Align Technology (NASDAQ:ALGN) Price Target Lowered to $330.00 at Piper Sandler

Align Technology (NASDAQ:ALGN) had its price target reduced by Piper Sandler from $375.00 to $330.00 in a research note published on Friday, Benzinga reports. They currently have an overweight rating on the medical equipment provider’s stock.

Several other analysts have also issued reports on the stock. Evercore ISI cut their price target on shares of Align Technology from $370.00 to $300.00 and set an outperform rating for the company in a research report on Monday, June 10th. OTR Global restated a mixed rating on shares of Align Technology in a research report on Tuesday, June 4th. Stifel Nicolaus increased their target price on shares of Align Technology from $350.00 to $400.00 and gave the stock a buy rating in a report on Thursday, April 18th. UBS Group increased their target price on shares of Align Technology from $280.00 to $320.00 and gave the stock a neutral rating in a report on Monday, April 15th. Finally, SVB Leerink began coverage on shares of Align Technology in a report on Monday, February 26th. They set a market perform rating and a $310.00 target price for the company. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $346.50.

Align Technology Stock Performance

NASDAQ ALGN opened at $237.08 on Friday. Align Technology has a 52-week low of $176.34 and a 52-week high of $413.20. The company has a market capitalization of $17.85 billion, a P/E ratio of 39.06, a P/E/G ratio of 4.49 and a beta of 1.62. The company has a fifty day moving average of $271.53 and a 200-day moving average of $283.55.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.08. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. The business had revenue of $997.43 million during the quarter, compared to analyst estimates of $971.97 million. As a group, analysts forecast that Align Technology will post 7.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

A number of institutional investors have recently bought and sold shares of ALGN. Norges Bank bought a new position in Align Technology in the fourth quarter worth about $223,610,000. Ameriprise Financial Inc. increased its stake in shares of Align Technology by 348.9% during the third quarter. Ameriprise Financial Inc. now owns 756,393 shares of the medical equipment provider’s stock valued at $230,938,000 after purchasing an additional 587,886 shares in the last quarter. Brown Advisory Inc. increased its stake in shares of Align Technology by 41.4% during the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after purchasing an additional 441,754 shares in the last quarter. Swedbank AB bought a new position in shares of Align Technology during the first quarter valued at approximately $96,117,000. Finally, Bares Capital Management Inc. increased its stake in shares of Align Technology by 44.4% during the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after purchasing an additional 252,220 shares in the last quarter. 88.43% of the stock is 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.