Align Technology’s (ALGN) “Overweight” Rating Reaffirmed at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Align Technology (NASDAQ:ALGN) in a research report report published on Friday morning, Benzinga reports. They currently have a $315.00 price objective on the medical equipment provider’s stock.

ALGN has been the topic of a number of other research reports. Stifel Nicolaus decreased their price objective on shares of Align Technology from $400.00 to $350.00 and set a buy rating on the stock in a research report on Thursday, July 25th. StockNews.com cut Align Technology from a buy rating to a hold rating in a research report on Sunday, September 1st. Robert W. Baird decreased their target price on shares of Align Technology from $370.00 to $325.00 and set an outperform rating for the company in a report on Monday, July 22nd. Morgan Stanley reduced their price objective on Align Technology from $328.00 to $310.00 and set an overweight rating for the company in a report on Thursday, July 25th. Finally, Evercore ISI decreased their target price on shares of Align Technology from $370.00 to $300.00 and set an outperform rating for the company in a research note on Monday, June 10th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Align Technology presently has an average rating of Hold and an average target price of $306.88.

Align Technology Stock Performance

Shares of ALGN stock opened at $249.56 on Friday. Align Technology has a 52-week low of $176.34 and a 52-week high of $335.40. The company has a market capitalization of $18.79 billion, a PE ratio of 41.11, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64. The business’s fifty day moving average is $232.09 and its 200 day moving average is $265.71.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.09. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. Align Technology’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.73 earnings per share. On average, sell-side analysts forecast that Align Technology will post 7.61 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of Align Technology stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the acquisition, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Align Technology

Several large investors have recently bought and sold shares of the business. Norges Bank bought a new stake in Align Technology in the fourth quarter worth about $223,610,000. Kayne Anderson Rudnick Investment Management LLC boosted its stake in Align Technology by 4,391.3% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock valued at $117,879,000 after acquiring an additional 477,380 shares in the last quarter. Brown Advisory Inc. grew its stake in Align Technology by 41.4% during the 4th quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock worth $413,488,000 after buying an additional 441,754 shares during the last quarter. Swedbank AB purchased a new position in shares of Align Technology in the 1st quarter valued at approximately $96,117,000. Finally, Bares Capital Management Inc. lifted 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 worth $268,871,000 after buying an additional 252,220 shares during the period. Institutional investors 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.