Align Technology (NASDAQ:ALGN) Price Target Cut to $330.00

Align Technology (NASDAQ:ALGN) had its target price decreased by research analysts at Piper Sandler from $375.00 to $330.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the medical equipment provider’s stock. Piper Sandler’s price objective indicates a potential upside of 36.02% from the stock’s previous close.

Other equities research analysts have also issued reports about the stock. UBS Group raised their price objective on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. Robert W. Baird raised their target price on shares of Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a research report on Thursday, April 25th. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Leerink Partnrs reaffirmed a “market perform” rating on shares of Align Technology in a research report on Monday, February 26th. Finally, Morgan Stanley raised their target price on shares of Align Technology from $344.00 to $360.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Align Technology has a consensus rating of “Moderate Buy” and an average target price of $346.50.

Align Technology Stock Up 0.2 %

Shares of NASDAQ:ALGN opened at $242.61 on Friday. Align Technology has a 12 month low of $176.34 and a 12 month high of $413.20. The company’s fifty day simple moving average is $274.34 and its 200 day simple moving average is $282.31. The firm has a market cap of $18.26 billion, a price-to-earnings ratio of 39.97, a PEG ratio of 4.48 and a beta of 1.62.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.08. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. The business had revenue of $997.43 million for the quarter, compared to analyst estimates of $971.97 million. Research analysts expect that Align Technology will post 7.86 earnings per share for the current fiscal year.

Institutional Trading of Align Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in Align Technology by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider’s stock worth $2,746,378,000 after purchasing an additional 25,362 shares in the last quarter. Brown Advisory Inc. raised its position in shares of Align Technology by 41.4% in the 4th quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after buying an additional 441,754 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Align Technology by 1.1% in the 1st quarter. Bank of New York Mellon Corp now owns 1,132,742 shares of the medical equipment provider’s stock valued at $371,449,000 after buying an additional 11,800 shares in the last quarter. Morgan Stanley raised its position in shares of Align Technology by 9.8% in the 3rd quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock valued at $310,866,000 after buying an additional 90,581 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Align Technology by 2.7% in the 3rd quarter. Northern Trust Corp now owns 831,469 shares of the medical equipment provider’s stock valued at $253,864,000 after buying an additional 21,490 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

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.