Align Technology (NASDAQ:ALGN) Price Target Cut to $285.00 by Analysts at Stifel Nicolaus

Align Technology (NASDAQ:ALGN) had its target price trimmed by Stifel Nicolaus from $350.00 to $285.00 in a research note published on Friday, Benzinga reports. The brokerage currently has a buy rating on the medical equipment provider’s stock.

Other research analysts have also recently issued research reports about the company. Morgan Stanley cut their price objective on Align Technology from $328.00 to $310.00 and set an overweight rating for the company in a research report on Thursday, July 25th. Robert W. Baird reduced their price objective on shares of Align Technology from $370.00 to $325.00 and set an outperform rating for the company in a research note on Monday, July 22nd. Piper Sandler reaffirmed an overweight rating and issued a $315.00 target price on shares of Align Technology in a report on Friday, September 13th. Evercore ISI reduced their price target on shares of Align Technology from $280.00 to $270.00 and set an outperform rating for the company in a research report on Tuesday. Finally, Needham & Company LLC started coverage on Align Technology in a report on Thursday. They issued a hold rating on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $295.00.

Align Technology Price Performance

Align Technology stock opened at $222.04 on Friday. The business has a 50 day simple moving average of $233.68 and a 200-day simple moving average of $257.21. Align Technology has a 12 month low of $176.34 and a 12 month high of $335.40. The stock has a market capitalization of $16.59 billion, a PE ratio of 37.70, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.73 earnings per share. As a group, equities research analysts anticipate that Align Technology will post 7.61 EPS for the current year.

Insiders Place Their Bets

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the purchase, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.62% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Align Technology

Several large investors have recently added to or reduced their stakes in the business. Creative Planning raised its position in shares of Align Technology by 7.9% in the 3rd quarter. Creative Planning now owns 11,144 shares of the medical equipment provider’s stock worth $2,834,000 after buying an additional 817 shares during the period. Sapient Capital LLC acquired a new stake in Align Technology during the third quarter worth about $545,000. CVA Family Office LLC raised its holdings in shares of Align Technology by 85.2% in the 3rd quarter. CVA Family Office LLC now owns 150 shares of the medical equipment provider’s stock worth $38,000 after purchasing an additional 69 shares during the period. Factory Mutual Insurance Co. lifted its stake in shares of Align Technology by 19.9% in the 3rd quarter. Factory Mutual Insurance Co. now owns 168,293 shares of the medical equipment provider’s stock valued at $42,800,000 after purchasing an additional 27,900 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Align Technology by 26.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 4,062 shares of the medical equipment provider’s stock worth $1,033,000 after purchasing an additional 847 shares during the period. 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.