Align Technology’s (ALGN) “Hold” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Align Technology (NASDAQ:ALGN) in a research report sent to investors on Monday morning, Benzinga reports.

Several other research analysts have also commented on the company. Stifel Nicolaus reduced their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. Robert W. Baird decreased their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Evercore ISI cut their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Finally, Piper Sandler decreased their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Align Technology currently has an average rating of “Hold” and a consensus target price of $276.38.

Align Technology Price Performance

NASDAQ ALGN opened at $210.78 on Monday. Align Technology has a 1-year low of $186.01 and a 1-year high of $335.40. The business’s fifty day moving average price is $230.63 and its 200-day moving average price is $244.77. The stock has a market capitalization of $15.75 billion, a price-to-earnings ratio of 35.97, a PEG ratio of 4.84 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. During the same quarter in the prior year, the company posted $1.62 earnings per share. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. Equities research analysts anticipate that Align Technology will post 7.45 EPS for the current year.

Insider Transactions at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares in the company, valued at approximately $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 the SEC website. Insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Align Technology

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