Bank of America Boosts Align Technology (NASDAQ:ALGN) Price Target to $206.00

Align Technology (NASDAQ:ALGN) had its price objective lifted by stock analysts at Bank of America from $200.00 to $206.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “underperform” rating on the medical equipment provider’s stock. Bank of America‘s price target would indicate a potential downside of 12.48% from the stock’s previous close.

A number of other analysts have also commented on ALGN. Piper Sandler reduced their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research note on Thursday, October 24th. Evercore ISI reduced their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Stifel Nicolaus lowered their price objective on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Robert W. Baird reduced their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Mizuho initiated coverage on Align Technology in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 target price for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Align Technology currently has a consensus rating of “Hold” and a consensus price target of $271.20.

Align Technology Stock Performance

Shares of NASDAQ ALGN traded down $0.35 during trading on Friday, hitting $235.37. The company had a trading volume of 101,672 shares, compared to its average volume of 774,828. Align Technology has a 52 week low of $196.09 and a 52 week high of $335.40. The business’s 50-day moving average is $224.23 and its 200 day moving average is $234.58. The company has a market cap of $17.57 billion, a P/E ratio of 40.12, a PEG ratio of 6.20 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same period in the previous year, the firm earned $1.62 earnings per share. Align Technology’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, research analysts expect that Align Technology will post 7.45 EPS for the current year.

Institutional Investors Weigh In On Align Technology

Several large investors have recently made changes to their positions in the company. Quarry LP boosted its holdings in Align Technology by 53.0% in the second quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after purchasing an additional 44 shares in the last quarter. Crewe Advisors LLC lifted its position in shares of Align Technology by 36.8% in the second quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock worth $41,000 after buying an additional 46 shares during the last quarter. Empirical Finance LLC boosted its stake in shares of Align Technology by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock worth $632,000 after acquiring an additional 50 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Align Technology by 0.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock valued at $2,143,000 after acquiring an additional 54 shares during the last quarter. Finally, Lake Street Advisors Group LLC raised its stake in shares of Align Technology by 5.6% in the 3rd quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock valued at $265,000 after acquiring an additional 55 shares in 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.