Align Technology (NASDAQ:ALGN) Reaches New 12-Month Low – Here’s Why

Align Technology, Inc. (NASDAQ:ALGN)’s share price reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $141.74 and last traded at $144.32, with a volume of 1610053 shares trading hands. The stock had previously closed at $153.35.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ALGN. Wells Fargo & Company started coverage on Align Technology in a report on Friday, February 14th. They set an “overweight” rating and a $255.00 target price on the stock. Mizuho dropped their price objective on Align Technology from $295.00 to $250.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 25th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a research note on Thursday, February 6th. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Finally, Jefferies Financial Group reduced their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $262.64.

Align Technology Trading Down 5.9 %

The company’s 50-day moving average is $181.68 and its 200 day moving average is $209.43. The firm has a market cap of $10.57 billion, a PE ratio of 25.73, a P/E/G ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) 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, research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

A number of large investors have recently made changes to their positions in the business. Rhumbline Advisers grew its position in Align Technology by 9.3% during the first quarter. Rhumbline Advisers now owns 147,063 shares of the medical equipment provider’s stock valued at $23,362,000 after purchasing an additional 12,551 shares in the last quarter. Fulcrum Capital LLC boosted its stake in shares of Align Technology by 0.8% during the 1st quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider’s stock valued at $1,475,000 after buying an additional 70 shares during the period. GAMMA Investing LLC grew its holdings in shares of Align Technology by 12,032.8% during the 1st quarter. GAMMA Investing LLC now owns 125,817 shares of the medical equipment provider’s stock valued at $19,987,000 after acquiring an additional 124,780 shares in the last quarter. 111 Capital acquired a new position in shares of Align Technology in the fourth quarter worth $319,000. Finally, NorthCrest Asset Manangement LLC raised its holdings in shares of Align Technology by 21.8% during the fourth quarter. NorthCrest Asset Manangement LLC now owns 1,259 shares of the medical equipment provider’s stock worth $263,000 after acquiring an additional 225 shares in the last quarter. 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.