Mizuho Has Lowered Expectations for Align Technology (NASDAQ:ALGN) Stock Price

Align Technology (NASDAQ:ALGN) had its target price reduced by Mizuho from $295.00 to $250.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the medical equipment provider’s stock. Mizuho’s price objective would suggest a potential upside of 46.74% from the company’s previous close.

Other analysts have also issued research reports about the company. Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Evercore ISI lifted their target price on shares of Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Morgan Stanley reduced their price target on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. Jefferies Financial Group lowered their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $262.64.

Align Technology Stock Up 1.0 %

Shares of Align Technology stock opened at $170.37 on Tuesday. The company’s fifty day simple moving average is $197.91 and its two-hundred day simple moving average is $216.13. Align Technology has a 12-month low of $158.13 and a 12-month high of $331.64. The firm has a market cap of $12.54 billion, a PE ratio of 30.37, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. As a group, sell-side analysts expect that Align Technology will post 7.98 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Align Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGN. Covestor Ltd increased its stake in Align Technology by 14.6% in the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock worth $87,000 after acquiring an additional 53 shares during the last quarter. Picton Mahoney Asset Management increased its position in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after purchasing an additional 58 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in Align Technology by 9.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock valued at $158,000 after purchasing an additional 64 shares in the last quarter. Beech Hill Advisors Inc. lifted its position in Align Technology by 0.6% during the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock valued at $2,425,000 after purchasing an additional 65 shares during the last quarter. Finally, New York Life Investment Management LLC grew its stake in shares of Align Technology by 0.7% in the 4th quarter. New York Life Investment Management LLC now owns 9,406 shares of the medical equipment provider’s stock worth $1,961,000 after buying an additional 68 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

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.