Align Technology (NASDAQ:ALGN) Given New $250.00 Price Target at Evercore ISI

Align Technology (NASDAQ:ALGN) had its price objective lowered by Evercore ISI from $270.00 to $250.00 in a report published on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the medical equipment provider’s stock.

Several other equities research analysts also recently issued reports on the stock. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Piper Sandler reduced their price target on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday. Morgan Stanley dropped their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. Robert W. Baird dropped their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Align Technology has a consensus rating of “Hold” and a consensus target price of $276.38.

Align Technology Stock Performance

ALGN opened at $216.42 on Thursday. The stock has a 50-day moving average of $234.20 and a 200-day moving average of $250.96. Align Technology has a 52-week low of $176.34 and a 52-week high of $335.40. The company has a market cap of $16.29 billion, a PE ratio of 35.65, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company’s revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.62 EPS. On average, research analysts predict that Align Technology will post 7.61 earnings per share for the current year.

Insider Transactions at Align Technology

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the stock in a transaction on Thursday, August 15th. The shares were bought at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the purchase, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Align Technology

A number of institutional investors and hedge funds have recently made changes to their positions in ALGN. Cullen Frost Bankers Inc. increased its holdings in Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 94 shares during the last quarter. Innealta Capital LLC purchased a new position in shares of Align Technology during the second quarter worth $26,000. Rothschild Investment LLC purchased a new stake in shares of Align Technology in the 2nd quarter valued at $26,000. Versant Capital Management Inc lifted its stake in Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 93 shares in the last quarter. Finally, LRI Investments LLC purchased a new position in Align Technology during the 1st quarter valued at about $29,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

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.