Align Technology (NASDAQ:ALGN) Given New $275.00 Price Target at Piper Sandler

Align Technology (NASDAQ:ALGN) had its price target cut by Piper Sandler from $285.00 to $275.00 in a research note published on Thursday morning, Benzinga reports. They currently have an overweight rating on the medical equipment provider’s stock.

Other research analysts have also issued reports about the company. Evercore ISI reduced their price target 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 raised Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday. Robert W. Baird dropped their target price 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, Morgan Stanley decreased their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. One equities research 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, the company has an average rating of “Hold” and an average target price of $276.38.

Align Technology Stock Performance

Align Technology stock opened at $216.42 on Thursday. The company has a 50 day moving average price of $234.20 and a 200 day moving average price of $250.96. Align Technology has a 52 week low of $176.34 and a 52 week high of $335.40. The firm has a market capitalization of $16.29 billion, a price-to-earnings ratio of 35.65, a P/E/G ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business’s quarterly revenue was up 1.8% on a year-over-year basis. During the same period last year, the business posted $1.62 EPS. Equities analysts forecast that Align Technology will post 7.61 earnings per share for the current fiscal year.

Insider Transactions at Align Technology

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were purchased at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.62% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Align Technology

Several large investors have recently modified their holdings of the stock. Cullen Frost Bankers Inc. lifted its stake in shares of Align Technology by 854.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after acquiring an additional 94 shares during the last quarter. Innealta Capital LLC bought a new stake in shares of Align Technology in the 2nd quarter valued at about $26,000. Rothschild Investment LLC purchased a new stake in Align Technology during the second quarter worth $26,000. Versant Capital Management Inc lifted its position in shares of Align Technology by 547.1% during the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 93 shares during the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Align Technology in the 1st quarter worth $29,000. 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.