Piper Sandler Boosts Align Technology (NASDAQ:ALGN) Price Target to $825.00

Align Technology (NASDAQ:ALGN) had its price target boosted by equities research analysts at Piper Sandler from $775.00 to $825.00 in a research report issued to clients and investors on Thursday, The Fly reports. The firm currently has an “overweight” rating on the medical equipment provider’s stock. Piper Sandler’s price objective would indicate a potential upside of 36.50% from the company’s previous close.

Several other research firms have also issued reports on ALGN. Stephens upgraded shares of Align Technology from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $600.00 to $700.00 in a research report on Friday, July 9th. BNP Paribas started coverage on shares of Align Technology in a research report on Thursday, July 8th. They set an “outperform” rating and a $790.00 price target for the company. Exane BNP Paribas started coverage on shares of Align Technology in a research report on Thursday, July 8th. They set an “outperform” rating and a $790.00 price target for the company. Credit Suisse Group upped their price target on shares of Align Technology from $715.00 to $732.00 and gave the company an “outperform” rating in a research report on Thursday, July 29th. Finally, William Blair restated an “outperform” rating on shares of Align Technology in a research report on Thursday, July 29th. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Align Technology has a consensus rating of “Buy” and a consensus price target of $702.31.

ALGN opened at $604.39 on Thursday. The stock has a market cap of $47.75 billion, a PE ratio of 68.84, a P/E/G ratio of 2.98 and a beta of 1.68. Align Technology has a 52 week low of $417.36 and a 52 week high of $737.45. The business’s fifty day simple moving average is $686.48 and its 200 day simple moving average is $636.02.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, October 27th. The medical equipment provider reported $2.87 EPS for the quarter, beating the Zacks’ consensus estimate of $2.59 by $0.28. The business had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $977.81 million. Align Technology had a return on equity of 21.42% and a net margin of 20.10%. The firm’s revenue was up 38.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.76 earnings per share. As a group, equities research analysts predict that Align Technology will post 9.1 EPS for the current year.

In other Align Technology news, Director Warren S. Thaler sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 24th. The shares were sold at an average price of $711.54, for a total transaction of $3,557,700.00. Following the completion of the transaction, the director now owns 29,092 shares of the company’s stock, valued at $20,700,121.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Emory Wright sold 6,404 shares of the firm’s stock in a transaction that occurred on Monday, August 2nd. The stock was sold at an average price of $706.58, for a total transaction of $4,524,938.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,186 shares of company stock valued at $12,147,358. 0.70% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jump Financial LLC purchased a new position in shares of Align Technology during the 2nd quarter valued at $2,289,000. Optiver Holding B.V. bought a new stake in Align Technology in the 1st quarter valued at $1,072,000. Rock Springs Capital Management LP increased its holdings in Align Technology by 8.6% in the 1st quarter. Rock Springs Capital Management LP now owns 177,500 shares of the medical equipment provider’s stock valued at $96,122,000 after acquiring an additional 14,000 shares during the last quarter. California State Teachers Retirement System increased its holdings in Align Technology by 1.2% in the 1st quarter. California State Teachers Retirement System now owns 151,171 shares of the medical equipment provider’s stock valued at $81,864,000 after acquiring an additional 1,785 shares during the last quarter. Finally, Orion Portfolio Solutions LLC increased its holdings in Align Technology by 17.4% in the 2nd quarter. Orion Portfolio Solutions LLC now owns 3,967 shares of the medical equipment provider’s stock valued at $2,424,000 after acquiring an additional 588 shares during the last quarter. Institutional investors own 83.32% of the company’s stock.

About Align Technology

Align Technology, Inc engages in the design, manufacture, and market of orthodontics, restorative, and aesthetic dentistry products. It operates through the Clear Aligner, and Scanner and Services segments. The Clear Aligner segment consists of invisalign full, teen, and assist products, and vivera retainers for treating malocclusion.

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