Align Technology (NASDAQ:ALGN) PT Lowered to $276.00 at Robert W. Baird

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

ALGN has been the topic of a number of other research reports. Needham & Company LLC initiated coverage on Align Technology in a research note on Thursday, October 10th. They issued a “hold” rating on the stock. Evercore ISI dropped their price target on shares of Align Technology from $280.00 to $270.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 8th. Stifel Nicolaus reduced their price objective on shares of Align Technology from $350.00 to $285.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Piper Sandler lowered their price objective on shares of Align Technology from $315.00 to $285.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Finally, Morgan Stanley cut their target price on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $276.38.

Align Technology Stock Performance

Shares of ALGN opened at $219.30 on Thursday. Align Technology has a one year low of $176.34 and a one year high of $335.40. The stock’s fifty day moving average is $233.41 and its 200-day moving average is $250.02. The firm has a market capitalization 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.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 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 analysts’ expectations of $990.05 million. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. Align Technology’s quarterly revenue was up 1.8% on a year-over-year basis. During the same quarter last year, the company earned $1.62 EPS. Analysts forecast that Align Technology will post 7.61 EPS for the current fiscal year.

Insider Buying and Selling at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.62% of the company’s stock.

Institutional Trading of Align Technology

A number of hedge funds have recently made changes to their positions in ALGN. Cullen Frost Bankers Inc. grew its position in Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 94 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Align Technology during the 2nd quarter valued at $26,000. Rothschild Investment LLC purchased a new position in shares of Align Technology during the 2nd quarter valued at $26,000. Versant Capital Management Inc increased its stake in shares of Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 93 shares during the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Align Technology during the first quarter worth $29,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

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.