Piper Sandler Lowers Align Technology (NASDAQ:ALGN) Price Target to $285.00

Align Technology (NASDAQ:ALGN) had its target price lowered by analysts at Piper Sandler from $315.00 to $285.00 in a research report issued on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the medical equipment provider’s stock. Piper Sandler’s price target suggests a potential upside of 31.91% from the stock’s current price.

Other analysts have also recently issued reports about the stock. Needham & Company LLC began coverage on shares of Align Technology in a research note on Thursday, October 10th. They issued a “hold” rating for the company. Robert W. Baird decreased their price target on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. 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, October 8th. Finally, Morgan Stanley dropped their price target on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $291.25.

Align Technology Trading Down 1.4 %

Shares of ALGN opened at $216.05 on Thursday. The firm has a market cap of $16.26 billion, a PE ratio of 35.59, a P/E/G ratio of 5.33 and a beta of 1.64. Align Technology has a 12 month low of $176.34 and a 12 month high of $335.40. The stock has a fifty day moving average price of $234.44 and a 200-day moving average price of $254.48.

Align Technology (NASDAQ:ALGN) last announced its earnings results 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. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.73 EPS. As a group, research analysts forecast that Align Technology will post 7.61 EPS for the current year.

Insider Buying and Selling at Align Technology

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.62% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Achmea Investment Management B.V. increased its holdings in shares of Align Technology by 3.4% during the 2nd quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock valued at $2,495,000 after purchasing an additional 339 shares in the last quarter. Tidal Investments LLC boosted its stake in shares of Align Technology by 122.9% during the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock worth $1,445,000 after acquiring an additional 2,430 shares in the last quarter. Nomura Holdings Inc. acquired a new stake in shares of Align Technology during the 4th quarter valued at about $1,197,000. Norden Group LLC increased its stake in shares of Align Technology by 3,647.7% in the 1st quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock valued at $11,982,000 after purchasing an additional 35,565 shares in the last quarter. Finally, Swedbank AB raised its holdings in Align Technology by 2.0% in the 2nd quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock worth $72,215,000 after purchasing an additional 6,005 shares during the period. 88.43% of the stock is currently owned by hedge funds and other 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.