Align Technology (NASDAQ:ALGN) Given New $400.00 Price Target at Stifel Nicolaus

Align Technology (NASDAQ:ALGN) had its price target hoisted by equities researchers at Stifel Nicolaus from $350.00 to $400.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the medical equipment provider’s stock. Stifel Nicolaus’ price target would suggest a potential upside of 32.14% from the company’s previous close.

Several other equities analysts have also recently weighed in on ALGN. The Goldman Sachs Group lifted their target price on Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a research note on Friday, February 2nd. UBS Group lifted their target price on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday. SVB Leerink began coverage on Align Technology in a research note on Monday, February 26th. They issued a “market perform” rating and a $310.00 price target for the company. Leerink Partnrs reissued a “market perform” rating on shares of Align Technology in a research note on Monday, February 26th. Finally, Piper Sandler boosted their price target on Align Technology from $335.00 to $355.00 and gave the company an “overweight” rating in a research note on Thursday, March 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and a consensus target price of $344.45.

Align Technology Stock Performance

ALGN traded up $2.56 during trading on Thursday, reaching $302.70. The company had a trading volume of 180,658 shares, compared to its average volume of 745,791. The firm’s 50-day simple moving average is $312.61 and its 200 day simple moving average is $269.97. The company has a market cap of $22.78 billion, a price-to-earnings ratio of 52.02, a PEG ratio of 5.46 and a beta of 1.65. Align Technology has a 12-month low of $176.34 and a 12-month high of $413.20.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.13. Align Technology had a return on equity of 13.88% and a net margin of 11.52%. The firm had revenue of $956.73 million for the quarter, compared to analysts’ expectations of $928.57 million. On average, sell-side analysts expect that Align Technology will post 7.69 EPS for the current year.

Insider Transactions at Align Technology

In other news, EVP Emory Wright sold 2,524 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the completion of the transaction, the executive vice president now directly owns 709 shares in the company, valued at $203,802.05. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Emory Wright sold 2,524 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the sale, the executive vice president now directly owns 709 shares in the company, valued at $203,802.05. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Joseph Lacob sold 15,000 shares of the business’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total value of $4,548,300.00. Following the sale, the director now owns 131,994 shares in the company, valued at $40,023,220.68. The disclosure for this sale can be found here. Insiders sold a total of 27,524 shares of company stock worth $8,403,924 over the last three months. 0.64% of the stock is currently owned by insiders.

Institutional Trading of Align Technology

A number of institutional investors and hedge funds have recently modified their holdings of ALGN. Mather Group LLC. bought a new stake in shares of Align Technology during the first quarter valued at approximately $26,000. KB Financial Partners LLC bought a new stake in Align Technology in the first quarter valued at $26,000. Cornerstone Planning Group LLC bought a new stake in Align Technology in the second quarter valued at $29,000. Huntington National Bank grew its position in Align Technology by 94.9% in the third quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock valued at $35,000 after acquiring an additional 56 shares during the period. Finally, First Manhattan CO. LLC. grew its position in Align Technology by 593.8% in the first quarter. First Manhattan CO. LLC. now owns 111 shares of the medical equipment provider’s stock valued at $37,000 after acquiring an additional 95 shares during the period. 88.43% of the stock is currently owned by institutional investors.

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.