Align Technology (NASDAQ:ALGN) Cut to Hold at StockNews.com

Align Technology (NASDAQ:ALGN) was downgraded by stock analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Thursday.

ALGN has been the subject of a number of other reports. UBS Group boosted their price target on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday, April 15th. OTR Global reissued a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Piper Sandler cut their price target on Align Technology from $330.00 to $315.00 and set an “overweight” rating on the stock in a research report on Thursday. Morgan Stanley reduced their price objective on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday. Finally, Stifel Nicolaus lowered their target price on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Align Technology currently has a consensus rating of “Hold” and a consensus price target of $330.50.

Align Technology Price Performance

Shares of ALGN traded down $18.75 during mid-day trading on Thursday, reaching $226.05. The company’s stock had a trading volume of 2,100,163 shares, compared to its average volume of 775,028. Align Technology has a 12-month low of $176.34 and a 12-month high of $413.20. The stock has a market cap of $17.02 billion, a PE ratio of 37.24, a price-to-earnings-growth ratio of 4.66 and a beta of 1.66. The company’s 50 day moving average is $250.05 and its 200 day moving average is $280.94.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating the consensus estimate of $2.32 by $0.09. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.73 earnings per share. As a group, sell-side analysts anticipate that Align Technology will post 7.84 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

Several institutional investors have recently bought and sold shares of ALGN. Parnassus Investments LLC boosted its holdings in shares of Align Technology by 11.3% in the fourth quarter. Parnassus Investments LLC now owns 396,603 shares of the medical equipment provider’s stock valued at $108,669,000 after acquiring an additional 40,406 shares in the last quarter. London & Capital Asset Management Ltd boosted its holdings in Align Technology by 7.1% in the 4th quarter. London & Capital Asset Management Ltd now owns 58,025 shares of the medical equipment provider’s stock valued at $15,899,000 after purchasing an additional 3,843 shares in the last quarter. Truist Financial Corp increased its position in Align Technology by 24.8% during the 4th quarter. Truist Financial Corp now owns 11,165 shares of the medical equipment provider’s stock worth $3,059,000 after purchasing an additional 2,220 shares during the period. Nomura Holdings Inc. purchased a new position in shares of Align Technology during the 4th quarter worth approximately $1,197,000. Finally, Norden Group LLC lifted its holdings in shares of Align Technology by 3,647.7% in the 1st quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock valued at $11,982,000 after buying an additional 35,565 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Company Profile

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.