Align Technology’s (ALGN) “Hold” Rating Reiterated at Needham & Company LLC

Align Technology (NASDAQ:ALGN)‘s stock had its “hold” rating reaffirmed by investment analysts at Needham & Company LLC in a research note issued on Thursday,Benzinga reports.

Several other equities analysts also recently weighed in on the company. Morgan Stanley dropped their price target on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Evercore ISI decreased their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Bank of America lifted their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Leerink Partners raised shares of Align Technology from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Finally, Jefferies Financial Group lowered their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $271.40.

Align Technology Stock Down 3.6 %

Align Technology stock opened at $210.55 on Thursday. The firm has a market capitalization of $15.72 billion, a PE ratio of 35.93, a P/E/G ratio of 4.80 and a beta of 1.67. Align Technology has a 52 week low of $196.09 and a 52 week high of $335.40. The firm’s 50-day simple moving average is $221.70 and its 200 day simple moving average is $226.10.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 11.15% and a return on equity of 13.99%. On average, research analysts expect that Align Technology will post 7.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Align Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its holdings in shares of Align Technology by 49.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after purchasing an additional 866,663 shares during the period. Geode Capital Management LLC lifted its position in Align Technology by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock valued at $443,810,000 after buying an additional 21,605 shares in the last quarter. FMR LLC grew its stake in Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after buying an additional 367,508 shares during the period. Ninety One UK Ltd grew its stake in Align Technology by 3.7% during the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock worth $254,508,000 after buying an additional 43,524 shares during the period. Finally, Meridiem Investment Management Ltd. increased its position in shares of Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock worth $159,470,000 after acquiring an additional 297,472 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

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.