Mizuho Lowers Align Technology (NASDAQ:ALGN) Price Target to $250.00

Align Technology (NASDAQ:ALGN) had its target price reduced by equities research analysts at Mizuho from $295.00 to $250.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the medical equipment provider’s stock. Mizuho’s target price suggests a potential upside of 50.19% from the stock’s previous close.

Other research analysts have also issued reports about the company. Piper Sandler reiterated an “overweight” rating and set a $235.00 price objective (down from $270.00) on shares of Align Technology in a research note on Tuesday, March 18th. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Wells Fargo & Company started coverage on shares of Align Technology in a report on Friday, February 14th. They set an “overweight” rating and a $255.00 price objective for the company. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Finally, Bank of America raised their price target on Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and a consensus price target of $262.64.

Align Technology Stock Performance

Shares of Align Technology stock opened at $166.46 on Tuesday. The firm has a market cap of $12.25 billion, a P/E ratio of 29.67, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. The firm’s 50-day simple moving average is $196.12 and its 200-day simple moving average is $215.43. Align Technology has a twelve month low of $158.13 and a twelve month high of $331.64.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates 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, equities analysts forecast that Align Technology will post 7.98 earnings per share for the current fiscal year.

Institutional Trading of Align Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALGN. True Wealth Design LLC boosted its stake in shares of Align Technology by 10,700.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 107 shares during the last quarter. Picton Mahoney Asset Management lifted its holdings in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after buying an additional 58 shares during the period. GKV Capital Management Co. Inc. bought a new position in Align Technology in the fourth quarter valued at approximately $31,000. Neo Ivy Capital Management acquired a new stake in Align Technology during the 3rd quarter worth $32,000. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Align Technology during the 4th quarter worth $35,000. 88.43% of the stock is 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.