Align Technology (NASDAQ:ALGN) Price Target Lowered to $250.00 at Evercore ISI

Align Technology (NASDAQ:ALGN) had its price target lowered by Evercore ISI from $270.00 to $250.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the medical equipment provider’s stock. Evercore ISI’s price target would suggest a potential upside of 11.05% from the stock’s previous close.

ALGN has been the topic of a number of other research reports. Piper Sandler lowered their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday. Robert W. Baird decreased their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday. Morgan Stanley lowered their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday. Finally, StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. One equities 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.com, the stock presently has a consensus rating of “Hold” and an average target price of $281.38.

Align Technology Stock Performance

Shares of Align Technology stock traded up $17.47 during trading on Thursday, hitting $225.13. 958,922 shares of the stock were exchanged, compared to its average volume of 773,615. The stock has a market cap of $16.95 billion, a PE ratio of 36.65, a P/E/G ratio of 5.33 and a beta of 1.64. The stock’s fifty day moving average is $234.20 and its 200 day moving average is $250.96. Align Technology has a 12 month low of $176.34 and a 12 month high of $335.40.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 earnings per share. Sell-side analysts anticipate that Align Technology will post 7.61 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of Align Technology stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Align Technology

A number of institutional investors have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its position in Align Technology by 27.9% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 7,708 shares of the medical equipment provider’s stock worth $1,960,000 after acquiring an additional 1,683 shares during the last quarter. Arkadios Wealth Advisors boosted its stake in Align Technology by 31.2% during the 3rd quarter. Arkadios Wealth Advisors now owns 1,233 shares of the medical equipment provider’s stock valued at $314,000 after purchasing an additional 293 shares during the period. Forsta AP Fonden increased its position in Align Technology by 9.6% in the 3rd quarter. Forsta AP Fonden now owns 14,800 shares of the medical equipment provider’s stock worth $3,764,000 after buying an additional 1,300 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Align Technology by 14.6% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 8,500 shares of the medical equipment provider’s stock worth $2,166,000 after buying an additional 1,083 shares during the last quarter. Finally, Mediolanum International Funds Ltd lifted its holdings in shares of Align Technology by 10.1% during the third quarter. Mediolanum International Funds Ltd now owns 7,415 shares of the medical equipment provider’s stock worth $1,886,000 after buying an additional 678 shares during the last quarter. 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.