Align Technology (NASDAQ:ALGN) Price Target Cut to $325.00

Align Technology (NASDAQ:ALGN) had its price target reduced by equities researchers at Robert W. Baird from $370.00 to $325.00 in a report released on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the medical equipment provider’s stock. Robert W. Baird’s price objective would indicate a potential upside of 29.66% from the stock’s current price.

A number of other brokerages have also issued reports on ALGN. Morgan Stanley upped their price target on shares of Align Technology from $344.00 to $360.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. Stifel Nicolaus upped their target price on Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. UBS Group lifted their price target on Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a research report on Monday, April 15th. Evercore ISI cut their price objective on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. Finally, OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $342.00.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $250.65 on Monday. The business’s 50-day moving average is $251.71 and its 200 day moving average is $281.58. Align Technology has a 1 year low of $176.34 and a 1 year high of $413.20. The firm has a market capitalization of $18.87 billion, a P/E ratio of 41.29, a P/E/G ratio of 4.67 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.08. The firm had revenue of $997.43 million for the quarter, compared to the consensus estimate of $971.97 million. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. On average, analysts expect that Align Technology will post 7.84 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Moody National Bank Trust Division increased its holdings in shares of Align Technology by 1.8% during the 1st quarter. Moody National Bank Trust Division now owns 2,107 shares of the medical equipment provider’s stock valued at $691,000 after purchasing an additional 38 shares in the last quarter. EFG Asset Management Americas Corp. grew its position in Align Technology by 3.6% during the fourth quarter. EFG Asset Management Americas Corp. now owns 1,167 shares of the medical equipment provider’s stock valued at $320,000 after buying an additional 41 shares during the period. Mather Group LLC. increased its holdings in Align Technology by 52.5% in the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock valued at $29,000 after buying an additional 42 shares in the last quarter. Richard W. Paul & Associates LLC raised its position in shares of Align Technology by 2.8% in the fourth quarter. Richard W. Paul & Associates LLC now owns 1,669 shares of the medical equipment provider’s stock worth $457,000 after acquiring an additional 45 shares during the period. Finally, Kornitzer Capital Management Inc. KS boosted its stake in shares of Align Technology by 6.2% during the 4th quarter. Kornitzer Capital Management Inc. KS now owns 855 shares of the medical equipment provider’s stock worth $234,000 after acquiring an additional 50 shares in the last quarter. 88.43% of the stock is 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.