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

Align Technology, Inc. (NASDAQ:ALGN) shares gapped up before the market opened on Thursday after Robert W. Baird raised their price target on the stock from $333.00 to $370.00. The stock had previously closed at $313.78, but opened at $325.00. Robert W. Baird currently has an outperform rating on the stock. Align Technology shares last traded at $301.46, with a volume of 543,779 shares traded.

A number of other equities research analysts also recently weighed in on the company. Stifel Nicolaus raised their target price on Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Leerink Partnrs reissued a “market perform” rating on shares of Align Technology in a research report on Monday, February 26th. UBS Group lifted their price target on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. Piper Sandler boosted their target price on shares of Align Technology from $335.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, March 14th. Finally, SVB Leerink began coverage on shares of Align Technology in a research report on Monday, February 26th. They issued a “market perform” rating and a $310.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $343.00.

Insider Transactions at Align Technology

In other news, Director Joseph Lacob sold 10,000 shares of Align Technology stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the completion of the sale, the director now directly owns 146,994 shares in the company, valued at approximately $46,010,591.94. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Emory Wright sold 2,524 shares of the 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 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 the SEC website. Also, Director Joseph Lacob sold 10,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total value of $3,130,100.00. Following the completion of the sale, the director now directly owns 146,994 shares in the company, valued at approximately $46,010,591.94. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,524 shares of company stock valued at $8,403,924. 0.64% of the stock is currently owned by corporate insiders.

Institutional Trading of Align Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Moody National Bank Trust Division increased its stake in Align Technology by 1.8% in the first quarter. Moody National Bank Trust Division now owns 2,107 shares of the medical equipment provider’s stock valued at $691,000 after acquiring an additional 38 shares during the last quarter. EFG Asset Management Americas Corp. lifted its holdings in shares of Align Technology by 3.6% during the fourth quarter. EFG Asset Management Americas Corp. now owns 1,167 shares of the medical equipment provider’s stock valued at $320,000 after purchasing an additional 41 shares during the last quarter. Dfpg Investments LLC raised its holdings in Align Technology by 3.3% in the 4th quarter. Dfpg Investments LLC now owns 1,327 shares of the medical equipment provider’s stock worth $340,000 after acquiring an additional 42 shares during the last quarter. Flagship Harbor Advisors LLC raised its holdings in Align Technology by 2.7% in the 3rd quarter. Flagship Harbor Advisors LLC now owns 1,694 shares of the medical equipment provider’s stock worth $517,000 after acquiring an additional 44 shares during the last quarter. Finally, Richard W. Paul & Associates LLC grew its position in Align Technology by 2.8% in the 4th quarter. Richard W. Paul & Associates LLC now owns 1,669 shares of the medical equipment provider’s stock worth $457,000 after purchasing an additional 45 shares during the period. 88.43% of the stock is owned by institutional investors.

Align Technology Stock Performance

The business’s 50-day simple moving average is $313.37 and its 200 day simple moving average is $270.52. The firm has a market cap of $22.68 billion, a P/E ratio of 53.91, a P/E/G ratio of 5.59 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.78 by $0.13. The company had revenue of $956.73 million during the quarter, compared to the consensus estimate of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. As a group, equities research analysts expect that Align Technology, Inc. will post 7.69 EPS for the current year.

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.