Needham & Company LLC Reiterates “Hold” Rating for Align Technology (NASDAQ:ALGN)

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

Several other equities analysts have also weighed in on ALGN. Evercore ISI increased their target price on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Piper Sandler reissued an “overweight” rating and set a $235.00 price objective (down previously from $270.00) on shares of Align Technology in a research note on Tuesday, March 18th. UBS Group lowered 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. Jefferies Financial Group reduced their price target on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research report on Thursday, January 23rd. Finally, Hsbc Global Res cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $241.25.

Align Technology Stock Up 1.7 %

Align Technology stock opened at $179.82 on Thursday. The business’s 50-day simple moving average is $168.42 and its 200 day simple moving average is $201.12. The stock has a market cap of $13.16 billion, a price-to-earnings ratio of 32.05, a P/E/G 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.

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

Hedge Funds Weigh In On Align Technology

A number of large investors have recently bought and sold shares of ALGN. Covestor Ltd grew its position in Align Technology by 14.6% in the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock valued at $87,000 after purchasing an additional 53 shares in the last quarter. Picton Mahoney Asset Management increased its position 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 valued at $30,000 after acquiring an additional 58 shares during the last quarter. Washington Trust Advisors Inc. raised its holdings in 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 acquiring an additional 60 shares in the last quarter. Smartleaf Asset Management LLC boosted its position in Align Technology by 9.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock valued at $158,000 after purchasing an additional 64 shares during the last quarter. Finally, Beech Hill Advisors Inc. grew its stake in Align Technology by 0.6% in the fourth 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 in the last quarter. Institutional investors and hedge funds 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.