Align Technology (NASDAQ:ALGN) Sees Unusually-High Trading Volume – Time to Buy?

Align Technology, Inc. (NASDAQ:ALGN) saw unusually-strong trading volume on Tuesday . Approximately 287,252 shares were traded during mid-day trading, a decline of 63% from the previous session’s volume of 783,273 shares.The stock last traded at $229.02 and had previously closed at $240.52.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Robert W. Baird cut their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Evercore ISI reduced their target price on Align Technology from $270.00 to $250.00 and set an “outperform” 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 report on Monday, November 4th. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Stifel Nicolaus cut their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. 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 stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $276.38.

Align Technology Stock Up 0.8 %

The stock has a market capitalization of $17.14 billion, a P/E ratio of 39.19, a PEG ratio of 6.23 and a beta of 1.65. The company has a 50-day moving average price of $227.38 and a two-hundred day moving average price of $236.92.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. During the same period in the previous year, the business earned $1.62 earnings per share. The firm’s revenue was up 1.8% on a year-over-year basis. On average, sell-side analysts expect that Align Technology, Inc. will post 7.45 earnings per share for the current year.

Institutional Investors Weigh In On Align Technology

Large investors have recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its stake in shares of Align Technology by 49.0% during 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. Holocene Advisors LP purchased a new position in Align Technology in the 3rd quarter worth $137,287,000. Kayne Anderson Rudnick Investment Management LLC lifted its stake in Align Technology by 4,391.3% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after purchasing an additional 477,380 shares during the last quarter. FMR LLC boosted its position in Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after buying an additional 367,508 shares during the period. Finally, Point72 Asset Management L.P. grew its stake in shares of Align Technology by 96.3% during the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock valued at $171,493,000 after buying an additional 330,807 shares during 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.