Align Technology, Inc. (NASDAQ:ALGN) Receives $276.38 Average Price Target from Analysts

Align Technology, Inc. (NASDAQ:ALGN) has earned a consensus recommendation of “Hold” from the ten brokerages that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $276.38.

Several equities analysts have recently weighed in on the stock. Morgan Stanley decreased their price target on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. Evercore ISI lowered their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Piper Sandler cut their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research report on Monday. Finally, Robert W. Baird dropped 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, October 24th.

Insider Buying and Selling

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the acquisition, the director now owns 28,247 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Align Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Norden Group LLC grew its holdings in Align Technology by 86.9% during the 1st quarter. Norden Group LLC now owns 1,822 shares of the medical equipment provider’s stock worth $597,000 after acquiring an additional 847 shares in the last quarter. Private Advisor Group LLC increased its holdings in Align Technology by 81.4% in the first quarter. Private Advisor Group LLC now owns 2,262 shares of the medical equipment provider’s stock valued at $742,000 after buying an additional 1,015 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. raised its stake in Align Technology by 3.9% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 2,102 shares of the medical equipment provider’s stock valued at $689,000 after buying an additional 78 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in Align Technology by 1.2% during the 1st quarter. Daiwa Securities Group Inc. now owns 8,822 shares of the medical equipment provider’s stock worth $2,893,000 after buying an additional 108 shares during the last quarter. Finally, Jennison Associates LLC boosted its position in shares of Align Technology by 14.4% during the 1st quarter. Jennison Associates LLC now owns 100,300 shares of the medical equipment provider’s stock worth $32,890,000 after acquiring an additional 12,601 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Trading Down 1.2 %

ALGN stock opened at $222.18 on Tuesday. Align Technology has a 12-month low of $186.01 and a 12-month high of $335.40. The business’s 50-day moving average is $230.02 and its 200 day moving average is $244.03. The stock has a market cap of $16.60 billion, a price-to-earnings ratio of 37.91, a PEG ratio of 4.98 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last issued 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. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same period in the previous year, the company posted $1.62 earnings per share. The business’s revenue was up 1.8% on a year-over-year basis. As a group, equities analysts forecast that Align Technology will post 7.45 EPS for the current fiscal year.

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.