Wall Street predicts Align Technology, Inc. (ALGN) stock to surge by 88.91%

Align Technology, Inc. [ALGN] stock is trading at $310.80, up 2.31%. One of the good ways to gauge the recent performance is if the stock’s short-term value is rising or falling. The ALGN shares have gain 2.77% over the last week, with a monthly amount glided 7.75%, and seem to be holding up well over a long-time horizon.

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On 22, February 2024, U.S. District Court for Northern District of California Grants Summary Judgment in Favor of Align Technology in Two Antitrust Class Action Lawsuits. In a post published today on Yahoo Finance, Align Technology, Inc. (Nasdaq: ALGN), a leading global medical device company that designs, manufactures, and sells the Invisalign® system of clear aligners, iTero™ intraoral scanners, and exocad™ CAD/CAM software for digital orthodontics and restorative dentistry, today announced that on Wednesday, February 21, 2024, the U.S. District Court for the Northern District of California granted summary judgment in favor of Align Technology, Inc. in two U.S. antitrust class action lawsuits (Simon & Simon, PC et al. v. Align Technology, Inc. and Snow et al. v. Align Technology, Inc.), filed initially in 2020 and 2021, respectively. These lawsuits challenged Align’s decision to end scan acceptance in the U.S. from a third-party scanner that was infringing Align’s intellectual property.

From an analyst’s perspective:

Align Technology, Inc. [NASDAQ: ALGN] stock has seen the most recent analyst activity on February 26, 2024, when Leerink Partners initiated its Market Perform rating and assigned the stock a price target of $310. Previously, Goldman downgraded its rating to Sell on December 11, 2023, and kept the price target unchanged to $197. On October 27, 2023, downgrade downgraded it’s rating to Neutral but maintained its price target of $200 on the stock. Goldman upgraded its rating to a Neutral and increased its price target to $307 on February 02, 2023. Goldman downgraded its rating to a Sell and reduced its price target to $250 on July 28, 2022. UBS upgraded its rating to Buy for this stock on January 31, 2022, and downed its price target to $620. In a note dated January 31, 2022, Morgan Stanley initiated an Overweight rating and provided a target price of $575 on this stock.

Align Technology, Inc. [ALGN] stock has fluctuated between $176.34 and $413.20 over the past year. Currently, Wall Street analysts expect the stock to reach $587.14 within the next 12 months. Align Technology, Inc. [NASDAQ: ALGN] shares were valued at $310.80 at the most recent close of the market. An investor can expect a potential return of 88.91% based on the average ALGN price forecast.

Analyzing the ALGN fundamentals

Align Technology, Inc. [NASDAQ:ALGN] reported sales of 3.86B for the trailing twelve months, which represents a growth of 6.12%. Gross Profit Margin for this corporation currently stands at 0.7% with Operating Profit Margin at 0.16%, Pretax Profit Margin comes in at 0.17%, and Net Profit Margin reading is 0.12%. To continue investigating profitability, this company’s Return on Assets is posted at 0.07, Equity is 0.12 and Total Capital is 0.15. An extended analysis of the company’s primary financial structure reveals a debt-to-equity ratio of0.06.

Before buying any particular stock, readers tend to pay close attention to the indicators that support and create resistance. The company’s stock is currently sitting at 307.32 points at the first support level, and at 303.83 for the second support level. However, for the 1st resistance point, the stock is sitting at 313.53, and for the 2nd resistance point, it is at 316.25.

Align Technology, Inc. [ALGN] reported earnings per share of $2.42 for its fiscal quarter that ended on 12/30/2023. Based on the Wall Street analysts’ estimates, the company was expected to report earnings of $2.18/share, meaning a difference of $0.24 and a surprise factor of 11.00%. By comparison, the stated earnings for the previous quarter ended on 9/29/2023 were $2.14 per share as compared to estimates of $2.26 per share, a difference of -$0.12 representing a surprise of -5.30%.

Ratios To Look Out For

For context, Align Technology, Inc.’s Current Ratio is 1.18. Also, the Quick Ratio is 1.04, while the Cash Ratio stands at 0.45. Considering the valuation of this stock, the price to sales ratio is 6.04, the price to book ratio is 6.26 and price to earnings (TTM) ratio is 53.46.

Transactions by insiders

Recent insider trading involved LACOB JOSEPH, Director, that happened on Feb 29 ’24 when 15000.0 shares were sold. Director, LACOB JOSEPH completed a deal on Feb 27 ’24 to sell 10000.0 shares. Meanwhile, EVP, GLOBAL OPERATIONS Wright Emory sold 2524.0 shares on Feb 07 ’24.

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