Align Technology, Inc. has been the subject of coverage by several research analysts. They have upped its price target and given it a “buy” or “outperform” rating. StockNews.com gave it a “hold” rating, and CICC Research started coverage on Align Technology, giving it a “market perform” rating. Overall, the stock has an average rating of “Moderate Buy” and a consensus target price of $358.78.
Align Technology designs, manufactures, and markets orthodontics, restorative, and aesthetic dentistry products. It operates through the Clear Aligner and Scanner and Services segments. It has an average target price of $358.78, and its stock is currently held by institutional investors and hedge funds. Align Technology’s CEO and CFO have also acquired shares in the company worth over $1 million. The company is expected to continue growing, with Wall Street analysts forecasting growth in earnings per share and revenue for the current quarter. Investors interested in Align Technology can receive daily news and ratings for the company by subscribing to MarketBeat.com’s FREE daily email newsletter.
Flagship Harbor Advisors LLC Increases Holdings in Align Technology, Inc.
In its recent filing with the Securities, Flagship Harbor Advisors LLC reported an increase of 51.8% in its holdings of Align Technology, Inc. (NASDAQ:ALGN – Get Rating) during the fourth quarter. The increase in holdings by Flagship Harbor Advisors LLC has been followed by several other institutional investors and hedge funds also modifying their positions in the stock.
General Partner Inc. purchased a new position in Align Technology during the same period, which is worth approximately $29,000. Vestmark Advisory Solutions Inc. also added to its position in Align Technology by 27.9% during the third quarter, bringing the total number of shares owned to 6,503, valued at $1,347,000. Vanguard Group Inc. also increased its holdings in Align Technology by 12.1% during the third quarter, which now amounts to 8,213,345 shares valued at $1,701,067,000.
Additionally, Czech National Bank acquired a new position in Align Technology during the third quarter, worth $1,748,000. Fifth Third Bancorp also raised its holdings in Align Technology by 15.7% during the same period, bringing its total number of shares to 5,051, valued at $1,046,000.
Overall, institutional investors and hedge funds own 84.90% of Align Technology’s stock.
Align Technology CEO and CFO Acquire Stocks Worth Over $1 Million
The CEO and CFO of Align Technology, Inc. have both acquired shares in the company, according to recent filings with the Securities and Exchange Commission (SEC). CEO Joseph M. Hogan purchased 2,928 shares at an average price of $341.50 per share, worth a total of $999,912. Following the purchase, Hogan now holds 188,417 shares of the company’s stock, valued at approximately $64,344,405.50. CFO John Morici also bought 587 shares at an average price of $341.84 per share, worth a total of $200,660.08. After the purchase, Morici’s total number of shares in the company amounts to 8,204, valued at $2,804,455.36.
The acquisition of these shares by the CEO and CFO comes after Flagship Harbor Advisors LLC, General Partner Inc., Vestmark Advisory Solutions Inc., Vanguard Group Inc., Czech National Bank, and Fifth Third Bancorp all increased their holdings in Align Technology during the fourth quarter of 2022. Institutional investors and hedge funds now own 84.90% of the company’s stock.
Align Technology’s stock opened at $311.48 on Friday, with a market cap of $23.86 billion, a P/E ratio of 67.57, a PEG ratio of 3.04, and a beta of 1.60. The company’s 50-day moving average price is $303.42, and its 200-day moving average price is $242.52.
Wall Street analysts predict a continued growth trajectory for Align Technology, with a consensus estimate of $5.54 earnings per share for the current quarter, up from $0.84 per share in the same quarter last year. The company’s revenue for the quarter is expected to increase by 128.5% year-over-year to $1.41 billion.
Research Analysts Comment on Align Technology, Inc.
Several research analysts have recently commented on Align Technology, Inc. (NASDAQ:ALGN – Get Rating) and its stock performance. Robert W. Baird raised its target price on the stock from $260.00 to $335.00 and gave it an “outperform” rating in a report released on February 2nd. Meanwhile, Evercore ISI raised the company’s price target from $230.00 to $375.00 and gave it an “outperform” rating on the same day. Stifel Nicolaus also upped its price target on Align Technology from $265.00 to $375.00 and gave the stock a “buy” rating in its report released on February 2nd.
On March 16th, StockNews.com assumed coverage on Align Technology and issued a “hold” rating on the stock. Additionally, CICC Research started coverage on Align Technology on Thursday, and gave it a “market perform” rating.
MarketBeat reports that the stock currently has an average rating of “Moderate Buy,” with seven analysts giving it a “buy” rating and three giving it a “hold” rating. The consensus target price for the stock is $358.78.
About Align Technology
Align Technology, Inc. designs, manufactures, and markets orthodontics, restorative, and aesthetic dentistry products. It operates through the Clear Aligner and Scanner and Services segments. The Clear Aligner segment comprises Invisalign full, teen, and assist products, and Vivera retainers for treating malocclusion.
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