Piper Sandler Lowers Align Technology (NASDAQ:ALGN) Price Target to $315.00

Align Technology (NASDAQ:ALGN) had its target price decreased by Piper Sandler from $330.00 to $315.00 in a research report sent to investors on Thursday, Benzinga reports. Piper Sandler currently has an overweight rating on the medical equipment provider’s stock.

Several other research firms have also commented on ALGN. Robert W. Baird dropped their price target on shares of Align Technology from $370.00 to $325.00 and set an outperform rating on the stock in a research report on Monday, July 22nd. UBS Group lifted their target price on shares of Align Technology from $280.00 to $320.00 and gave the company a neutral rating in a research report on Monday, April 15th. Evercore ISI dropped their target price on shares of Align Technology from $370.00 to $300.00 and set an outperform rating on the stock in a research report on Monday, June 10th. Stifel Nicolaus lifted their target price on shares of Align Technology from $350.00 to $400.00 and gave the company a buy rating in a research report on Thursday, April 18th. Finally, OTR Global reiterated a mixed rating on shares of Align Technology in a research report on Tuesday, June 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Align Technology currently has a consensus rating of Hold and an average price target of $322.78.

Align Technology Price Performance

Shares of Align Technology stock opened at $220.45 on Thursday. The stock has a market cap of $16.60 billion, a PE ratio of 36.32, a price-to-earnings-growth ratio of 4.09 and a beta of 1.66. The firm has a fifty day moving average price of $249.03 and a 200 day moving average price of $280.62. Align Technology has a 1 year low of $176.34 and a 1 year high of $413.20.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating the consensus estimate of $2.32 by $0.09. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm’s revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the business earned $1.73 earnings per share. As a group, equities analysts expect that Align Technology will post 7.84 EPS for the current year.

Hedge Funds Weigh In On Align Technology

Several hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in Align Technology during the fourth quarter worth about $223,610,000. Brown Advisory Inc. raised its stake in Align Technology by 41.4% during the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock worth $413,488,000 after purchasing an additional 441,754 shares during the period. Swedbank AB purchased a new position in Align Technology during the first quarter worth about $96,117,000. Bares Capital Management Inc. raised its stake in Align Technology by 44.4% during the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after purchasing an additional 252,220 shares during the period. Finally, Envestnet Asset Management Inc. raised its stake in Align Technology by 102.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock worth $113,648,000 after purchasing an additional 209,419 shares during the period. 88.43% of the stock is owned by hedge funds and other 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.