Align Technology (NASDAQ:ALGN) Downgraded by StockNews.com to Hold

StockNews.com downgraded shares of Align Technology (NASDAQ:ALGN) from a buy rating to a hold rating in a research report released on Thursday morning.

Several other research firms have also recently issued reports on ALGN. Evercore ISI cut their price objective on shares of Align Technology from $370.00 to $300.00 and set an outperform rating for the company in a research report on Monday, June 10th. UBS Group raised their price objective on shares of Align Technology from $280.00 to $320.00 and gave the stock a neutral rating in a research report on Monday, April 15th. OTR Global restated a mixed rating on shares of Align Technology in a research report on Tuesday, June 4th. Stifel Nicolaus cut their price objective on shares of Align Technology from $400.00 to $350.00 and set a buy rating for the company in a research report on Thursday. Finally, Piper Sandler cut their price objective on shares of Align Technology from $330.00 to $315.00 and set an overweight rating for the company in a research report on Thursday. One investment analyst has rated the stock with a sell rating, four 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 a consensus rating of Hold and an average price target of $330.50.

Align Technology Stock Down 7.7 %

Shares of NASDAQ ALGN opened at $226.05 on Thursday. The firm has a 50-day simple moving average of $250.05 and a 200-day simple moving average of $280.94. The stock has a market capitalization of $17.02 billion, a price-to-earnings ratio of 37.24, a price-to-earnings-growth ratio of 4.55 and a beta of 1.66. Align Technology has a 52 week low of $176.34 and a 52 week high of $413.20.

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

Institutional Investors Weigh In On Align Technology

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Align Technology by 0.3% during the first quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider’s stock valued at $2,746,378,000 after acquiring an additional 25,362 shares during the last quarter. Brown Advisory Inc. boosted its stake in shares of Align Technology by 41.4% in the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after purchasing an additional 441,754 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Align Technology by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock valued at $277,230,000 after purchasing an additional 15,540 shares during the period. Ninety One UK Ltd boosted its stake in shares of Align Technology by 1.0% in the second quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock valued at $276,950,000 after purchasing an additional 10,919 shares during the period. Finally, Bares Capital Management Inc. boosted its stake in shares of Align Technology by 44.4% in the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after purchasing an additional 252,220 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

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.