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

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

Other analysts also recently issued reports about the company. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Evercore ISI reduced their target price on Align Technology from $280.00 to $270.00 and set an “outperform” rating for the company in a report on Tuesday, October 8th. Morgan Stanley reduced their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Robert W. Baird reduced their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Stifel Nicolaus reduced their target price on Align Technology from $350.00 to $285.00 and set a “buy” rating for the company in a report on Friday, October 11th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $276.38.

Align Technology Price Performance

Shares of NASDAQ ALGN opened at $219.30 on Thursday. The company has a market capitalization of $16.51 billion, a price-to-earnings ratio of 36.24, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64. The business has a 50-day moving average of $233.83 and a two-hundred day moving average of $250.72. 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 quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The company had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. Align Technology’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.62 EPS. As a group, equities research analysts expect that Align Technology will post 7.61 earnings per share for the current year.

Insider Activity at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were bought at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.62% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Align Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mather Group LLC. increased its position in Align Technology by 52.5% during the 2nd quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 42 shares during the period. Quarry LP grew its holdings in shares of Align Technology by 53.0% in the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after acquiring an additional 44 shares during the period. Crewe Advisors LLC grew its holdings in shares of Align Technology by 36.8% in the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock worth $41,000 after acquiring an additional 46 shares during the period. Daiwa Securities Group Inc. grew its holdings in shares of Align Technology by 0.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock worth $2,143,000 after acquiring an additional 54 shares during the period. Finally, Lake Street Advisors Group LLC grew its holdings in shares of Align Technology by 5.6% in the 3rd quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock worth $265,000 after acquiring an additional 55 shares during the period. 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.