Citigroup Initiates Coverage on Align Technology (NASDAQ:ALGN)
by Teresa Graham · The Cerbat GemEquities researchers at Citigroup started coverage on shares of Align Technology (NASDAQ:ALGN – Get Free Report) in a research note issued on Wednesday, MarketBeat Ratings reports. The brokerage set a “buy” rating and a $240.00 price target on the medical equipment provider’s stock. Citigroup’s price objective would indicate a potential upside of 24.92% from the stock’s current price.
A number of other research analysts also recently commented on ALGN. Morgan Stanley increased their price target on Align Technology from $154.00 to $169.00 and gave the company an “equal weight” rating in a report on Thursday, February 5th. UBS Group raised their price objective on shares of Align Technology from $175.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Jefferies Financial Group increased their target price on Align Technology from $155.00 to $185.00 and gave the stock a “hold” rating in a report on Thursday, February 5th. Robert W. Baird set a $218.00 price target on Align Technology in a research report on Thursday, February 5th. Finally, Wells Fargo & Company raised their price target on shares of Align Technology from $181.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, February 5th. Eight research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $201.31.
Read Our Latest Research Report on ALGN
Align Technology Price Performance
NASDAQ ALGN traded up $7.10 during mid-day trading on Wednesday, hitting $192.12. The company’s stock had a trading volume of 80,468 shares, compared to its average volume of 1,180,437. The stock’s fifty day simple moving average is $179.60 and its two-hundred day simple moving average is $159.99. Align Technology has a 52-week low of $122.00 and a 52-week high of $208.30. The firm has a market capitalization of $13.76 billion, a P/E ratio of 33.94, a price-to-earnings-growth ratio of 2.04 and a beta of 1.81.
Align Technology (NASDAQ:ALGN – Get Free Report) last released its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 EPS for the quarter, beating the consensus estimate of $2.99 by $0.30. The company had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Align Technology had a return on equity of 15.16% and a net margin of 10.17%.The firm’s revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company posted $2.44 earnings per share. On average, equities analysts forecast that Align Technology will post 7.98 earnings per share for the current fiscal year.
Insider Buying and Selling at Align Technology
In other news, EVP John Morici sold 7,969 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the completion of the sale, the executive vice president directly owned 8,237 shares of the company’s stock, valued at $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.66% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Align Technology
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC raised its stake in shares of Align Technology by 67.8% during the 1st quarter. SG Americas Securities LLC now owns 232,442 shares of the medical equipment provider’s stock worth $39,848,000 after purchasing an additional 93,953 shares in the last quarter. Evolve Private Wealth LLC boosted its holdings in Align Technology by 3.1% during the first quarter. Evolve Private Wealth LLC now owns 4,296 shares of the medical equipment provider’s stock valued at $736,000 after acquiring an additional 131 shares during the period. AEGON ASSET MANAGEMENT UK Plc bought a new position in Align Technology in the 1st quarter worth approximately $18,276,000. Rockefeller Capital Management L.P. raised its stake in Align Technology by 108.3% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,884 shares of the medical equipment provider’s stock valued at $1,075,000 after purchasing an additional 3,579 shares during the last quarter. Finally, Tobam acquired a new stake in shares of Align Technology during the 4th quarter worth approximately $30,000. Institutional investors and hedge funds own 88.43% of the company’s stock.
Align Technology Company Profile
Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.
The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.