Align Technology (NASDAQ:ALGN) Reaches New 1-Year Low – Here’s What Happened

Align Technology, Inc. (NASDAQ:ALGN) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $158.02 and last traded at $159.38, with a volume of 495108 shares. The stock had previously closed at $164.29.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Jefferies Financial Group reduced their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $235.00 to $280.00 in a report on Monday, January 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $235.00 target price (down previously from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. Bank of America lifted their price target on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Finally, Morgan Stanley decreased their price objective on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $262.64.

Align Technology Stock Performance

The company has a market capitalization of $11.74 billion, a price-to-earnings ratio of 28.39, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. The firm has a fifty day moving average price of $195.03 and a 200-day moving average price of $215.07.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. On average, sell-side analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Align Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nordea Investment Management AB raised its holdings in shares of Align Technology by 3.5% during the 4th quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock worth $56,870,000 after buying an additional 9,139 shares in the last quarter. Allspring Global Investments Holdings LLC grew its position in Align Technology by 119.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock valued at $35,368,000 after acquiring an additional 92,407 shares during the last quarter. National Bank of Canada FI raised its stake in Align Technology by 25.7% during the third quarter. National Bank of Canada FI now owns 40,826 shares of the medical equipment provider’s stock worth $10,383,000 after acquiring an additional 8,338 shares in the last quarter. Braidwell LP lifted its holdings in shares of Align Technology by 13.3% in the third quarter. Braidwell LP now owns 311,679 shares of the medical equipment provider’s stock worth $79,266,000 after acquiring an additional 36,472 shares during the last quarter. Finally, Swedbank AB boosted its stake in shares of Align Technology by 25.0% in the 4th quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider’s stock valued at $101,392,000 after purchasing an additional 97,152 shares in the last quarter. 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.