Stifel Nicolaus Cuts Align Technology (NASDAQ:ALGN) Price Target to $285.00

Align Technology (NASDAQ:ALGN) had its target price reduced by Stifel Nicolaus from $350.00 to $285.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the medical equipment provider’s stock. Stifel Nicolaus’ price objective would suggest a potential upside of 28.05% from the company’s previous close.

A number of other equities research analysts also recently issued reports on ALGN. Piper Sandler reiterated an “overweight” rating and issued a $315.00 price objective on shares of Align Technology in a research report on Friday, September 13th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Needham & Company LLC initiated coverage on shares of Align Technology in a report on Thursday. They issued a “hold” rating on the stock. Morgan Stanley cut their price target on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a report on Thursday, July 25th. Finally, Robert W. Baird reduced their target price on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $295.00.

Align Technology Price Performance

Shares of NASDAQ:ALGN traded down $7.08 during trading on Friday, hitting $222.57. 341,783 shares of the company were exchanged, compared to its average volume of 757,559. Align Technology has a 52-week low of $176.34 and a 52-week high of $335.40. The stock has a 50 day moving average of $233.51 and a 200 day moving average of $257.89. The company has a market cap of $16.63 billion, a PE ratio of 37.68, a P/E/G ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping 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 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 quarter in the prior year, the firm posted $1.73 EPS. Sell-side analysts forecast that Align Technology will post 7.61 EPS for the current fiscal year.

Insider Activity at Align Technology

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of the stock in a transaction on Thursday, August 15th. The shares were acquired at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.62% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. CVA Family Office LLC boosted its stake in shares of Align Technology by 85.2% during the 3rd quarter. CVA Family Office LLC now owns 150 shares of the medical equipment provider’s stock worth $38,000 after acquiring an additional 69 shares during the last quarter. Factory Mutual Insurance Co. raised its stake in Align Technology by 19.9% during the 3rd quarter. Factory Mutual Insurance Co. now owns 168,293 shares of the medical equipment provider’s stock valued at $42,800,000 after purchasing an additional 27,900 shares during the period. Exchange Traded Concepts LLC lifted its holdings in shares of Align Technology by 26.3% in the third quarter. Exchange Traded Concepts LLC now owns 4,062 shares of the medical equipment provider’s stock worth $1,033,000 after buying an additional 847 shares in the last quarter. Gateway Investment Advisers LLC lifted its stake in Align Technology by 5.1% in the 3rd quarter. Gateway Investment Advisers LLC now owns 1,899 shares of the medical equipment provider’s stock worth $483,000 after purchasing an additional 93 shares in the last quarter. Finally, Valeo Financial Advisors LLC boosted its stake in Align Technology by 114.7% during the third quarter. Valeo Financial Advisors LLC now owns 2,679 shares of the medical equipment provider’s stock valued at $681,000 after buying an additional 1,431 shares during the last quarter. Institutional investors 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.