Align Technology (NASDAQ:ALGN) Given New $275.00 Price Target at Stifel Nicolaus

Align Technology (NASDAQ:ALGN) had its price objective decreased by Stifel Nicolaus from $285.00 to $275.00 in a research note published on Thursday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the medical equipment provider’s stock.

Several other brokerages have also recently issued reports on ALGN. Robert W. Baird decreased their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday. Piper Sandler dropped their price objective on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday. Morgan Stanley decreased their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Needham & Company LLC reiterated 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 report on Thursday, September 19th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $276.38.

Align Technology Stock Performance

ALGN stock opened at $216.42 on Thursday. The firm has a 50 day moving average price of $234.20 and a 200-day moving average price of $250.96. Align Technology has a 52-week low of $176.34 and a 52-week high of $335.40. The firm has a market capitalization of $16.29 billion, a price-to-earnings ratio of 35.65, a PEG ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last released 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 14.07% and a net margin of 11.34%. The business had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. During the same period in the previous year, the company posted $1.62 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, sell-side analysts forecast that Align Technology will post 7.61 earnings per share for the current fiscal year.

Insider Buying and Selling at Align Technology

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.62% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Align Technology by 0.3% in the first quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider’s stock valued at $2,746,378,000 after purchasing an additional 25,362 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Align Technology by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock worth $277,230,000 after buying an additional 15,540 shares during the period. Ninety One UK Ltd grew its stake in shares of Align Technology by 1.0% in the second quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock valued at $276,950,000 after buying an additional 10,919 shares in the last quarter. Bares Capital Management Inc. grew its stake in shares of Align Technology by 44.4% in the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after buying an additional 252,220 shares in the last quarter. Finally, Disciplined Growth Investors Inc. MN raised its holdings in shares of Align Technology by 0.5% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider’s stock valued at $170,822,000 after buying an additional 3,600 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

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.