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

Align Technology (NASDAQ:ALGN) was upgraded by equities researchers at Leerink Partnrs from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also weighed in on ALGN. Mizuho initiated coverage on Align Technology in a report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 target price on the stock. Morgan Stanley cut their price objective on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Robert W. Baird reduced their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Finally, Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $235.00 to $280.00 in a research report on Monday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and an average target price of $268.20.

Align Technology Trading Up 5.1 %

Shares of ALGN stock opened at $218.88 on Monday. The firm has a fifty day simple moving average of $221.79 and a two-hundred day simple moving average of $229.64. Align Technology has a 12 month low of $196.09 and a 12 month high of $335.40. The firm has a market capitalization of $16.34 billion, a PE ratio of 37.35, a price-to-earnings-growth ratio of 6.20 and a beta of 1.67.

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

Hedge Funds Weigh In On Align Technology

Institutional investors and hedge funds have recently bought and sold shares of the company. Cullen Frost Bankers Inc. grew its stake in shares of Align Technology by 854.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 94 shares during the period. True Wealth Design LLC lifted its holdings in Align Technology by 10,700.0% during the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 107 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new position in Align Technology during the second quarter worth about $31,000. Quarry LP increased its stake in shares of Align Technology by 53.0% in the second quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after purchasing an additional 44 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new stake in shares of Align Technology in the third quarter valued at approximately $32,000. 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.