Align Technology (NASDAQ:ALGN) PT Lowered to $275.00 at Piper Sandler

Align Technology (NASDAQ:ALGN) had its price target dropped by research analysts at Piper Sandler from $285.00 to $275.00 in a report released on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the medical equipment provider’s stock. Piper Sandler’s price target suggests a potential upside of 25.40% from the company’s current price.

ALGN has been the topic of several other reports. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Morgan Stanley decreased their price target on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Evercore ISI decreased their price target on shares of Align Technology from $280.00 to $270.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 8th. Robert W. Baird decreased their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Align Technology currently has an average rating of “Hold” and a consensus price target of $276.38.

Align Technology Trading Up 1.3 %

Shares of Align Technology stock opened at $219.30 on Thursday. The stock has a market capitalization of $16.51 billion, a price-to-earnings ratio of 36.24, a P/E/G ratio of 5.33 and a beta of 1.64. Align Technology has a 1-year low of $176.34 and a 1-year high of $335.40. The firm’s 50-day moving average price is $233.83 and its two-hundred day moving average price is $250.72.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. The firm had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.62 earnings per share. As a group, equities research analysts predict that Align Technology will post 7.61 EPS for the current year.

Insider Buying and Selling at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction on Thursday, August 15th. The shares were purchased at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the purchase, the director now owns 28,247 shares in the company, valued at $6,647,366.51. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Align Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cullen Frost Bankers Inc. raised its holdings in Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 94 shares during the period. Innealta Capital LLC acquired a new stake in Align Technology in the second quarter worth $26,000. Rothschild Investment LLC acquired a new stake in Align Technology in the second quarter worth $26,000. Versant Capital Management Inc raised its holdings in Align Technology by 547.1% in the second 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 period. Finally, LRI Investments LLC acquired a new stake in Align Technology in the first quarter worth $29,000. 88.43% of the stock is owned by institutional investors.

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.