Align Technology (NASDAQ:ALGN) Cut to Hold at StockNews.com

StockNews.com lowered shares of Align Technology (NASDAQ:ALGN) from a buy rating to a hold rating in a report issued on Thursday.

A number of other analysts also recently weighed in on ALGN. Evercore ISI decreased their price target on shares of Align Technology from $370.00 to $300.00 and set an outperform rating for the company in a research report on Monday, June 10th. Robert W. Baird decreased their price target on shares of Align Technology from $370.00 to $325.00 and set an outperform rating for the company in a research report on Monday. 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 report on Thursday. UBS Group lifted their price objective on shares of Align Technology from $280.00 to $320.00 and gave the stock a neutral rating in a report on Monday, April 15th. Finally, Stifel Nicolaus decreased their price objective on shares of Align Technology from $400.00 to $350.00 and set a buy rating for the company in a report on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus target price of $330.50.

Align Technology Stock Performance

NASDAQ ALGN opened at $226.05 on Thursday. Align Technology has a one year low of $176.34 and a one year high of $413.20. The company’s 50 day moving average price is $250.05 and its 200 day moving average price is $280.94. The firm has a market capitalization of $17.02 billion, a price-to-earnings ratio of 37.24, a PEG ratio of 4.55 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.10%. The business’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter last year, the firm posted $1.73 earnings per share. Sell-side analysts forecast that Align Technology will post 7.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Align Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Mather Group LLC. bought a new stake in Align Technology in the first quarter worth about $26,000. Versant Capital Management Inc increased its stake in Align Technology by 547.1% in the 2nd 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 in the last quarter. LRI Investments LLC purchased a new position in Align Technology in the 1st quarter worth about $29,000. Blue Trust Inc. increased its stake in Align Technology by 150.9% in the 2nd quarter. Blue Trust Inc. now owns 133 shares of the medical equipment provider’s stock worth $32,000 after purchasing an additional 80 shares in the last quarter. Finally, Trust Co. of Vermont purchased a new position in Align Technology in the 2nd quarter worth about $39,000. 88.43% of the stock is currently owned by institutional investors.

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.