Piper Sandler Reaffirms Overweight Rating for Align Technology (NASDAQ:ALGN)

Piper Sandler reiterated their overweight rating on shares of Align Technology (NASDAQ:ALGN) in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a $330.00 price objective on the medical equipment provider’s stock.

Several other analysts have also recently commented on the company. UBS Group raised their target price on Align Technology from $280.00 to $320.00 and gave the stock a neutral rating in a research report on Monday, April 15th. Stifel Nicolaus upped their target price on Align Technology from $350.00 to $400.00 and gave the company a buy rating in a report on Thursday, April 18th. Morgan Stanley boosted their price objective on shares of Align Technology from $344.00 to $360.00 and gave the company an overweight rating in a research report on Thursday, April 25th. OTR Global reiterated a mixed rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, Evercore ISI decreased their target price on shares of Align Technology from $370.00 to $300.00 and set an outperform rating for the company in a research note on Monday, June 10th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $346.50.

Align Technology Trading Down 5.3 %

NASDAQ ALGN opened at $242.65 on Wednesday. Align Technology has a 1 year low of $176.34 and a 1 year high of $413.20. The company has a market cap of $18.27 billion, a PE ratio of 39.98, a PEG ratio of 4.61 and a beta of 1.66. The stock’s 50-day moving average price is $255.91 and its two-hundred day moving average price is $282.43.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.08. The business had revenue of $997.43 million for the quarter, compared to analyst estimates of $971.97 million. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. Research analysts forecast that Align Technology will post 7.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of Align Technology by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider’s stock worth $2,746,378,000 after buying an additional 25,362 shares during the period. Brown Advisory Inc. boosted its holdings 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 valued at $413,488,000 after acquiring an additional 441,754 shares during the period. Bank of New York Mellon Corp grew its position in shares of Align Technology by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 1,132,742 shares of the medical equipment provider’s stock valued at $371,449,000 after purchasing an additional 11,800 shares during the last quarter. Morgan Stanley increased its stake in shares of Align Technology by 9.8% in the third quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock worth $310,866,000 after purchasing an additional 90,581 shares during the period. Finally, Bares Capital Management Inc. lifted its position in shares of Align Technology by 44.4% during the 1st 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 last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

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.