Align Technology (NASDAQ:ALGN) Earns Overweight Rating from Piper Sandler

Align Technology (NASDAQ:ALGN)‘s stock had its “overweight” rating reiterated by research analysts at Piper Sandler in a report issued on Thursday,Benzinga reports. They currently have a $250.00 target price on the medical equipment provider’s stock, up from their prior target price of $235.00. Piper Sandler’s price target would suggest a potential upside of 39.03% from the company’s previous close.

Other analysts have also issued reports about the company. Jefferies Financial Group dropped their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday, January 23rd. Morgan Stanley dropped their price objective on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. UBS Group decreased their target price on shares of Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company started coverage on shares of Align Technology in a research report on Friday, February 14th. They set an “overweight” rating and a $255.00 price target on the stock. Finally, HSBC cut shares of Align Technology from a “buy” rating to a “hold” rating and cut their price objective for the company from $290.00 to $170.00 in a report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $241.25.

Align Technology Trading Up 1.7 %

Shares of NASDAQ ALGN opened at $179.82 on Thursday. The stock has a market cap of $13.16 billion, a price-to-earnings ratio of 32.05, a PEG ratio of 2.24 and a beta of 1.73. Align Technology has a 12 month low of $141.74 and a 12 month high of $295.69. The company has a 50 day simple moving average of $168.42 and a two-hundred day simple moving average of $201.12.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.00 by $0.13. The company had revenue of $979.26 million during the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period in the previous year, the firm posted $2.14 earnings per share. Analysts forecast that Align Technology will post 7.98 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Covestor Ltd increased its stake in Align Technology by 14.6% during the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock worth $87,000 after buying an additional 53 shares in the last quarter. Picton Mahoney Asset Management boosted its stake in shares of Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after acquiring an additional 58 shares during the last quarter. Washington Trust Advisors Inc. increased its position in shares of Align Technology by 5.2% during the first quarter. Washington Trust Advisors Inc. now owns 1,205 shares of the medical equipment provider’s stock worth $191,000 after purchasing an additional 60 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of Align Technology by 9.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock worth $158,000 after purchasing an additional 64 shares in the last quarter. Finally, Beech Hill Advisors Inc. raised its stake in Align Technology by 0.6% in the 4th quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock valued at $2,425,000 after purchasing an additional 65 shares during 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.