Align Technology (NASDAQ:ALGN) Trading Down 7.1%

Align Technology, Inc. (NASDAQ:ALGN) dropped 7.1% during trading on Wednesday . The stock traded as low as $263.99 and last traded at $266.23. Approximately 399,723 shares traded hands during trading, a decline of 46% from the average daily volume of 740,143 shares. The stock had previously closed at $286.52.

Analyst Ratings Changes

Several research firms have weighed in on ALGN. Morgan Stanley lifted their target price on Align Technology from $344.00 to $360.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. Robert W. Baird boosted their price target on shares of Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a report on Thursday, April 25th. Piper Sandler reiterated an “overweight” rating and set a $375.00 price objective (up from $355.00) on shares of Align Technology in a report on Thursday, April 25th. SVB Leerink assumed coverage on Align Technology in a research note on Monday, February 26th. They issued a “market perform” rating and a $310.00 target price on the stock. Finally, The Goldman Sachs Group raised their price target on Align Technology from $197.00 to $225.00 and gave the stock a “sell” rating in a research note on Friday, February 2nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and a consensus target price of $353.00.

Align Technology Trading Down 0.3 %

The stock has a fifty day moving average price of $309.52 and a 200-day moving average price of $271.71. The firm has a market capitalization of $21.03 billion, a price-to-earnings ratio of 46.19, a PEG ratio of 5.29 and a beta of 1.66.

Insider Transactions at Align Technology

In related news, Director Joseph Lacob sold 10,000 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the transaction, the director now owns 146,994 shares in the company, valued at approximately $46,010,591.94. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Align Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Mather Group LLC. acquired a new position in shares of Align Technology in the 1st quarter valued at $26,000. Huntington National Bank grew its position in shares of Align Technology by 94.9% during the 3rd quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock worth $35,000 after buying an additional 56 shares during the period. Lindbrook Capital LLC raised its position in shares of Align Technology by 47.2% in the 1st quarter. Lindbrook Capital LLC now owns 187 shares of the medical equipment provider’s stock valued at $61,000 after acquiring an additional 60 shares during the period. Orion Capital Management LLC bought a new position in Align Technology during the 3rd quarter worth approximately $61,000. Finally, Operose Advisors LLC bought a new stake in Align Technology in the third quarter valued at approximately $63,000. 88.43% of the stock is owned by institutional investors.

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.