Align Technology (NASDAQ:ALGN) PT Lowered to $285.00 at Stifel Nicolaus

Align Technology (NASDAQ:ALGN) had its price target reduced by Stifel Nicolaus from $350.00 to $285.00 in a research note issued to investors on Friday, Benzinga reports. They currently have a buy rating on the medical equipment provider’s stock.

Other equities analysts also recently issued reports about the company. Needham & Company LLC began coverage on Align Technology in a research report on Thursday. They set a hold rating for the company. Morgan Stanley cut their target price on Align Technology from $328.00 to $310.00 and set an overweight rating for the company in a research report on Thursday, July 25th. Robert W. Baird cut 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. Piper Sandler restated an overweight rating and issued a $315.00 target price on shares of Align Technology in a research report on Friday, September 13th. Finally, StockNews.com upgraded Align Technology from a hold rating to a buy rating in a research report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Align Technology has a consensus rating of Hold and an average price target of $295.00.

Align Technology Stock Down 3.3 %

Shares of ALGN stock opened at $222.04 on Friday. The business has a 50 day moving average of $233.68 and a two-hundred day moving average of $256.27. Align Technology has a 52 week low of $176.34 and a 52 week high of $335.40. The company has a market cap of $16.59 billion, a P/E ratio of 37.70, a PEG 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 (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.09. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business’s revenue 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. Analysts expect that Align Technology will post 7.61 EPS for the current fiscal year.

Insider Buying and Selling 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 shares were purchased at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. This 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 can be accessed through this hyperlink. Company insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ALGN. Cullen Frost Bankers Inc. grew 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 acquiring an additional 94 shares during the period. Mather Group LLC. bought a new stake in shares of Align Technology during the 1st quarter worth about $26,000. Innealta Capital LLC bought a new stake in shares of Align Technology during the 2nd quarter worth about $26,000. Rothschild Investment LLC bought a new stake in shares of Align Technology during the 2nd quarter worth about $26,000. Finally, Versant Capital Management Inc boosted its holdings 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 buying an additional 93 shares during the period. 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.