Align Technology (NASDAQ:ALGN) Stock Rating Reaffirmed by Piper Sandler

Align Technology (NASDAQ:ALGN)‘s stock had its “overweight” rating reiterated by Piper Sandler in a report issued on Friday, Benzinga reports. They currently have a $315.00 target price on the medical equipment provider’s stock. Piper Sandler’s price target indicates a potential upside of 29.24% from the stock’s previous close.

ALGN has been the subject of several other reports. Stifel Nicolaus cut their price objective on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, July 25th. Evercore ISI reduced their price target on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research report on Monday, June 10th. StockNews.com cut Align Technology from a “buy” rating to a “hold” rating in a report on Sunday, September 1st. Morgan Stanley reduced their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Finally, Robert W. Baird lowered their price target on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $306.88.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $243.73 on Friday. The company has a 50-day moving average price of $232.08 and a 200-day moving average price of $266.34. The stock has a market capitalization of $18.21 billion, a P/E ratio of 40.15, a P/E/G ratio of 5.13 and a beta of 1.64. Align Technology has a 1 year low of $176.34 and a 1 year high of $335.73.

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

Insider Transactions at Align Technology

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the stock in a transaction on Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the acquisition, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Align Technology

Several hedge funds have recently bought and sold shares of the business. Parnassus Investments LLC boosted its position in shares of Align Technology by 11.3% in the 4th quarter. Parnassus Investments LLC now owns 396,603 shares of the medical equipment provider’s stock worth $108,669,000 after purchasing an additional 40,406 shares in the last quarter. Achmea Investment Management B.V. increased its holdings in shares of Align Technology by 3.4% during the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock valued at $2,495,000 after acquiring an additional 339 shares in the last quarter. Tidal Investments LLC raised its position in shares of 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 during the last quarter. Nomura Holdings Inc. bought a new stake in Align Technology during the 4th quarter valued at about $1,197,000. Finally, Norden Group LLC raised its holdings in Align Technology by 3,647.7% in the first quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock worth $11,982,000 after buying an additional 35,565 shares during 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.