Align Technology’s (ALGN) Hold Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Align Technology (NASDAQ:ALGN) in a research note published on Thursday, Benzinga reports.

Several other research analysts have also recently weighed in on the company. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Evercore ISI reduced their price target on Align Technology from $280.00 to $270.00 and set an “outperform” rating for the company in a research report on Tuesday, October 8th. Robert W. Baird lowered their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday. Piper Sandler reduced their target price on shares of Align Technology from $315.00 to $285.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Finally, Morgan Stanley lowered their price target on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. One equities 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 company’s stock. According to data from MarketBeat.com, Align Technology presently has a consensus rating of “Hold” and a consensus price target of $276.38.

Align Technology Stock Performance

Shares of ALGN stock opened at $219.30 on Thursday. Align Technology has a 52 week low of $176.34 and a 52 week high of $335.40. The company’s 50 day moving average price is $233.41 and its two-hundred day moving average price is $250.02. The company has a market capitalization of $16.51 billion, a P/E ratio of 36.13, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the business posted $1.62 earnings per share. Analysts forecast that Align Technology will post 7.61 earnings per share for the current year.

Insider Activity at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were purchased at an average price 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 of the company’s stock, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.62% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. LRI Investments LLC acquired a new position in shares of Align Technology in the first quarter valued at $29,000. Cullen Frost Bankers Inc. grew its stake in Align Technology by 854.5% in the 2nd 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. Rothschild Investment LLC bought a new position in Align Technology in the 2nd quarter valued at about $26,000. Innealta Capital LLC acquired a new stake in Align Technology during the second quarter worth approximately $26,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Align Technology by 547.1% during the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 93 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

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.