Align Technology (NASDAQ:ALGN) Given New $206.00 Price Target at Bank of America

Align Technology (NASDAQ:ALGN) had its price target increased by Bank of America from $200.00 to $206.00 in a research report report published on Friday morning,Benzinga reports. Bank of America currently has an underperform rating on the medical equipment provider’s stock.

A number of other equities analysts have also recently weighed in on ALGN. Piper Sandler reduced their price target on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Stifel Nicolaus dropped their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Evercore ISI lowered their price target on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Morgan Stanley cut their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $271.20.

Align Technology Price Performance

ALGN opened at $235.39 on Friday. Align Technology has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The company has a market cap of $17.57 billion, a price-to-earnings ratio of 40.17, a price-to-earnings-growth ratio of 6.20 and a beta of 1.66. The firm has a 50 day simple moving average of $224.11 and a 200 day simple moving average of $234.17.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm’s revenue was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.62 earnings per share. As a group, analysts expect that Align Technology will post 7.45 EPS for the current year.

Institutional Trading of Align Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Quarry LP grew its position in Align Technology by 53.0% in the second quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock valued at $31,000 after purchasing an additional 44 shares in the last quarter. Crewe Advisors LLC boosted its stake in shares of Align Technology by 36.8% during the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock worth $41,000 after buying an additional 46 shares during the last quarter. Empirical Finance LLC grew its holdings in shares of Align Technology by 2.1% in the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock valued at $632,000 after acquiring an additional 50 shares in the last quarter. Daiwa Securities Group Inc. increased its position in shares of Align Technology by 0.6% in the second quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock valued at $2,143,000 after acquiring an additional 54 shares during the last quarter. Finally, Lake Street Advisors Group LLC raised its holdings in Align Technology by 5.6% during the third quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock worth $265,000 after acquiring an additional 55 shares in the last quarter. 88.43% of the stock is currently 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.