Jefferies Financial Group Cuts Align Technology (NASDAQ:ALGN) Price Target to $260.00

Align Technology (NASDAQ:ALGN) had its target price cut by Jefferies Financial Group from $285.00 to $260.00 in a research note released on Thursday morning,Benzinga reports. They currently have a buy rating on the medical equipment provider’s stock.

Several other research firms have also recently weighed in on ALGN. Piper Sandler lowered their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Robert W. Baird lowered their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Stifel Nicolaus lowered their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. Evercore ISI lowered their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $267.45.

Align Technology Price Performance

Align Technology stock opened at $234.89 on Thursday. The company has a market capitalization of $17.53 billion, a PE ratio of 40.08, a price-to-earnings-growth ratio of 5.00 and a beta of 1.67. The business has a 50 day simple moving average of $222.61 and a 200 day simple moving average of $227.87. Align Technology has a one year low of $196.09 and a one year high of $335.40.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The company had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. Align Technology’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 earnings per share. Equities analysts anticipate that Align Technology will post 7.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP grew its position in Align Technology by 49.0% in the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after purchasing an additional 866,663 shares in the last quarter. Holocene Advisors LP bought a new stake in shares of Align Technology during the third quarter worth approximately $137,287,000. FMR LLC boosted its stake in Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after purchasing an additional 367,508 shares during the period. Point72 Asset Management L.P. boosted its position in shares of Align Technology by 96.3% in the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock valued at $171,493,000 after acquiring an additional 330,807 shares during the period. Finally, Senvest Management LLC boosted its holdings in Align Technology by 76.4% in the 3rd quarter. Senvest Management LLC now owns 459,243 shares of the medical equipment provider’s stock valued at $116,795,000 after purchasing an additional 198,893 shares during the period. 88.43% of the stock is currently 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.