Bank of America Issues Positive Forecast for Align Technology (NASDAQ:ALGN) Stock Price

Align Technology (NASDAQ:ALGN) had its price objective boosted by Bank of America from $200.00 to $206.00 in a report published on Friday morning,Benzinga reports. The brokerage currently has an underperform rating on the medical equipment provider’s stock.

A number of other analysts have also recently commented on the stock. Piper Sandler lowered their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company 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. Stifel Nicolaus cut their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Morgan Stanley reduced their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Finally, Mizuho started coverage on Align Technology in a research note on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price target on the stock. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Align Technology presently has a consensus rating of “Hold” and an average target price of $271.20.

Align Technology Stock Down 0.1 %

Shares of Align Technology stock opened at $235.39 on Friday. Align Technology has a 52-week low of $196.09 and a 52-week high of $335.40. The firm’s 50 day moving average price is $224.11 and its 200-day moving average price is $234.44. The company has a market cap of $17.57 billion, a P/E ratio of 40.17, a PEG ratio of 6.20 and a beta of 1.66.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Wellington Management Group LLP grew its stake 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. Holocene Advisors LP acquired a new stake in Align Technology during the third quarter valued at $137,287,000. Kayne Anderson Rudnick Investment Management LLC grew its position in Align Technology by 4,391.3% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock valued at $117,879,000 after buying an additional 477,380 shares during the period. FMR LLC increased its holdings in Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after buying an additional 367,508 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of Align Technology by 96.3% in the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after acquiring an additional 330,807 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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.