Align Technology (NASDAQ:ALGN) Stock Rating Reaffirmed by Piper Sandler

Align Technology (NASDAQ:ALGN)‘s stock had its “overweight” rating reaffirmed by stock analysts at Piper Sandler in a report released on Thursday, Benzinga reports. They presently have a $375.00 price objective on the medical equipment provider’s stock, up from their prior price objective of $355.00. Piper Sandler’s target price indicates a potential upside of 21.35% from the company’s previous close.

ALGN has been the subject of several other reports. UBS Group upped their target price on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, April 15th. Leerink Partnrs restated a “market perform” rating on shares of Align Technology in a report on Monday, February 26th. Robert W. Baird upped their target price on Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a report on Thursday. The Goldman Sachs Group upped their target price on Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a report on Friday, February 2nd. Finally, SVB Leerink assumed coverage on Align Technology in a report on Monday, February 26th. They issued a “market perform” rating and a $310.00 target price for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and a consensus price target of $341.36.

Align Technology Stock Performance

Shares of ALGN opened at $309.02 on Thursday. Align Technology has a one year low of $176.34 and a one year high of $413.20. The stock has a market capitalization of $23.25 billion, a price-to-earnings ratio of 50.91, a PEG ratio of 5.62 and a beta of 1.65. The stock has a 50 day moving average price of $313.38 and a 200 day moving average price of $270.98.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 EPS for the quarter, topping the consensus estimate of $1.78 by $0.13. Align Technology had a return on equity of 14.22% and a net margin of 11.80%. The firm had revenue of $956.73 million during the quarter, compared to analysts’ expectations of $928.57 million. On average, analysts predict that Align Technology will post 7.69 earnings per share for the current year.

Insider Buying and Selling at Align Technology

In other Align Technology news, Director Joseph Lacob sold 10,000 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total value of $3,130,100.00. Following the sale, the director now owns 146,994 shares of the company’s stock, valued at approximately $46,010,591.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Align Technology news, Director Joseph Lacob sold 10,000 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total value of $3,130,100.00. Following the sale, the director now owns 146,994 shares of the company’s stock, valued at approximately $46,010,591.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Emory Wright sold 2,524 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the completion of the sale, the executive vice president now directly owns 709 shares in the company, valued at approximately $203,802.05. The disclosure for this sale can be found here. Insiders have sold 27,524 shares of company stock valued at $8,403,924 in the last quarter. Corporate insiders own 0.64% of the company’s stock.

Institutional Investors Weigh In On Align Technology

Several hedge funds and other institutional investors have recently made changes to their positions in ALGN. Capital Investment Advisors LLC raised its position in shares of Align Technology by 22.3% during the 3rd quarter. Capital Investment Advisors LLC now owns 1,180 shares of the medical equipment provider’s stock worth $360,000 after acquiring an additional 215 shares in the last quarter. DAVENPORT & Co LLC raised its position in shares of Align Technology by 3.1% during the 3rd quarter. DAVENPORT & Co LLC now owns 2,172 shares of the medical equipment provider’s stock worth $663,000 after acquiring an additional 66 shares in the last quarter. Czech National Bank raised its position in shares of Align Technology by 47.7% during the 3rd quarter. Czech National Bank now owns 12,441 shares of the medical equipment provider’s stock worth $3,798,000 after acquiring an additional 4,016 shares in the last quarter. Asset Management One Co. Ltd. raised its position in shares of Align Technology by 1.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 30,319 shares of the medical equipment provider’s stock worth $9,257,000 after acquiring an additional 387 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its position in shares of Align Technology by 3.0% during the 3rd quarter. Handelsbanken Fonder AB now owns 32,348 shares of the medical equipment provider’s stock worth $9,876,000 after acquiring an additional 936 shares in the last quarter. Institutional investors and hedge funds 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.