StockNews.com Upgrades Align Technology (NASDAQ:ALGN) to “Buy”

StockNews.com upgraded shares of Align Technology (NASDAQ:ALGN) from a hold rating to a buy rating in a research note published on Thursday morning.

Several other research firms have also recently issued reports on ALGN. Morgan Stanley lowered their price objective on Align Technology from $328.00 to $310.00 and set an overweight rating on the stock in a research report on Thursday, July 25th. Robert W. Baird dropped their price objective on Align Technology from $370.00 to $325.00 and set an outperform rating on the stock in a research report on Monday, July 22nd. Stifel Nicolaus reduced their price objective on Align Technology from $400.00 to $350.00 and set a buy rating for the company in a report on Thursday, July 25th. OTR Global restated a mixed rating on shares of Align Technology in a research note on Tuesday, June 4th. Finally, Piper Sandler reiterated an overweight rating and issued a $315.00 price target on shares of Align Technology in a research note on Friday, September 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $306.88.

Align Technology Price Performance

Shares of Align Technology stock opened at $252.85 on Thursday. Align Technology has a 1 year low of $176.34 and a 1 year high of $335.40. The firm has a market cap of $19.04 billion, a price-to-earnings ratio of 41.66, a PEG ratio of 5.13 and a beta of 1.64. The company has a 50-day moving average of $232.50 and a 200 day moving average of $264.34.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the company earned $1.73 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities analysts anticipate that Align Technology will post 7.61 EPS for the current year.

Insider Buying and Selling at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were acquired at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.62% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ALGN. Mather Group LLC. purchased a new stake in Align Technology in the 1st quarter worth approximately $26,000. LRI Investments LLC purchased a new stake in shares of Align Technology in the first quarter worth $29,000. Cullen Frost Bankers Inc. raised its position in shares of Align Technology by 854.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 94 shares during the period. Rothschild Investment LLC purchased a new position in shares of Align Technology during the 2nd quarter valued at $26,000. Finally, Innealta Capital LLC bought a new position in Align Technology in the 2nd quarter worth $26,000. Institutional investors own 88.43% of the company’s stock.

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.