Align Technology (NASDAQ:ALGN) Stock Price Down 3.1% on Analyst Downgrade

Align Technology, Inc. (NASDAQ:ALGN)’s stock price fell 3.1% during trading on Friday after Stifel Nicolaus lowered their price target on the stock from $350.00 to $285.00. Stifel Nicolaus currently has a buy rating on the stock. Align Technology traded as low as $218.11 and last traded at $222.57. 341,783 shares were traded during mid-day trading, a decline of 55% from the average session volume of 757,559 shares. The stock had previously closed at $229.65.

Other equities analysts have also recently issued reports about the company. Evercore ISI reduced their target price on Align Technology from $280.00 to $270.00 and set an “outperform” rating for the company in a research note on Tuesday. Needham & Company LLC assumed coverage on shares of Align Technology in a report on Thursday. They set a “hold” rating for the company. Morgan Stanley dropped their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Finally, Robert W. Baird cut their price objective on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. One 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, the stock presently has an average rating of “Hold” and a consensus target price of $295.00.

Insider Transactions at Align Technology

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 purchased at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Align Technology

Several large investors have recently made changes to their positions in ALGN. Kayne Anderson Rudnick Investment Management LLC grew its holdings in Align Technology by 4,391.3% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after buying an additional 477,380 shares in the last quarter. Swedbank AB acquired a new position in Align Technology during the 1st quarter worth $96,117,000. Bares Capital Management Inc. grew its stake in shares of Align Technology by 44.4% in the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after purchasing an additional 252,220 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Align Technology by 127.4% during the second quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock valued at $82,934,000 after purchasing an additional 192,474 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its stake in shares of Align Technology by 371.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider’s stock valued at $71,742,000 after purchasing an additional 172,330 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

The firm’s fifty day moving average is $233.51 and its two-hundred day moving average is $257.89. The firm has a market cap of $16.68 billion, a price-to-earnings ratio of 37.68, a P/E/G ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) 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 14.07%. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period last year, the firm posted $1.73 earnings per share. The business’s revenue was up 2.6% on a year-over-year basis. On average, equities analysts forecast that Align Technology, Inc. will post 7.61 earnings per share for the current fiscal year.

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.