Align Technology (NASDAQ:ALGN) Price Target Cut to $250.00

Align Technology (NASDAQ:ALGN) had its price objective cut by Evercore ISI from $270.00 to $250.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an outperform rating on the medical equipment provider’s stock.

Several other research firms also recently issued reports on ALGN. Morgan Stanley cut their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Stifel Nicolaus cut their price target on shares of Align Technology from $350.00 to $285.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Thursday. Robert W. Baird dropped their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Piper Sandler dropped their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $276.38.

Align Technology Stock Up 1.3 %

Shares of ALGN opened at $219.30 on Thursday. The company has a 50 day moving average of $233.41 and a two-hundred day moving average of $250.02. Align Technology has a twelve month low of $176.34 and a twelve month high of $335.40. The company has a market cap of $16.51 billion, a price-to-earnings ratio of 36.13, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last announced its earnings results 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. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. During the same period in the previous year, the business earned $1.62 EPS. The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, sell-side analysts expect that Align Technology will post 7.61 EPS for the current year.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.62% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. LRI Investments LLC acquired a new stake in shares of Align Technology during the 1st quarter worth approximately $29,000. Cullen Frost Bankers Inc. grew its position in Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 94 shares during the period. Rothschild Investment LLC acquired a new stake in Align Technology during the second quarter valued at $26,000. Innealta Capital LLC purchased a new position in Align Technology in the second quarter valued at $26,000. Finally, Versant Capital Management Inc raised its position in shares of 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 acquiring an additional 93 shares during the period. 88.43% of the stock is currently owned by hedge funds and other 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.