Piper Sandler Has Lowered Expectations for Align Technology (NASDAQ:ALGN) Stock Price

Align Technology (NASDAQ:ALGN) had its target price decreased by investment analysts at Piper Sandler from $275.00 to $270.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the medical equipment provider’s stock. Piper Sandler’s target price indicates a potential upside of 28.24% from the stock’s current price.

A number of other brokerages have also issued reports on ALGN. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Stifel Nicolaus lowered their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday, October 24th. Robert W. Baird cut their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Mizuho began coverage on shares of Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective for the company. Finally, Evercore ISI cut their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Align Technology presently has an average rating of “Moderate Buy” and an average price target of $271.40.

Align Technology Stock Down 3.6 %

Shares of Align Technology stock opened at $210.55 on Thursday. The stock’s fifty day moving average is $221.70 and its two-hundred day moving average is $226.10. Align Technology has a 52 week low of $196.09 and a 52 week high of $335.40. The company has a market capitalization of $15.72 billion, a PE ratio of 35.93, a price-to-earnings-growth ratio of 4.80 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.99% and a net margin of 11.15%. As a group, research analysts anticipate that Align Technology will post 7.47 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALGN. Wellington Management Group LLP boosted its holdings in Align Technology by 49.0% in the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after acquiring an additional 866,663 shares in the last quarter. Geode Capital Management LLC grew its position in Align Technology by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock worth $443,810,000 after purchasing an additional 21,605 shares during the last quarter. FMR LLC increased its stake in Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after purchasing an additional 367,508 shares in the last quarter. Ninety One UK Ltd raised its holdings in shares of Align Technology by 3.7% in the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock worth $254,508,000 after buying an additional 43,524 shares during the last quarter. Finally, Meridiem Investment Management Ltd. lifted its stake in shares of Align Technology by 63.7% during the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock worth $159,470,000 after buying an additional 297,472 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

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.