Align Technology (NASDAQ:ALGN) Reaches New 1-Year Low – Here’s What Happened

Align Technology, Inc. (NASDAQ:ALGN)’s share price hit a new 52-week low during trading on Friday . The stock traded as low as $158.02 and last traded at $159.38, with a volume of 495108 shares. The stock had previously closed at $164.29.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $235.00 to $280.00 in a report on Monday, January 6th. Mizuho cut their price objective on Align Technology from $295.00 to $250.00 and set an “outperform” rating on the stock in a report on Tuesday. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Wells Fargo & Company assumed coverage on shares of Align Technology in a report on Friday, February 14th. They set an “overweight” rating and a $255.00 target price on the stock. Finally, Morgan Stanley reduced their price target on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. One analyst has rated the stock with a sell rating, two have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $262.64.

Align Technology Stock Performance

The company has a fifty day moving average price of $195.03 and a two-hundred day moving average price of $215.07. The company has a market cap of $11.74 billion, a P/E ratio of 28.39, a PEG ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. Research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Wellington Management Group LLP lifted its stake in Align Technology by 49.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after purchasing an additional 866,663 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Align Technology by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider’s stock valued at $372,299,000 after buying an additional 39,209 shares during the last quarter. FMR LLC boosted its stake in shares of Align Technology by 43.0% during the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after acquiring an additional 367,508 shares during the period. Ninety One UK Ltd boosted its stake in shares of Align Technology by 3.7% during the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock worth $254,508,000 after acquiring an additional 43,524 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Align Technology by 17.1% during the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider’s stock worth $225,642,000 after acquiring an additional 158,312 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

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.