Piper Sandler Lowers Align Technology (NASDAQ:ALGN) Price Target to $315.00

Align Technology (NASDAQ:ALGN) had its target price lowered by Piper Sandler from $330.00 to $315.00 in a research report report published on Thursday, Benzinga reports. The firm currently has an overweight rating on the medical equipment provider’s stock.

Several other equities analysts have also weighed in on the stock. Evercore ISI reduced their price objective on shares of Align Technology from $370.00 to $300.00 and set an outperform rating for the company in a research report on Monday, June 10th. Stifel Nicolaus raised their target price on shares of Align Technology from $350.00 to $400.00 and gave the stock a buy rating in a report on Thursday, April 18th. Morgan Stanley raised their target price on shares of Align Technology from $344.00 to $360.00 and gave the stock an overweight rating in a report on Thursday, April 25th. OTR Global reissued a mixed rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, Robert W. Baird reduced their price target on shares of Align Technology from $370.00 to $325.00 and set an outperform rating for the company in a research report on Monday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $330.50.

Align Technology Stock Down 7.7 %

Shares of ALGN opened at $226.05 on Thursday. The firm has a 50-day moving average price of $250.05 and a 200 day moving average price of $280.94. The firm has a market capitalization of $17.02 billion, a PE ratio of 37.24, a P/E/G ratio of 4.55 and a beta of 1.66. Align Technology has a 52-week low of $176.34 and a 52-week high of $413.20.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.10%. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the firm posted $1.73 EPS. The business’s revenue for the quarter was up 2.6% on a year-over-year basis. On average, equities analysts expect that Align Technology will post 7.84 EPS for the current year.

Hedge Funds Weigh In On Align Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp raised its position in Align Technology by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock valued at $277,230,000 after acquiring an additional 15,540 shares in the last quarter. Bank Pictet & Cie Europe AG bought a new position in Align Technology during the second quarter valued at approximately $294,000. Banque Pictet & Cie SA raised its position in Align Technology by 86.8% during the second quarter. Banque Pictet & Cie SA now owns 23,269 shares of the medical equipment provider’s stock valued at $5,618,000 after acquiring an additional 10,815 shares in the last quarter. Pictet North America Advisors SA raised its position in Align Technology by 21.8% during the second quarter. Pictet North America Advisors SA now owns 8,055 shares of the medical equipment provider’s stock valued at $1,945,000 after acquiring an additional 1,440 shares in the last quarter. Finally, Slow Capital Inc. grew its holdings in Align Technology by 2.2% during the second quarter. Slow Capital Inc. now owns 10,023 shares of the medical equipment provider’s stock valued at $2,420,000 after purchasing an additional 215 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

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.