Align Technology (NASDAQ:ALGN) Price Target Cut to $285.00

Align Technology (NASDAQ:ALGN) had its target price trimmed by Piper Sandler from $315.00 to $285.00 in a research note published on Thursday morning, MarketBeat.com reports. The firm currently has an overweight rating on the medical equipment provider’s stock.

Several other equities analysts also recently issued reports on ALGN. Morgan Stanley dropped their price target on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Stifel Nicolaus reduced their price target on Align Technology from $350.00 to $285.00 and set a “buy” rating on the stock in a research report on Friday, October 11th. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Evercore ISI reduced their target price on Align Technology from $280.00 to $270.00 and set an “outperform” rating on the stock in a report on Tuesday, October 8th. Finally, Robert W. Baird lowered their price target on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $291.25.

Align Technology Stock Up 1.7 %

Shares of ALGN stock opened at $219.70 on Thursday. The firm has a 50 day moving average price of $234.57 and a two-hundred day moving average price of $253.11. The company has a market capitalization of $16.54 billion, a PE ratio of 36.19, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64. Align Technology has a 12-month low of $176.34 and a 12-month high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate 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 was up 2.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.73 EPS. As a group, research analysts expect that Align Technology will post 7.61 EPS for the current year.

Insiders Place Their Bets

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of Align Technology by 0.3% in the first quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider’s stock valued at $2,746,378,000 after acquiring an additional 25,362 shares during the period. Bank of New York Mellon Corp boosted its stake in Align Technology by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock valued at $277,230,000 after buying an additional 15,540 shares during the period. Ninety One UK Ltd lifted its position in Align Technology by 1.0% during the second quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock valued at $276,950,000 after purchasing an additional 10,919 shares during the last quarter. Bares Capital Management Inc. raised its position in shares of Align Technology by 44.4% during the 1st quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after buying an additional 252,220 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN grew its position in Align Technology by 0.5% in the second quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider’s stock worth $170,822,000 after acquiring an additional 3,600 shares in the last quarter. Hedge funds and other institutional investors 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.