Align Technology (NASDAQ:ALGN) Upgraded to Strong-Buy at Leerink Partnrs

Leerink Partnrs upgraded shares of Align Technology (NASDAQ:ALGN) from a hold rating to a strong-buy rating in a research note released on Monday morning,Zacks.com reports.

Several other research firms have also recently weighed in on ALGN. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and upped their target price for the company from $235.00 to $280.00 in a report on Monday. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Robert W. Baird reduced their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Finally, Piper Sandler cut their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $268.20.

Align Technology Stock Up 5.1 %

ALGN stock opened at $218.88 on Monday. The company has a 50-day simple moving average of $221.79 and a 200 day simple moving average of $229.64. The company has a market capitalization of $16.34 billion, a P/E ratio of 37.35, a PEG ratio of 6.20 and a beta of 1.67. Align Technology has a fifty-two week low of $196.09 and a fifty-two week high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its 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 analysts’ expectations of $990.05 million. During the same period in the previous year, the firm posted $1.62 EPS. The company’s quarterly revenue was up 1.8% on a year-over-year basis. Equities analysts anticipate that Align Technology will post 7.45 EPS for the current year.

Institutional Investors Weigh In On Align Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP grew its stake in shares of Align Technology by 49.0% in the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after acquiring an additional 866,663 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Align Technology by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock worth $443,810,000 after purchasing an additional 21,605 shares during the period. FMR LLC raised its holdings in Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after acquiring an additional 367,508 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its position in shares of Align Technology by 6.4% during the third quarter. Disciplined Growth Investors Inc. MN now owns 753,026 shares of the medical equipment provider’s stock valued at $191,510,000 after purchasing an additional 45,484 shares during the period. Finally, Point72 Asset Management L.P. raised its stake 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 valued at $171,493,000 after purchasing an additional 330,807 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

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.