Robert W. Baird Cuts Align Technology (NASDAQ:ALGN) Price Target to $276.00

Align Technology (NASDAQ:ALGN) had its price target dropped by equities researchers at Robert W. Baird from $325.00 to $276.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the medical equipment provider’s stock. Robert W. Baird’s price objective points to a potential upside of 25.85% from the stock’s previous close.

ALGN has been the topic of several other reports. 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 research report on Tuesday, October 8th. Piper Sandler reduced their target price on Align Technology from $315.00 to $285.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Needham & Company LLC initiated coverage on Align Technology in a research report on Thursday, October 10th. They set a “hold” rating on the stock. Finally, Morgan Stanley reduced their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $276.38.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $219.30 on Thursday. The firm’s 50 day simple moving average is $233.83 and its 200-day simple moving average is $250.72. Align Technology has a one year low of $176.34 and a one year high of $335.40. The firm has a market cap of $16.51 billion, a PE ratio of 36.24, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued 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. The business had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.62 EPS. Equities research analysts predict that Align Technology will post 7.61 EPS for the current fiscal year.

Insider Activity

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of the company’s stock in a transaction that occurred on 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 acquisition, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.62% of the company’s stock.

Institutional Trading of Align Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Achmea Investment Management B.V. boosted its position in Align Technology by 3.4% during the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock worth $2,495,000 after purchasing an additional 339 shares in the last quarter. Tidal Investments LLC boosted its position in Align Technology by 122.9% during the first quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock worth $1,445,000 after purchasing an additional 2,430 shares in the last quarter. Norden Group LLC boosted its position in Align Technology by 3,647.7% during the first quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock worth $11,982,000 after purchasing an additional 35,565 shares in the last quarter. Swedbank AB lifted its position 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 acquiring an additional 6,005 shares in the last quarter. Finally, Mediolanum International Funds Ltd purchased a new position in shares of Align Technology in the first quarter valued at approximately $2,006,000. 88.43% of the stock is owned by institutional investors and hedge funds.

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.