost Bankers Inc. grew its position in shares of Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 94 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Align Technology during the second quarter worth $26,000. Rothschild Investment LLC acquired a new stake in shares of Align Technology during the second quarter worth $26,000. True Wealth Design LLC lifted its holdings in shares of Align Technology by 10,700.0% during the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 107 shares during the period. Finally, Mather Group LLC. lifted its holdings in shares of Align Technology by 52.5% during the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 42 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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.