Needham & Company LLC Reiterates “Hold” Rating for Align Technology (NASDAQ:ALGN)

Align Technology (NASDAQ:ALGN)‘s stock had its “hold” rating reissued by equities researchers at Needham & Company LLC in a research note issued on Thursday, Benzinga reports.

ALGN has been the topic of a number of other reports. Morgan Stanley cut their price target on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Evercore ISI lowered their target price on Align Technology from $280.00 to $270.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 8th. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Robert W. Baird decreased their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Stifel Nicolaus decreased their price objective on shares of Align Technology from $350.00 to $285.00 and set a “buy” rating for the company in a research report on Friday, October 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Align Technology has a consensus rating of “Hold” and a consensus price target of $285.13.

Align Technology Stock Down 1.5 %

ALGN opened at $207.66 on Thursday. The company has a fifty day simple moving average of $234.20 and a 200 day simple moving average of $250.96. The stock has a market cap of $15.63 billion, a P/E ratio of 34.21, a P/E/G ratio of 5.33 and a beta of 1.64. Align Technology has a 12 month low of $176.34 and a 12 month high of $335.40.

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, beating the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. During the same quarter in the previous year, the business posted $1.62 EPS. Align Technology’s revenue for the quarter was up 1.8% on a year-over-year basis. On average, equities research analysts expect that Align Technology will post 7.61 earnings per share for the current fiscal year.

Insider Transactions at Align Technology

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now owns 28,247 shares of the company’s stock, valued at $6,647,366.51. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Align Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of ALGN. Achmea Investment Management B.V. grew its holdings in shares of Align Technology by 3.4% during the second quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock worth $2,495,000 after purchasing an additional 339 shares during the last quarter. Tidal Investments LLC lifted its holdings in Align Technology by 122.9% during the 1st quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock worth $1,445,000 after buying an additional 2,430 shares during the period. Norden Group LLC raised its position in shares of Align Technology by 3,647.7% during the first quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock worth $11,982,000 after acquiring an additional 35,565 shares during the last quarter. Swedbank AB increased its position in Align Technology by 2.0% during the 2nd quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock valued at $72,215,000 after purchasing an additional 6,005 shares during the period. Finally, Mediolanum International Funds Ltd bought a new position in Align Technology during the 1st quarter worth approximately $2,006,000. Institutional investors own 88.43% of the company’s stock.

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.