Wall Street Zen Downgrades Align Technology (NASDAQ:ALGN) to Hold

Align Technology (NASDAQ:ALGN) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday.

A number of other equities analysts have also issued reports on ALGN. Piper Sandler reissued an “overweight” rating and issued a $200.00 price objective (up from $190.00) on shares of Align Technology in a report on Thursday, October 30th. Mizuho cut their target price on Align Technology from $210.00 to $170.00 and set an “outperform” rating on the stock in a research note on Monday, October 13th. Barclays started coverage on Align Technology in a research note on Monday. They issued an “equal weight” rating and a $170.00 price target for the company. Zacks Research upgraded shares of Align Technology from a “strong sell” rating to a “hold” rating in a research report on Tuesday, September 30th. Finally, Stifel Nicolaus set a $200.00 price target on shares of Align Technology in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $172.18.

Align Technology Stock Up 1.0%

ALGN stock opened at $165.43 on Friday. Align Technology has a fifty-two week low of $122.00 and a fifty-two week high of $238.11. The firm’s 50-day simple moving average is $140.41 and its 200 day simple moving average is $155.07. The stock has a market cap of $11.87 billion, a PE ratio of 32.06, a price-to-earnings-growth ratio of 1.99 and a beta of 1.86.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.23. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The firm had revenue of $995.69 million during the quarter, compared to analyst estimates of $980.75 million. During the same period in the previous year, the business posted $2.35 EPS. Align Technology’s revenue was up 1.8% on a year-over-year basis. Equities analysts forecast that Align Technology will post 7.98 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

Hedge funds have recently modified their holdings of the stock. Capital International Investors raised its holdings in Align Technology by 88.6% during the 3rd quarter. Capital International Investors now owns 3,050,373 shares of the medical equipment provider’s stock worth $381,968,000 after buying an additional 1,433,393 shares during the period. Holocene Advisors LP acquired a new position in shares of Align Technology in the third quarter worth about $179,035,000. Norges Bank purchased a new position in shares of Align Technology in the second quarter worth approximately $155,297,000. Bank of America Corp DE raised its holdings in shares of Align Technology by 72.0% during the third quarter. Bank of America Corp DE now owns 1,353,125 shares of the medical equipment provider’s stock valued at $169,438,000 after acquiring an additional 566,488 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Align Technology by 37.4% during the third quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock valued at $187,521,000 after acquiring an additional 407,559 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

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.