Align Technology (NASDAQ:ALGN) Sets New 1-Year Low – Here’s Why

Shares of Align Technology, Inc. (NASDAQ:ALGN) reached a new 52-week low during mid-day trading on Thursday . The company traded as low as $150.80 and last traded at $153.24, with a volume of 389244 shares trading hands. The stock had previously closed at $163.98.

Analyst Ratings Changes

A number of research firms recently commented on ALGN. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and raised their price objective for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Wells Fargo & Company started coverage on Align Technology in a research report on Friday, February 14th. They set an “overweight” rating and a $255.00 price target on the stock. Jefferies Financial Group decreased their price objective on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Morgan Stanley lowered their target price on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Finally, Piper Sandler reissued an “overweight” rating and issued a $235.00 price target (down from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $262.64.

Align Technology Stock Down 0.5 %

The company’s 50-day simple moving average is $186.45 and its 200 day simple moving average is $211.96. The stock has a market capitalization of $11.24 billion, a price-to-earnings ratio of 27.36, a P/E/G ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data 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%. On average, equities analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Align Technology

A number of hedge funds have recently bought and sold shares of ALGN. 111 Capital bought a new stake in Align Technology during the 4th quarter valued at approximately $319,000. NorthCrest Asset Manangement LLC lifted its holdings in shares of Align Technology by 21.8% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 1,259 shares of the medical equipment provider’s stock worth $263,000 after buying an additional 225 shares during the last quarter. Wealthedge Investment Advisors LLC acquired a new position in shares of Align Technology during the fourth quarter worth approximately $367,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Align Technology in the fourth quarter valued at approximately $23,660,000. Finally, Azzad Asset Management Inc. ADV grew its stake in shares of Align Technology by 4.4% in the fourth quarter. Azzad Asset Management Inc. ADV now owns 17,442 shares of the medical equipment provider’s stock worth $3,637,000 after acquiring an additional 729 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

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.