UBS Group Raises Align Technology (NASDAQ:ALGN) Price Target to $320.00

Align Technology (NASDAQ:ALGN) had its price target boosted by UBS Group from $280.00 to $320.00 in a report released on Monday, Benzinga reports. The firm currently has a neutral rating on the medical equipment provider’s stock.

ALGN has been the subject of several other research reports. Piper Sandler upped their target price on Align Technology from $335.00 to $355.00 and gave the stock an overweight rating in a research note on Thursday, March 14th. The Goldman Sachs Group upped their target price on Align Technology from $197.00 to $225.00 and gave the stock a sell rating in a research note on Friday, February 2nd. Stifel Nicolaus upped their target price on Align Technology from $340.00 to $350.00 and gave the stock a buy rating in a research note on Friday, March 15th. Leerink Partnrs reissued a market perform rating on shares of Align Technology in a research note on Monday, February 26th. Finally, SVB Leerink started coverage on Align Technology in a research note on Monday, February 26th. They set a market perform rating and a $310.00 price objective for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Align Technology has an average rating of Moderate Buy and an average price target of $339.91.

Align Technology Trading Down 1.6 %

ALGN stock opened at $300.14 on Monday. The company’s 50 day moving average is $312.61 and its 200 day moving average is $269.97. The stock has a market cap of $22.59 billion, a price-to-earnings ratio of 51.57, a price-to-earnings-growth ratio of 5.49 and a beta of 1.65. Align Technology has a 1-year low of $176.34 and a 1-year high of $413.20.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.78 by $0.13. The business had revenue of $956.73 million during the quarter, compared to analyst estimates of $928.57 million. Align Technology had a return on equity of 13.88% and a net margin of 11.52%. As a group, sell-side analysts forecast that Align Technology will post 7.65 EPS for the current fiscal year.

Insider Activity at Align Technology

In related news, EVP Emory Wright sold 2,524 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the completion of the transaction, the executive vice president now owns 709 shares in the company, valued at $203,802.05. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Align Technology news, Director Joseph Lacob sold 15,000 shares of the stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total value of $4,548,300.00. Following the completion of the transaction, the director now owns 131,994 shares in the company, valued at $40,023,220.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Emory Wright sold 2,524 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total value of $725,523.80. Following the completion of the transaction, the executive vice president now owns 709 shares of the company’s stock, valued at approximately $203,802.05. The disclosure for this sale can be found here. Insiders sold a total of 27,524 shares of company stock worth $8,403,924 over the last quarter. 0.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Align Technology

A number of institutional investors have recently added to or reduced their stakes in ALGN. Rhenman & Partners Asset Management AB bought a new position in Align Technology in the third quarter worth $305,000. Norges Bank bought a new position in shares of Align Technology during the fourth quarter valued at $223,610,000. Ameriprise Financial Inc. increased its holdings in shares of Align Technology by 348.9% during the third quarter. Ameriprise Financial Inc. now owns 756,393 shares of the medical equipment provider’s stock valued at $230,938,000 after acquiring an additional 587,886 shares in the last quarter. Brown Advisory Inc. increased its holdings in shares of Align Technology by 41.4% during the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after acquiring an additional 441,754 shares in the last quarter. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Align Technology by 102.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock valued at $113,648,000 after acquiring an additional 209,419 shares in the last quarter. Institutional investors 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.