Align Technology (NASDAQ:ALGN) Given “Hold” Rating at Needham & Company LLC

Needham & Company LLC restated their hold rating on shares of Align Technology (NASDAQ:ALGN) in a research report report published on Thursday, Benzinga reports.

ALGN has been the topic of a number of other reports. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Morgan Stanley cut their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research report on Thursday, July 25th. Robert W. Baird decreased their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday. Stifel Nicolaus cut their price target on Align Technology from $350.00 to $285.00 and set a “buy” rating on the stock in a report on Friday, October 11th. Finally, Piper Sandler decreased their price objective on Align Technology from $315.00 to $285.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of “Hold” and an average price target of $276.38.

Align Technology Stock Up 1.3 %

Shares of NASDAQ:ALGN opened at $219.30 on Thursday. The company has a market cap of $16.51 billion, a PE ratio of 36.13, a P/E/G ratio of 5.33 and a beta of 1.64. Align Technology has a fifty-two week low of $176.34 and a fifty-two week high of $335.40. The firm has a 50-day simple moving average of $233.41 and a 200 day simple moving average of $248.91.

Align Technology (NASDAQ:ALGN) last posted 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 company had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business’s revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company earned $1.62 earnings per share. As a group, research analysts forecast that Align Technology will post 7.61 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Align Technology

Several large investors have recently made changes to their positions in ALGN. Achmea Investment Management B.V. raised its holdings in shares of Align Technology by 3.4% in the 2nd quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock worth $2,495,000 after purchasing an additional 339 shares in the last quarter. Tidal Investments LLC increased its holdings in shares of Align Technology by 122.9% in the first quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock valued at $1,445,000 after buying an additional 2,430 shares in the last quarter. Norden Group LLC increased its holdings in shares of Align Technology by 3,647.7% in the first quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock valued at $11,982,000 after buying an additional 35,565 shares in the last quarter. Swedbank AB lifted its position in shares of Align Technology by 2.0% during the 2nd quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock valued at $72,215,000 after acquiring an additional 6,005 shares during the last quarter. Finally, Mediolanum International Funds Ltd bought a new stake in shares of Align Technology during the 1st quarter worth $2,006,000. Institutional investors own 88.43% of the company’s stock.

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.