Align Technology (NASDAQ:ALGN) Reaches New 12-Month Low – What’s Next?

Align Technology, Inc. (NASDAQ:ALGN)’s share price reached a new 52-week low on Monday . The company traded as low as $162.56 and last traded at $164.52, with a volume of 520418 shares trading hands. The stock had previously closed at $173.75.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Wells Fargo & Company started coverage on shares of Align Technology in a research note on Friday, February 14th. They set an “overweight” rating and a $255.00 price target on the stock. Mizuho assumed coverage on Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price objective on the stock. Morgan Stanley cut their price target on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. Evercore ISI lifted their price objective on shares of Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Finally, Jefferies Financial Group reduced their target price on Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research note on Thursday, January 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $269.91.

Align Technology Price Performance

The firm has a market capitalization of $12.53 billion, a PE ratio of 29.99, a PEG ratio of 2.24 and a beta of 1.69. The firm has a 50-day simple moving average of $206.29 and a 200-day simple moving average of $220.25.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Equities analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ALGN. Wellington Management Group LLP increased its stake in Align Technology by 49.0% in the 3rd 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 during the last quarter. Geode Capital Management LLC increased its position in Align Technology by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider’s stock worth $372,299,000 after purchasing an additional 39,209 shares during the last quarter. FMR LLC raised its stake 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 purchasing an additional 367,508 shares in the last quarter. Ninety One UK Ltd raised its position in shares of Align Technology by 3.7% during the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock valued at $254,508,000 after buying an additional 43,524 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Align Technology by 17.1% during the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider’s stock valued at $225,642,000 after buying an additional 158,312 shares during the period. 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.