Align Technology (NASDAQ:ALGN) Sets New 1-Year Low – Time to Sell?

Align Technology, Inc. (NASDAQ:ALGN) shares reached a new 52-week low on Wednesday . The company traded as low as $141.74 and last traded at $144.32, with a volume of 1610053 shares trading hands. The stock had previously closed at $153.35.

Analysts Set New Price Targets

ALGN has been the subject of a number of research analyst reports. Bank of America lifted their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Evercore ISI lifted their price objective on shares of Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Mizuho lowered their price objective on shares of Align Technology from $295.00 to $250.00 and set an “outperform” rating for the company in a research report on Tuesday, March 25th. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Finally, Jefferies Financial Group cut their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research note on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $262.64.

Align Technology Stock Down 3.0 %

The firm’s 50-day moving average price is $178.28 and its two-hundred day moving average price is $207.89. The firm has a market capitalization of $11.72 billion, a PE ratio of 28.55, a P/E/G ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. Equities research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Institutional Investors Weigh In On Align Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Merit Financial Group LLC increased its holdings in shares of Align Technology by 83.9% during the 1st quarter. Merit Financial Group LLC now owns 2,871 shares of the medical equipment provider’s stock valued at $456,000 after acquiring an additional 1,310 shares during the last quarter. Czech National Bank lifted its stake in shares of Align Technology by 5.9% in the first quarter. Czech National Bank now owns 16,117 shares of the medical equipment provider’s stock worth $2,560,000 after buying an additional 901 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Align Technology by 9.3% during the 1st quarter. Rhumbline Advisers now owns 147,063 shares of the medical equipment provider’s stock worth $23,362,000 after buying an additional 12,551 shares during the period. Fulcrum Capital LLC grew its stake in Align Technology by 0.8% in the 1st quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider’s stock valued at $1,475,000 after buying an additional 70 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Align Technology by 12,032.8% during the 1st quarter. GAMMA Investing LLC now owns 125,817 shares of the medical equipment provider’s stock worth $19,987,000 after acquiring an additional 124,780 shares during the last quarter. Institutional investors and hedge funds 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.