Align Technology (NASDAQ:ALGN) Price Target Cut to $330.00 by Analysts at Piper Sandler

Align Technology (NASDAQ:ALGN) had its price objective lowered by Piper Sandler from $375.00 to $330.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has an overweight rating on the medical equipment provider’s stock.

Other research analysts also recently issued research reports about the stock. Evercore ISI lowered their price target on shares of Align Technology from $370.00 to $300.00 and set an outperform rating for the company in a report on Monday, June 10th. Leerink Partnrs reaffirmed a market perform rating on shares of Align Technology in a report on Monday, February 26th. Stifel Nicolaus increased their price target on shares of Align Technology from $350.00 to $400.00 and gave the company a buy rating in a report on Thursday, April 18th. UBS Group increased their price target on shares of Align Technology from $280.00 to $320.00 and gave the company a neutral rating in a report on Monday, April 15th. Finally, OTR Global reissued a mixed rating on shares of Align Technology in a research report on Tuesday, June 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Align Technology has an average rating of Moderate Buy and a consensus target price of $346.50.

Align Technology Stock Down 0.2 %

ALGN opened at $242.19 on Friday. The firm has a 50-day simple moving average of $272.89 and a two-hundred day simple moving average of $282.47. Align Technology has a 52 week low of $176.34 and a 52 week high of $413.20. The company has a market capitalization of $18.23 billion, a PE ratio of 39.90, a price-to-earnings-growth ratio of 4.48 and a beta of 1.62.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.08. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. The firm had revenue of $997.43 million during the quarter, compared to the consensus estimate of $971.97 million. As a group, sell-side analysts expect that Align Technology will post 7.86 earnings per share for the current year.

Hedge Funds Weigh In On Align Technology

A number of institutional investors have recently modified their holdings of the stock. Cetera Advisors LLC purchased a new position in shares of Align Technology during the first quarter worth approximately $337,000. Cetera Investment Advisers increased its position in shares of Align Technology by 914.2% during the first quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock worth $4,140,000 after acquiring an additional 11,382 shares during the period. Swedbank AB purchased a new position in shares of Align Technology during the first quarter worth approximately $96,117,000. LRI Investments LLC purchased a new position in shares of Align Technology during the first quarter worth approximately $29,000. Finally, Wahed Invest LLC increased its position in shares of Align Technology by 14.1% during the first quarter. Wahed Invest LLC now owns 1,485 shares of the medical equipment provider’s stock worth $487,000 after acquiring an additional 183 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

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.