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 report issued on Monday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $235.00 to $280.00 in a research note on Monday. Evercore ISI decreased their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Bank of America lifted their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Mizuho initiated coverage on Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price target on the stock. Finally, Piper Sandler cut their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $268.20.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $218.88 on Monday. Align Technology has a one year low of $196.09 and a one year high of $335.40. The company has a 50-day simple moving average of $221.79 and a 200-day simple moving average of $229.64. The stock has a market capitalization of $16.34 billion, a price-to-earnings ratio of 37.35, a PEG ratio of 6.20 and a beta of 1.67.

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 net margin of 11.15% and a return on equity of 13.99%. The business had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same period in the previous year, the business posted $1.62 earnings per share. The business’s revenue was up 1.8% compared to the same quarter last year. As a group, research analysts forecast that Align Technology will post 7.45 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. National Bank of Canada FI increased its stake in shares of Align Technology by 12.0% in the second quarter. National Bank of Canada FI now owns 32,488 shares of the medical equipment provider’s stock worth $7,748,000 after buying an additional 3,488 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Align Technology by 251.1% in the second quarter. Victory Capital Management Inc. now owns 114,518 shares of the medical equipment provider’s stock worth $27,648,000 after purchasing an additional 81,899 shares during the period. Cullen Frost Bankers Inc. boosted its holdings in shares of Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 94 shares during the period. Acadian Asset Management LLC acquired a new stake in Align Technology during the second quarter worth about $4,606,000. Finally, Quest Partners LLC raised its position in shares of Align Technology by 893.6% during the 2nd quarter. Quest Partners LLC now owns 4,511 shares of the medical equipment provider’s stock worth $1,089,000 after purchasing an additional 4,057 shares during the period. 88.43% of the stock is owned by hedge funds and other 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.