Align Technology (NASDAQ:ALGN) Stock Rating Upgraded by Leerink Partners

Align Technology (NASDAQ:ALGN) was upgraded by equities researchers at Leerink Partners from a “market perform” rating to an “outperform” rating in a note issued to investors on Monday, MarketBeat.com reports. The brokerage presently has a $280.00 price target on the medical equipment provider’s stock, up from their previous price target of $235.00. Leerink Partners’ target price would suggest a potential upside of 28.70% from the company’s previous close.

A number of other research analysts have also recently commented on ALGN. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Robert W. Baird reduced their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Morgan Stanley dropped their price objective on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Finally, Mizuho began coverage on shares of Align Technology in a research report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price on the stock. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $268.20.

Align Technology Stock Down 0.6 %

Align Technology stock opened at $217.56 on Monday. The stock has a market cap of $16.24 billion, a PE ratio of 37.13, a P/E/G ratio of 6.20 and a beta of 1.67. Align Technology has a 12-month low of $196.09 and a 12-month high of $335.40. The business’s 50-day moving average price is $221.89 and its two-hundred day moving average price is $229.46.

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

Institutional Investors Weigh In On Align Technology

A number of institutional investors have recently modified their holdings of the company. Achmea Investment Management B.V. boosted its position in Align Technology by 3.4% during the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock valued at $2,495,000 after acquiring an additional 339 shares during the last quarter. Baker Avenue Asset Management LP acquired a new position in shares of Align Technology in the 3rd quarter valued at about $4,250,000. Swedbank AB boosted its position in shares of Align Technology by 30.1% during the 3rd quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock valued at $98,960,000 after purchasing an additional 90,000 shares in the last quarter. KBC Group NV grew its stake in Align Technology by 11.8% during the third quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider’s stock worth $13,595,000 after purchasing an additional 5,663 shares during the period. Finally, Fisher Asset Management LLC increased its holdings in Align Technology by 2.6% in the third quarter. Fisher Asset Management LLC now owns 105,770 shares of the medical equipment provider’s stock worth $26,900,000 after purchasing an additional 2,717 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

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.