Align Technology (NASDAQ:ALGN) Price Target Lowered to $260.00 at Jefferies Financial Group

Align Technology (NASDAQ:ALGN) had its price objective cut by equities research analysts at Jefferies Financial Group from $285.00 to $260.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the medical equipment provider’s stock. Jefferies Financial Group’s target price suggests a potential upside of 11.29% from the stock’s current price.

Several other equities analysts have also recently weighed in on the company. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Mizuho assumed coverage on shares of Align Technology in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 target price for the company. Morgan Stanley reduced their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Evercore ISI reduced their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Finally, Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $267.45.

Align Technology Stock Performance

NASDAQ:ALGN traded up $1.49 during mid-day trading on Thursday, reaching $233.63. 64,013 shares of the company’s stock were exchanged, compared to its average volume of 576,747. Align Technology has a one year low of $196.09 and a one year high of $335.40. The business’s fifty day simple moving average is $222.61 and its two-hundred day simple moving average is $227.87. The firm has a market capitalization of $17.44 billion, a PE ratio of 39.77, a price-to-earnings-growth ratio of 5.00 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last announced 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. The company had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The business’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same period last year, the firm earned $1.62 earnings per share. As a group, equities research analysts forecast that Align Technology will post 7.48 EPS for the current year.

Hedge Funds Weigh In On Align Technology

A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in Align Technology by 13.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 264,524 shares of the medical equipment provider’s stock valued at $63,873,000 after purchasing an additional 31,948 shares during the period. Benjamin F. Edwards & Company Inc. boosted its stake in shares of Align Technology by 8.9% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 687 shares of the medical equipment provider’s stock valued at $166,000 after purchasing an additional 56 shares during the last quarter. ProShare Advisors LLC increased its position in shares of Align Technology by 5.9% during the second quarter. ProShare Advisors LLC now owns 10,179 shares of the medical equipment provider’s stock worth $2,458,000 after buying an additional 564 shares during the period. Public Sector Pension Investment Board raised its stake in Align Technology by 84.7% during the second quarter. Public Sector Pension Investment Board now owns 2,539 shares of the medical equipment provider’s stock worth $613,000 after buying an additional 1,164 shares during the last quarter. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its holdings in Align Technology by 57.7% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 13,698 shares of the medical equipment provider’s stock valued at $3,307,000 after buying an additional 5,011 shares during the period. 88.43% of the stock is currently owned by 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.