Align Technology (NASDAQ:ALGN) Shares Gap Up on Analyst Upgrade

Align Technology, Inc. (NASDAQ:ALGN)’s stock price gapped up prior to trading on Thursday after Evercore ISI raised their price target on the stock from $240.00 to $260.00. The stock had previously closed at $216.36, but opened at $227.46. Evercore ISI currently has an outperform rating on the stock. Align Technology shares last traded at $224.96, with a volume of 302,677 shares traded.

A number of other research firms have also issued reports on ALGN. Jefferies Financial Group dropped their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. Robert W. Baird dropped their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Mizuho initiated coverage on shares of Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 target price on the stock. Morgan Stanley dropped their price target on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Piper Sandler reduced their price objective on Align Technology from $275.00 to $270.00 and set an “overweight” rating on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $271.40.

Institutional Investors Weigh In On Align Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP grew its holdings 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 worth $670,031,000 after purchasing an additional 866,663 shares during the period. Geode Capital Management LLC lifted its position in Align Technology by 1.2% in the third quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock valued at $443,810,000 after buying an additional 21,605 shares during the last quarter. FMR LLC boosted its stake in Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after buying an additional 367,508 shares during the period. Ninety One UK Ltd increased its position in shares of 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 during the last quarter. Finally, Meridiem Investment Management Ltd. raised its stake in shares of Align Technology by 63.7% in the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after acquiring an additional 297,472 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Trading Up 0.9 %

The stock has a market capitalization of $16.30 billion, a price-to-earnings ratio of 37.27, a price-to-earnings-growth ratio of 4.80 and a beta of 1.67. The firm’s fifty day moving average price is $221.92 and its 200 day moving average price is $226.15.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.99% and a net margin of 11.15%. On average, analysts forecast that Align Technology, Inc. will post 7.47 earnings per share for the current fiscal 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.