Piper Sandler Reaffirms Overweight Rating for Align Technology (NASDAQ:ALGN)

Piper Sandler reaffirmed their overweight rating on shares of Align Technology (NASDAQ:ALGN) in a report published on Friday morning, Benzinga reports. They currently have a $315.00 target price on the medical equipment provider’s stock.

ALGN has been the subject of several other research reports. Evercore ISI decreased their price objective on Align Technology from $370.00 to $300.00 and set an outperform rating for the company in a report on Monday, June 10th. OTR Global reiterated a mixed rating on shares of Align Technology in a research note on Tuesday, June 4th. StockNews.com downgraded Align Technology from a buy rating to a hold rating in a report on Sunday, September 1st. Stifel Nicolaus cut their price objective on shares of Align Technology from $400.00 to $350.00 and set a buy rating on the stock in a report on Thursday, July 25th. Finally, Morgan Stanley lowered their target price on shares of Align Technology from $328.00 to $310.00 and set an overweight rating for the company in a research note on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $306.88.

Align Technology Price Performance

Shares of ALGN stock opened at $243.73 on Friday. The stock’s 50-day moving average is $232.08 and its 200 day moving average is $266.08. Align Technology has a 1-year low of $176.34 and a 1-year high of $335.73. The company has a market cap of $18.35 billion, a P/E ratio of 40.15, a PEG ratio of 5.13 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same period last year, the business earned $1.73 EPS. On average, analysts anticipate that Align Technology will post 7.61 EPS for the current year.

Insider Transactions at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was bought at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the transaction, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.62% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Align Technology by 0.3% in the 1st 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. Brown Advisory Inc. boosted its stake in shares of Align Technology by 41.4% during the 4th quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock worth $413,488,000 after acquiring an additional 441,754 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Align Technology by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock valued at $277,230,000 after acquiring an additional 15,540 shares during the period. Ninety One UK Ltd increased its stake in shares of Align Technology by 1.0% in the 2nd quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock valued at $276,950,000 after purchasing an additional 10,919 shares in the last quarter. Finally, Bares Capital Management Inc. raised its holdings in Align Technology by 44.4% in the 1st quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after purchasing an additional 252,220 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.