Align Technology’s (ALGN) Overweight Rating Reaffirmed at Piper Sandler

Align Technology (NASDAQ:ALGN)‘s stock had its “overweight” rating reissued by stock analysts at Piper Sandler in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $375.00 price target on the medical equipment provider’s stock, up from their prior price target of $355.00. Piper Sandler’s target price indicates a potential upside of 19.51% from the company’s previous close.

ALGN has been the subject of several other research reports. The Goldman Sachs Group upped their price target on shares of Align Technology from $197.00 to $225.00 and gave the stock a “sell” rating in a research report on Friday, February 2nd. Stifel Nicolaus lifted their price target on Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. Robert W. Baird increased their price objective on Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a research note on Thursday. UBS Group raised their price objective on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, April 15th. Finally, SVB Leerink assumed coverage on shares of Align Technology in a research report on Monday, February 26th. They issued a “market perform” rating and a $310.00 target price for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and a consensus target price of $343.00.

Align Technology Trading Up 0.6 %

Shares of ALGN stock opened at $313.78 on Thursday. The company has a market capitalization of $23.61 billion, a P/E ratio of 53.91, a P/E/G ratio of 5.59 and a beta of 1.65. Align Technology has a 12-month low of $176.34 and a 12-month high of $413.20. The business’s 50 day moving average is $313.37 and its two-hundred day moving average is $270.52.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.13. The firm had revenue of $956.73 million for the quarter, compared to analysts’ expectations of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. On average, research analysts predict that Align Technology will post 7.69 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Joseph Lacob sold 10,000 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total value of $3,130,100.00. Following the completion of the transaction, the director now directly owns 146,994 shares in the company, valued at $46,010,591.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Align Technology news, EVP Emory Wright sold 2,524 shares of the stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total transaction of $725,523.80. Following the completion of the transaction, the executive vice president now owns 709 shares of the company’s stock, valued at $203,802.05. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph Lacob sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the completion of the sale, the director now directly owns 146,994 shares in the company, valued at $46,010,591.94. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,524 shares of company stock valued at $8,403,924. 0.64% of the stock is currently owned by company insiders.

Institutional Trading of Align Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ALGN. Rhenman & Partners Asset Management AB acquired a new stake in shares of Align Technology in the third quarter valued at $305,000. Norges Bank purchased a new position in Align Technology during the 4th quarter valued at about $223,610,000. Ameriprise Financial Inc. grew its position in Align Technology by 348.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 756,393 shares of the medical equipment provider’s stock valued at $230,938,000 after acquiring an additional 587,886 shares in the last quarter. Brown Advisory Inc. increased its stake in Align Technology by 41.4% during the fourth quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock worth $413,488,000 after purchasing an additional 441,754 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in shares of Align Technology by 102.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 414,772 shares of the medical equipment provider’s stock worth $113,648,000 after purchasing an additional 209,419 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

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.