Needham & Company LLC Reaffirms Hold Rating for Align Technology (NASDAQ:ALGN)

Align Technology (NASDAQ:ALGN)‘s stock had its “hold” rating reiterated by investment analysts at Needham & Company LLC in a report issued on Monday, Benzinga reports.

Other analysts have also recently issued research reports about the stock. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Evercore ISI decreased their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Robert W. Baird decreased their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Morgan Stanley decreased their price target on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Finally, Piper Sandler reduced their target price on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $276.38.

Align Technology Trading Up 0.6 %

Shares of Align Technology stock opened at $212.15 on Monday. The company has a fifty day simple moving average of $230.15 and a 200-day simple moving average of $244.16. Align Technology has a 12-month low of $186.01 and a 12-month high of $335.40. The stock has a market cap of $15.85 billion, a price-to-earnings ratio of 36.20, a PEG ratio of 4.93 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. Align Technology’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.62 EPS. On average, analysts forecast that Align Technology will post 7.45 earnings per share for the current fiscal year.

Insider Activity

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the acquisition, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Align Technology

A number of large investors have recently made changes to their positions in the stock. Mather Group LLC. increased its holdings in Align Technology by 52.5% during the 2nd quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock valued at $29,000 after acquiring an additional 42 shares in the last quarter. Quarry LP raised its position in Align Technology by 53.0% during the second quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after acquiring an additional 44 shares during the last quarter. Crewe Advisors LLC raised its position in Align Technology by 36.8% during the second quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock worth $41,000 after acquiring an additional 46 shares during the last quarter. Daiwa Securities Group Inc. raised its position in Align Technology by 0.6% during the second quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock worth $2,143,000 after acquiring an additional 54 shares during the last quarter. Finally, Lake Street Advisors Group LLC raised its position in Align Technology by 5.6% during the third quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock worth $265,000 after acquiring an additional 55 shares during the last quarter. Hedge funds and other institutional investors 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.