Stifel Nicolaus Lowers Align Technology (NASDAQ:ALGN) Price Target to $350.00

Align Technology (NASDAQ:ALGN) had its target price decreased by Stifel Nicolaus from $400.00 to $350.00 in a report issued on Thursday morning, Benzinga reports. Stifel Nicolaus currently has a buy rating on the medical equipment provider’s stock.

ALGN has been the subject of a number of other research reports. UBS Group raised their price target on shares of Align Technology from $280.00 to $320.00 and gave the company a neutral rating in a report on Monday, April 15th. Robert W. Baird dropped their target price on Align Technology from $370.00 to $325.00 and set an outperform rating for the company in a research report on Monday, July 22nd. Piper Sandler decreased their price target on Align Technology from $330.00 to $315.00 and set an overweight rating on the stock in a report on Thursday. OTR Global reissued a mixed rating on shares of Align Technology in a report on Tuesday, June 4th. Finally, Evercore ISI reduced their target price on shares of Align Technology from $370.00 to $300.00 and set an outperform rating on the stock in a research note on Monday, June 10th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average target price of $322.78.

Align Technology Stock Performance

Shares of ALGN stock opened at $220.45 on Thursday. Align Technology has a 52 week low of $176.34 and a 52 week high of $413.20. The stock has a market capitalization of $16.60 billion, a PE ratio of 36.32, a PEG ratio of 4.09 and a beta of 1.66. The stock’s fifty day moving average is $249.03 and its 200-day moving average is $280.62.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.73 EPS. As a group, analysts forecast that Align Technology will post 7.84 earnings per share for the current fiscal year.

Institutional Trading of Align Technology

A number of hedge funds have recently made changes to their positions in ALGN. Parnassus Investments LLC raised its stake in Align Technology by 11.3% in the 4th quarter. Parnassus Investments LLC now owns 396,603 shares of the medical equipment provider’s stock valued at $108,669,000 after acquiring an additional 40,406 shares during the period. London & Capital Asset Management Ltd increased its holdings in shares of Align Technology by 7.1% in the fourth quarter. London & Capital Asset Management Ltd now owns 58,025 shares of the medical equipment provider’s stock valued at $15,899,000 after purchasing an additional 3,843 shares during the last quarter. Truist Financial Corp raised its position in shares of Align Technology by 24.8% in the fourth quarter. Truist Financial Corp now owns 11,165 shares of the medical equipment provider’s stock valued at $3,059,000 after purchasing an additional 2,220 shares during the period. Nomura Holdings Inc. acquired a new stake in shares of Align Technology during the 4th quarter worth about $1,197,000. Finally, Norden Group LLC boosted its holdings in shares of Align Technology by 3,647.7% during the 1st quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock worth $11,982,000 after buying an additional 35,565 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

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.