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

Align Technology (NASDAQ:ALGN) had its price target reduced by Piper Sandler from $315.00 to $285.00 in a research report released on Thursday morning, Marketbeat Ratings reports. Piper Sandler currently has an overweight rating on the medical equipment provider’s stock.

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, October 8th. Robert W. Baird decreased their price objective 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. Stifel Nicolaus cut their target price on shares of Align Technology from $350.00 to $285.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. Needham & Company LLC started coverage on Align Technology in a research note on Thursday, October 10th. They issued a “hold” rating for the company. Finally, Morgan Stanley lowered their price objective on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Align Technology has an average rating of “Hold” and an average target price of $291.25.

Align Technology Trading Up 1.7 %

ALGN opened at $219.70 on Thursday. Align Technology has a twelve month low of $176.34 and a twelve month high of $335.40. The firm has a market cap of $16.54 billion, a price-to-earnings ratio of 36.19, a PEG ratio of 5.33 and a beta of 1.64. The company has a fifty day simple moving average of $234.57 and a 200 day simple moving average of $253.11.

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, topping analysts’ consensus estimates of $2.32 by $0.09. The business 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 company’s revenue for the quarter was up 2.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.73 earnings per share. On average, analysts forecast that Align Technology will post 7.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director C Raymond Larkin, Jr. purchased 6,500 shares of Align Technology stock in a transaction dated Thursday, August 15th. The stock was bought at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares in the company, valued at $6,647,366.51. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.62% of the stock is owned by company insiders.

Institutional Trading of Align Technology

Several large investors have recently made changes to their positions in the stock. Cullen Frost Bankers Inc. increased its holdings in Align Technology by 854.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 94 shares in the last quarter. Mather Group LLC. bought a new stake in Align Technology in the first quarter valued at approximately $26,000. Innealta Capital LLC bought a new stake in shares of Align Technology in the 2nd quarter valued at $26,000. Rothschild Investment LLC acquired a new stake in shares of Align Technology during the second quarter worth about $26,000. Finally, Versant Capital Management Inc boosted its holdings in shares of Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 93 shares during the period. 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.