Piper Sandler Cuts Align Technology (NASDAQ:ALGN) Price Target to $275.00

Align Technology (NASDAQ:ALGN) had its price objective trimmed by Piper Sandler from $285.00 to $275.00 in a report issued on Thursday, Benzinga reports. The firm currently has an overweight rating on the medical equipment provider’s stock.

A number of other research firms have also recently commented on ALGN. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Thursday. Robert W. Baird lowered their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday. Stifel Nicolaus reduced their target price on shares of Align Technology from $350.00 to $285.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Morgan Stanley decreased their price target 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. Finally, Evercore ISI dropped their price objective on Align Technology from $280.00 to $270.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $276.38.

Align Technology Price Performance

ALGN opened at $219.30 on Thursday. Align Technology has a 1 year low of $176.34 and a 1 year high of $335.40. The company has a market capitalization of $16.51 billion, a price-to-earnings ratio of 36.13, a P/E/G ratio of 5.33 and a beta of 1.64. The firm’s fifty day moving average price is $233.41 and its two-hundred day moving average price is $250.02.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same period last year, the firm earned $1.62 earnings per share. The firm’s revenue was up 1.8% on a year-over-year basis. As a group, equities analysts anticipate that Align Technology will post 7.61 EPS for the current year.

Insider Activity at Align Technology

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of the company’s stock in a transaction 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 directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.62% of the stock is owned by company insiders.

Institutional Investors Weigh In On Align Technology

A number of institutional investors and hedge funds have recently modified their holdings of the company. Cullen Frost Bankers Inc. grew its stake in Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 94 shares in the last quarter. Innealta Capital LLC bought a new position in Align Technology in the 2nd quarter valued at $26,000. Rothschild Investment LLC bought a new position in shares of Align Technology in the second quarter worth $26,000. Versant Capital Management Inc increased its holdings in shares of Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 93 shares during the period. Finally, LRI Investments LLC purchased a new stake in shares of Align Technology in the first quarter worth $29,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

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.