Align Technology (NASDAQ:ALGN) PT Lowered to $275.00

Align Technology (NASDAQ:ALGN) had its price target dropped by Stifel Nicolaus from $285.00 to $275.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the medical equipment provider’s stock. Stifel Nicolaus’ target price suggests a potential upside of 23.61% from the stock’s previous close.

Several other brokerages have also recently weighed in on ALGN. Morgan Stanley reduced their price objective on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Evercore ISI decreased their price target on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Thursday. Robert W. Baird lowered their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Piper Sandler cut their price target on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, Align Technology currently has a consensus rating of “Hold” and an average price target of $280.13.

Align Technology Price Performance

Shares of NASDAQ:ALGN traded up $14.81 during trading on Thursday, hitting $222.47. The company’s stock had a trading volume of 1,065,876 shares, compared to its average volume of 774,134. Align Technology has a 12 month low of $176.34 and a 12 month high of $335.40. The firm has a market cap of $16.75 billion, a price-to-earnings ratio of 36.65, a P/E/G ratio of 5.33 and a beta of 1.64. The company has a 50-day moving average of $234.20 and a 200-day moving average of $250.96.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. Align Technology’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period last year, the firm earned $1.62 EPS. As a group, research analysts anticipate that Align Technology will post 7.61 earnings per share for the current year.

Insider Transactions at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the purchase, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Align Technology

Hedge funds have recently made changes to their positions in the stock. Achmea Investment Management B.V. grew its holdings in Align Technology by 3.4% in the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock worth $2,495,000 after purchasing an additional 339 shares during the last quarter. Tidal Investments LLC boosted its position in Align Technology by 122.9% in the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock worth $1,445,000 after purchasing an additional 2,430 shares in the last quarter. Norden Group LLC grew its stake in shares of Align Technology by 3,647.7% during the 1st quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock worth $11,982,000 after purchasing an additional 35,565 shares during the period. Swedbank AB increased its holdings in shares of Align Technology by 2.0% during the 2nd quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock valued at $72,215,000 after purchasing an additional 6,005 shares in the last quarter. Finally, Mediolanum International Funds Ltd acquired a new position in shares of Align Technology in the 1st quarter valued at $2,006,000. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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.