Align Technology (NASDAQ:ALGN) Research Coverage Started at Needham & Company LLC

by · The Markets Daily

Needham & Company LLC assumed coverage on shares of Align Technology (NASDAQ:ALGN – Free Report) in a research report report published on Thursday morning, MarketBeat Ratings reports. The firm issued a hold rating on the medical equipment provider’s stock.

A number of other research analysts have also weighed in on ALGN. Morgan Stanley cut their price objective on Align Technology from $328.00 to $310.00 and set an overweight rating on the stock in a report on Thursday, July 25th. Piper Sandler reaffirmed an overweight rating and set a $315.00 target price on shares of Align Technology in a report on Friday, September 13th. Evercore ISI lowered their price target on Align Technology from $280.00 to $270.00 and set an outperform rating on the stock in a research report on Tuesday, October 8th. StockNews.com upgraded Align Technology from a hold rating to a buy rating in a research report on Thursday, September 19th. Finally, Stifel Nicolaus decreased their target price on Align Technology from $400.00 to $350.00 and set a buy rating on the stock in a research report on Thursday, July 25th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $295.00.

Check Out Our Latest Stock Report on Align Technology

Align Technology Trading Down 3.3 %

Shares of ALGN stock opened at $222.04 on Thursday. Align Technology has a twelve month low of $176.34 and a twelve month high of $335.40. The stock has a market capitalization of $16.59 billion, a price-to-earnings ratio of 37.70, a P/E/G ratio of 5.33 and a beta of 1.64. The stock has a fifty day simple moving average of $233.68 and a two-hundred day simple moving average of $256.27.

Align Technology (NASDAQ:ALGN – Get Free Report) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $2.32 by $0.09. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same period in the prior year, the business posted $1.73 EPS. Research analysts predict that Align Technology will post 7.61 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction that occurred on Thursday, August 15th. The shares were purchased at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares in the company, valued at $6,647,366.51. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Align Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ALGN. Kayne Anderson Rudnick Investment Management LLC increased its stake in Align Technology by 4,391.3% during 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 acquiring an additional 477,380 shares during the last quarter. Swedbank AB acquired a new stake in Align Technology during the first quarter worth $96,117,000. Bares Capital Management Inc. increased its stake in Align Technology by 44.4% during the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after acquiring an additional 252,220 shares during the last quarter. Point72 Asset Management L.P. increased its stake in Align Technology by 127.4% during the second quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock worth $82,934,000 after acquiring an additional 192,474 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in Align Technology by 371.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider’s stock worth $71,742,000 after acquiring an additional 172,330 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Company Profile

(Get Free Report)

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.

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