Align Technology (NASDAQ:ALGN) Trading Down 3.1% on Analyst Downgrade

Align Technology, Inc. (NASDAQ:ALGN) shares were down 3.1% on Friday after Stifel Nicolaus lowered their price target on the stock from $350.00 to $285.00. Stifel Nicolaus currently has a buy rating on the stock. Align Technology traded as low as $218.11 and last traded at $222.57. Approximately 341,783 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 757,559 shares. The stock had previously closed at $229.65.

Several other equities analysts have also commented on the stock. Morgan Stanley lowered their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research 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. Needham & Company LLC started coverage on shares of Align Technology in a report on Thursday. They set a “hold” rating on the stock. Evercore ISI dropped their target price on shares of Align Technology from $280.00 to $270.00 and set an “outperform” rating on the stock in a report on Tuesday, October 8th. Finally, Piper Sandler restated an “overweight” rating and issued a $315.00 price target on shares of Align Technology in a report on Friday, September 13th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $295.00.

Insider Transactions at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the acquisition, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Align Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cullen Frost Bankers Inc. raised its position in shares of Align Technology by 854.5% in the 2nd 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. bought a new position in Align Technology during the first quarter valued at about $26,000. Innealta Capital LLC bought a new position in Align Technology during the second quarter valued at about $26,000. Rothschild Investment LLC purchased a new stake in shares of Align Technology during the second quarter valued at $26,000. Finally, Versant Capital Management Inc lifted its holdings in shares of Align Technology by 547.1% during the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $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.

Align Technology Price Performance

The firm has a fifty day moving average price of $233.68 and a 200 day moving average price of $256.77. The firm has a market capitalization of $16.59 billion, a PE ratio of 37.70, a P/E/G 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 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates 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 quarter in the prior year, the firm posted $1.73 EPS. On average, sell-side analysts expect that Align Technology, Inc. will post 7.61 EPS for the current year.

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.