Align Technology (NASDAQ:ALGN) Reaches New 12-Month Low – Time to Sell?

Align Technology, Inc. (NASDAQ:ALGN) hit a new 52-week low during mid-day trading on Friday . The company traded as low as $183.25 and last traded at $184.76, with a volume of 363085 shares traded. The stock had previously closed at $185.77.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Bank of America boosted their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Morgan Stanley dropped their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Mizuho assumed coverage on shares of Align Technology in a research report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price on the stock. Finally, Piper Sandler dropped their target price on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and an average price target of $269.91.

Align Technology Stock Performance

The stock’s 50 day simple moving average is $211.95 and its 200 day simple moving average is $223.41. The firm has a market cap of $13.96 billion, a P/E ratio of 33.34, a price-to-earnings-growth ratio of 2.24 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. As a group, analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

Large investors have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Align Technology in the fourth quarter valued at approximately $23,660,000. Azzad Asset Management Inc. ADV boosted its position in shares of Align Technology by 4.4% in the fourth quarter. Azzad Asset Management Inc. ADV now owns 17,442 shares of the medical equipment provider’s stock valued at $3,637,000 after acquiring an additional 729 shares during the period. Polar Asset Management Partners Inc. boosted its position in shares of Align Technology by 10.8% in the fourth quarter. Polar Asset Management Partners Inc. now owns 40,100 shares of the medical equipment provider’s stock valued at $8,361,000 after acquiring an additional 3,900 shares during the period. Ascent Group LLC boosted its position in shares of Align Technology by 33.8% in the fourth quarter. Ascent Group LLC now owns 10,411 shares of the medical equipment provider’s stock valued at $2,171,000 after acquiring an additional 2,628 shares during the period. Finally, Mackenzie Financial Corp boosted its position in shares of Align Technology by 41.1% in the fourth quarter. Mackenzie Financial Corp now owns 9,872 shares of the medical equipment provider’s stock valued at $2,058,000 after acquiring an additional 2,877 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

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.