Align Technology (NASDAQ:ALGN) Given New $276.00 Price Target at Robert W. Baird

Align Technology (NASDAQ:ALGN) had its target price reduced by Robert W. Baird from $325.00 to $276.00 in a report issued on Thursday morning, Benzinga reports. They currently have an outperform rating on the medical equipment provider’s stock.

Several other research firms also recently weighed in on ALGN. Morgan Stanley dropped their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Stifel Nicolaus cut their price objective on Align Technology from $350.00 to $285.00 and set a “buy” rating on the stock in a report on Friday, October 11th. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Needham & Company LLC began coverage on Align Technology in a research report on Thursday, October 10th. They issued a “hold” rating for the company. Finally, Piper Sandler reduced their price target on shares of Align Technology from $315.00 to $285.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $276.38.

Align Technology Stock Up 1.3 %

ALGN stock opened at $219.30 on Thursday. Align Technology has a 52-week low of $176.34 and a 52-week high of $335.40. The stock has a market cap of $16.51 billion, a price-to-earnings ratio of 36.13, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64. The business has a fifty day moving average of $233.41 and a two-hundred day moving average of $248.91.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. Align Technology’s revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.62 EPS. As a group, sell-side analysts anticipate that Align Technology will post 7.61 EPS for the current year.

Insider Buying and Selling

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the transaction, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.62% of the stock is owned by insiders.

Institutional Investors Weigh In On Align Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Park Avenue Securities LLC raised its stake in Align Technology by 13.2% during the 1st quarter. Park Avenue Securities LLC now owns 2,610 shares of the medical equipment provider’s stock worth $856,000 after acquiring an additional 304 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Align Technology by 12.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,294 shares of the medical equipment provider’s stock worth $2,064,000 after purchasing an additional 697 shares during the last quarter. WD Rutherford LLC acquired a new stake in shares of Align Technology during the first quarter worth about $610,000. First Bank & Trust boosted its position in shares of Align Technology by 16.0% in the 1st quarter. First Bank & Trust now owns 5,596 shares of the medical equipment provider’s stock valued at $1,835,000 after purchasing an additional 770 shares during the period. Finally, SteelPeak Wealth LLC acquired a new stake in shares of Align Technology in the 1st quarter valued at about $306,000. 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.