Evercore ISI Trims Align Technology (NASDAQ:ALGN) Target Price to $270.00

Align Technology (NASDAQ:ALGN) had its price target decreased by equities research analysts at Evercore ISI from $280.00 to $270.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the medical equipment provider’s stock. Evercore ISI’s price target would indicate a potential upside of 14.98% from the stock’s current price.

A number of other equities research analysts also recently commented on ALGN. Robert W. Baird lowered their price target on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Stifel Nicolaus lowered their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, July 25th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Piper Sandler reiterated an “overweight” rating and set a $315.00 price target on shares of Align Technology in a report on Friday, September 13th. Finally, Morgan Stanley lowered their price target on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $303.13.

Align Technology Price Performance

ALGN traded down $0.03 during midday trading on Tuesday, reaching $234.82. 158,610 shares of the company’s stock were exchanged, compared to its average volume of 759,982. The stock has a market capitalization of $17.68 billion, a PE ratio of 38.69, a P/E/G ratio of 5.77 and a beta of 1.64. The business’s 50-day moving average price is $233.38 and its 200 day moving average price is $258.86. Align Technology has a 1-year low of $176.34 and a 1-year high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.73 earnings per share. As a group, analysts expect that Align Technology will post 7.61 EPS for the current fiscal year.

Insider Activity at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was bought at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the purchase, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.62% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Cullen Frost Bankers Inc. raised its holdings in shares of Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 94 shares during the period. Mather Group LLC. purchased a new stake in Align Technology during the first quarter valued at about $26,000. Innealta Capital LLC purchased a new stake in shares of Align Technology in the second quarter worth approximately $26,000. Rothschild Investment LLC purchased a new stake in shares of Align Technology in the second quarter worth approximately $26,000. Finally, Versant Capital Management Inc increased its holdings in Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after buying an additional 93 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

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.