Piper Sandler Trims Align Technology (NASDAQ:ALGN) Target Price to $285.00

Align Technology (NASDAQ:ALGN) had its price objective lowered by equities researchers at Piper Sandler from $315.00 to $285.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the medical equipment provider’s stock. Piper Sandler’s target price indicates a potential upside of 31.91% from the company’s current price.

ALGN has been the subject of a number of other reports. Stifel Nicolaus lowered their price target on Align Technology from $350.00 to $285.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Needham & Company LLC initiated coverage on shares of Align Technology in a report on Thursday, October 10th. They issued a “hold” rating for the company. Morgan Stanley cut their price target on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Robert W. Baird dropped their target price on Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Align Technology currently has a consensus rating of “Hold” and an average price target of $291.25.

Align Technology Stock Down 1.4 %

Align Technology stock opened at $216.05 on Thursday. Align Technology has a twelve month low of $176.34 and a twelve month high of $335.40. The company’s 50-day moving average price is $234.44 and its 200-day moving average price is $254.48. The company has a market cap of $16.26 billion, a PE ratio of 35.59, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, topping the consensus estimate of $2.32 by $0.09. The company had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.73 earnings per share. As a group, sell-side analysts expect that Align Technology will post 7.61 earnings per share for the current fiscal year.

Insider Activity

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were 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 in the company, valued at $6,647,366.51. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ALGN. Cullen Frost Bankers Inc. boosted its stake in shares of Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 94 shares in the last quarter. Mather Group LLC. purchased a new position in shares of Align Technology in the 1st quarter valued at $26,000. Innealta Capital LLC bought a new position in shares of Align Technology in the 2nd quarter worth $26,000. Rothschild Investment LLC bought a new position in shares of Align Technology in the 2nd quarter worth $26,000. Finally, Versant Capital Management Inc lifted its stake in shares of Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 93 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

About Align Technology

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.