Jefferies Financial Group Issues Pessimistic Forecast for Align Technology (NASDAQ:ALGN) Stock Price

Align Technology (NASDAQ:ALGN) had its price objective decreased by Jefferies Financial Group from $285.00 to $260.00 in a research report released on Thursday morning,Benzinga reports. Jefferies Financial Group currently has a buy rating on the medical equipment provider’s stock.

Other equities analysts have also recently issued research reports about the company. Morgan Stanley decreased their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Evercore ISI dropped their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Finally, 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. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $267.45.

Align Technology Stock Down 0.7 %

Align Technology stock opened at $233.30 on Thursday. Align Technology has a 52-week low of $196.09 and a 52-week high of $335.40. The firm has a market cap of $17.42 billion, a PE ratio of 39.81, a price-to-earnings-growth ratio of 5.14 and a beta of 1.67. The company’s 50 day moving average is $223.06 and its two-hundred day moving average is $227.81.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. During the same period last year, the business posted $1.62 earnings per share. Align Technology’s revenue was up 1.8% compared to the same quarter last year. On average, equities research analysts anticipate that Align Technology will post 7.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Align Technology

A number of institutional investors have recently modified their holdings of ALGN. Trust Point Inc. purchased a new position in Align Technology during the 4th quarter worth $362,000. Jennison Associates LLC acquired a new stake in shares of Align Technology during the fourth quarter worth about $22,135,000. U.S. Capital Wealth Advisors LLC purchased a new position in shares of Align Technology during the fourth quarter worth about $311,000. DAVENPORT & Co LLC increased its position in Align Technology by 30.6% in the 4th quarter. DAVENPORT & Co LLC now owns 579,083 shares of the medical equipment provider’s stock valued at $120,287,000 after acquiring an additional 135,666 shares during the period. Finally, Tokio Marine Asset Management Co. Ltd. lifted its position in Align Technology by 7.5% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,344 shares of the medical equipment provider’s stock worth $489,000 after acquiring an additional 163 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

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.