Align Technology (NASDAQ:ALGN) PT Lowered to $275.00 at Stifel Nicolaus

Align Technology (NASDAQ:ALGN) had its price objective dropped by research analysts at Stifel Nicolaus from $285.00 to $275.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the medical equipment provider’s stock. Stifel Nicolaus’ target price points to a potential upside of 23.61% from the stock’s current price.

Other equities analysts also recently issued research reports about the company. Robert W. Baird dropped their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Thursday. Morgan Stanley lowered their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Finally, Piper Sandler reduced their price target 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. 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $280.13.

Align Technology Trading Up 7.1 %

Shares of NASDAQ:ALGN traded up $14.81 during mid-day trading on Thursday, hitting $222.47. 1,065,876 shares of the company traded hands, compared to its average volume of 774,134. The stock has a 50-day moving average price of $234.20 and a two-hundred day moving average price of $250.96. Align Technology has a 12-month low of $176.34 and a 12-month high of $335.40. The stock has a market cap of $16.75 billion, a P/E ratio of 36.65, a P/E/G ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. During the same period last year, the business earned $1.62 EPS. The business’s revenue was up 1.8% on a year-over-year basis. As a group, analysts expect that Align Technology will post 7.61 earnings per share for the current year.

Insider Activity

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of Align Technology stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Align Technology

Several institutional investors have recently added to or reduced their stakes in the company. LRI Investments LLC bought a new position in shares of Align Technology during the first quarter valued at about $29,000. Cullen Frost Bankers Inc. lifted its holdings in Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 94 shares during the period. Rothschild Investment LLC bought a new stake in shares of Align Technology in the 2nd quarter worth approximately $26,000. Innealta Capital LLC bought a new position in shares of Align Technology during the second quarter valued at approximately $26,000. Finally, Versant Capital Management Inc lifted its stake in Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 93 shares during the period. Hedge funds and other institutional investors own 88.43% of the company’s stock.

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.