Align Technology (NASDAQ:ALGN) Now Covered by Needham & Company LLC

Needham & Company LLC started coverage on shares of Align Technology (NASDAQ:ALGN) in a report issued on Thursday, Marketbeat reports. The brokerage set a “hold” rating on the medical equipment provider’s stock.

A number of other equities research analysts have also recently commented on the stock. Evercore ISI dropped their price objective 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. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Robert W. Baird decreased their price objective on shares of 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 set a $315.00 target price on shares of Align Technology in a research report on Friday, September 13th. Finally, Morgan Stanley reduced their price target on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. One 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 data from MarketBeat, the company has an average rating of “Hold” and an average price target of $295.00.

Align Technology Price Performance

Shares of Align Technology stock opened at $222.04 on Thursday. Align Technology has a 1 year low of $176.34 and a 1 year high of $335.40. The stock has a market cap of $16.59 billion, a PE ratio of 37.70, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64. The firm has a fifty day moving average price of $233.51 and a 200 day moving average price of $257.89.

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, beating the consensus estimate of $2.32 by $0.09. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.73 EPS. As a group, equities analysts expect that Align Technology will post 7.61 EPS for the current year.

Insider Buying and Selling at Align Technology

In other news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the stock in a transaction dated 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 directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Align Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cullen Frost Bankers Inc. raised its position in shares of Align Technology by 854.5% in 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 last quarter. Mather Group LLC. purchased a new stake in Align Technology during the 1st quarter valued at about $26,000. Innealta Capital LLC acquired a new stake in Align Technology in the 2nd quarter valued at about $26,000. Rothschild Investment LLC acquired a new stake in Align Technology in the 2nd quarter valued at about $26,000. Finally, Versant Capital Management Inc lifted its stake in Align Technology by 547.1% in the 2nd 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 in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

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.