Align Technology (NASDAQ:ALGN) Given New $315.00 Price Target at Piper Sandler

Align Technology (NASDAQ:ALGN) had its target price trimmed by Piper Sandler from $330.00 to $315.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has an overweight rating on the medical equipment provider’s stock.

ALGN has been the topic of several other reports. Morgan Stanley upped their target price on shares of Align Technology from $344.00 to $360.00 and gave the stock an overweight rating in a research note on Thursday, April 25th. UBS Group upped their target price on shares of Align Technology from $280.00 to $320.00 and gave the stock a neutral rating in a research note on Monday, April 15th. Robert W. Baird cut their target price on shares of Align Technology from $370.00 to $325.00 and set an outperform rating on the stock in a research note on Monday. Evercore ISI cut their target price on shares of Align Technology from $370.00 to $300.00 and set an outperform rating on the stock in a research note on Monday, June 10th. Finally, Stifel Nicolaus upped their target price on shares of Align Technology from $350.00 to $400.00 and gave the stock a buy rating in a research note on Thursday, April 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $330.50.

Align Technology Stock Performance

Shares of ALGN stock opened at $226.05 on Thursday. The firm’s 50 day moving average price is $250.05 and its 200-day moving average price is $280.94. Align Technology has a one year low of $176.34 and a one year high of $413.20. The firm has a market cap of $17.02 billion, a P/E ratio of 37.24, a P/E/G ratio of 4.55 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, topping the consensus estimate of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.10%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the business posted $1.73 EPS. The business’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, research analysts predict that Align Technology will post 7.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Align Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mather Group LLC. acquired a new stake in Align Technology during the 1st quarter worth $26,000. LRI Investments LLC acquired a new stake in Align Technology during the 1st quarter worth $29,000. Versant Capital Management Inc grew its position in Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 93 shares during the last quarter. Crewe Advisors LLC purchased a new position in Align Technology during the 1st quarter worth $41,000. Finally, Blue Trust Inc. grew its position in Align Technology by 150.9% during the 2nd quarter. Blue Trust Inc. now owns 133 shares of the medical equipment provider’s stock worth $32,000 after purchasing an additional 80 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

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.