Evercore ISI Lowers Align Technology (NASDAQ:ALGN) Price Target to $250.00

Align Technology (NASDAQ:ALGN) had its target price trimmed by Evercore ISI from $270.00 to $250.00 in a research report released on Thursday morning, Benzinga reports. The firm currently has an outperform rating on the medical equipment provider’s stock.

Other analysts have also issued research reports about the stock. Morgan Stanley decreased their price target 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. Piper Sandler lowered their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday. Robert W. Baird dropped their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday. Stifel Nicolaus lowered their price objective on Align Technology from $350.00 to $285.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Finally, StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $276.38.

Align Technology Price 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 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. The stock has a 50-day moving average of $233.41 and a 200-day moving average of $248.91.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. During the same quarter last year, the firm posted $1.62 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. Analysts expect that Align Technology will post 7.61 EPS for the current fiscal year.

Insider Activity at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction on Thursday, August 15th. The stock was purchased at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.62% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Align Technology

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