Align Technology (NASDAQ:ALGN) Price Target Cut to $275.00

Align Technology (NASDAQ:ALGN) had its target price lowered by Piper Sandler from $285.00 to $275.00 in a report issued on Thursday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the medical equipment provider’s stock.

A number of other analysts have also issued reports on the company. Evercore ISI decreased their price target on Align Technology from $280.00 to $270.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 8th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Thursday. Stifel Nicolaus dropped their target price on Align Technology from $350.00 to $285.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Robert W. Baird reduced their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday. Finally, StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. 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. Based on data from MarketBeat.com, Align Technology has an average rating of “Hold” and an average target price of $276.38.

Align Technology Trading Up 4.2 %

Shares of NASDAQ ALGN opened at $216.42 on Thursday. The stock has a market capitalization of $16.29 billion, a PE ratio of 35.65, a PEG ratio of 5.33 and a beta of 1.64. Align Technology has a twelve month low of $176.34 and a twelve month high of $335.40. The stock has a fifty day simple moving average of $234.20 and a 200-day simple moving average of $250.96.

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

Insider Buying and Selling

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.62% of the stock is owned by insiders.

Institutional Trading of Align Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALGN. abrdn plc grew its position in shares of Align Technology by 2.9% during the 3rd quarter. abrdn plc now owns 28,688 shares of the medical equipment provider’s stock valued at $7,272,000 after acquiring an additional 806 shares during the period. Custom Index Systems LLC boosted its stake in shares of Align Technology by 13.3% in the 3rd quarter. Custom Index Systems LLC now owns 1,754 shares of the medical equipment provider’s stock valued at $446,000 after purchasing an additional 206 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Align Technology by 27.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 7,708 shares of the medical equipment provider’s stock valued at $1,960,000 after acquiring an additional 1,683 shares during the period. Arkadios Wealth Advisors grew its holdings in Align Technology by 31.2% in the 3rd quarter. Arkadios Wealth Advisors now owns 1,233 shares of the medical equipment provider’s stock worth $314,000 after acquiring an additional 293 shares during the last quarter. Finally, Forsta AP Fonden raised its holdings in shares of Align Technology by 9.6% during the third quarter. Forsta AP Fonden now owns 14,800 shares of the medical equipment provider’s stock valued at $3,764,000 after acquiring an additional 1,300 shares in the last quarter. 88.43% of the stock is 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.