Mizuho Issues Pessimistic Forecast for Align Technology (NASDAQ:ALGN) Stock Price

Align Technology (NASDAQ:ALGN) had its price objective reduced by equities research analysts at Mizuho from $295.00 to $250.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the medical equipment provider’s stock. Mizuho’s target price indicates a potential upside of 50.19% from the stock’s current price.

Several other analysts have also recently commented on the stock. Morgan Stanley decreased their price target on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Jefferies Financial Group decreased their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Wells Fargo & Company assumed coverage on shares of Align Technology in a research note on Friday, February 14th. They issued an “overweight” rating and a $255.00 price target on the stock. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Finally, Piper Sandler restated an “overweight” rating and issued a $235.00 target price (down previously from $270.00) on shares of Align Technology in a research note on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $262.64.

Align Technology Stock Performance

Align Technology stock opened at $166.46 on Tuesday. Align Technology has a 52 week low of $158.13 and a 52 week high of $331.64. The firm has a market capitalization of $12.25 billion, a price-to-earnings ratio of 29.67, a P/E/G ratio of 2.24 and a beta of 1.69. The company has a 50 day moving average price of $196.12 and a 200 day moving average price of $215.43.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. Equities analysts forecast that Align Technology will post 7.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Align Technology

A number of hedge funds have recently bought and sold shares of the company. True Wealth Design LLC grew its stake in shares of Align Technology by 10,700.0% in the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 107 shares during the last quarter. Picton Mahoney Asset Management grew its position in Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after purchasing an additional 58 shares during the last quarter. GKV Capital Management Co. Inc. bought a new position in shares of Align Technology during the 4th quarter worth about $31,000. Neo Ivy Capital Management acquired a new position in shares of Align Technology during the third quarter valued at about $32,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Align Technology in the fourth quarter valued at about $35,000. 88.43% of the stock is currently 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.