Align Technology’s (ALGN) “Overweight” Rating Reiterated at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Align Technology (NASDAQ:ALGN) in a report issued on Tuesday,Benzinga reports. The firm currently has a $235.00 price objective on the medical equipment provider’s stock, down from their previous price objective of $270.00.

A number of other research analysts have also issued reports on ALGN. Bank of America increased their target price on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research report on Friday, December 13th. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Mizuho assumed coverage on shares of Align Technology in a research report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price on the stock. Jefferies Financial Group decreased their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research report on Thursday, January 23rd. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $266.73.

Align Technology Stock Performance

Shares of ALGN opened at $168.81 on Tuesday. Align Technology has a 52 week low of $158.13 and a 52 week high of $335.40. The firm has a market cap of $12.42 billion, a P/E ratio of 30.09, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. The firm’s 50-day simple moving average is $199.65 and its 200 day simple moving average is $217.11.

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

Institutional Trading of Align Technology

Hedge funds have recently added to or reduced their stakes in the stock. Swedbank AB boosted its position in Align Technology by 30.1% in the third quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock valued at $98,960,000 after buying an additional 90,000 shares in the last quarter. Nordea Investment Management AB boosted its position in Align Technology by 3.5% in the fourth quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock valued at $56,870,000 after buying an additional 9,139 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in Align Technology by 119.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock valued at $35,368,000 after buying an additional 92,407 shares in the last quarter. Fisher Asset Management LLC boosted its position in Align Technology by 2.6% in the third quarter. Fisher Asset Management LLC now owns 105,770 shares of the medical equipment provider’s stock valued at $26,900,000 after buying an additional 2,717 shares in the last quarter. Finally, National Bank of Canada FI boosted its position in Align Technology by 25.7% in the third quarter. National Bank of Canada FI now owns 40,826 shares of the medical equipment provider’s stock valued at $10,383,000 after buying an additional 8,338 shares in the last quarter. Institutional investors and hedge funds 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.