Needham & Company LLC Reaffirms Hold Rating for Align Technology (NASDAQ:ALGN)

Align Technology (NASDAQ:ALGN)‘s stock had its “hold” rating reissued by research analysts at Needham & Company LLC in a research note issued on Monday, Benzinga reports.

Other equities analysts have also issued research reports about the stock. Evercore ISI cut their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Piper Sandler lowered their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Morgan Stanley lowered their target price on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Stifel Nicolaus lowered their target price on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 24th. Finally, StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Align Technology presently has an average rating of “Hold” and a consensus price target of $276.38.

Align Technology Price Performance

NASDAQ:ALGN opened at $212.15 on Monday. The firm has a 50 day simple moving average of $230.15 and a 200-day simple moving average of $244.16. The firm has a market cap of $15.85 billion, a PE ratio of 36.20, a P/E/G ratio of 4.93 and a beta of 1.65. Align Technology has a 1-year low of $186.01 and a 1-year high of $335.40.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The company’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.62 earnings per share. As a group, sell-side analysts expect that Align Technology will post 7.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was bought at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the purchase, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.62% of the stock is owned by insiders.

Institutional Investors Weigh In On Align Technology

Several institutional investors have recently bought and sold shares of the business. Achmea Investment Management B.V. boosted its stake in shares of Align Technology by 3.4% in 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 purchasing an additional 339 shares during the period. Tidal Investments LLC boosted its stake in shares of Align Technology by 122.9% in the first quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock valued at $1,445,000 after purchasing an additional 2,430 shares during the period. Swedbank AB boosted its stake in shares of Align Technology by 2.0% in the second quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock valued at $72,215,000 after purchasing an additional 6,005 shares during the period. Mediolanum International Funds Ltd purchased a new position in shares of Align Technology in the first quarter valued at $2,006,000. Finally, Cetera Investment Advisers boosted its stake in shares of Align Technology by 914.2% in the first quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock valued at $4,140,000 after purchasing an additional 11,382 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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.