Align Technology (NASDAQ:ALGN) Earns Overweight Rating from Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Align Technology (NASDAQ:ALGN) in a research note published on Friday morning, Benzinga reports. Piper Sandler currently has a $315.00 price objective on the medical equipment provider’s stock.

ALGN has been the subject of several other research reports. StockNews.com cut Align Technology from a buy rating to a hold rating in a report on Sunday, September 1st. OTR Global reaffirmed a mixed rating on shares of Align Technology in a research note on Tuesday, June 4th. Robert W. Baird dropped their price objective on shares of Align Technology from $370.00 to $325.00 and set an outperform rating for the company in a report on Monday, July 22nd. Morgan Stanley cut their price objective 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, July 25th. Finally, Evercore ISI decreased their target price on shares of Align Technology from $370.00 to $300.00 and set an outperform rating on the stock in a report on Monday, June 10th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $306.88.

Align Technology Stock Up 2.4 %

NASDAQ:ALGN opened at $249.56 on Friday. Align Technology has a 52 week low of $176.34 and a 52 week high of $335.40. The stock’s 50-day moving average price is $232.09 and its 200-day moving average price is $265.71. The stock has a market capitalization of $18.79 billion, a PE ratio of 41.11, a price-to-earnings-growth ratio of 5.13 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating the consensus estimate 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 return on equity of 14.07% and a net margin of 11.34%. Align Technology’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company earned $1.73 earnings per share. Sell-side analysts expect that Align Technology will post 7.61 earnings per share for the current fiscal year.

Insider Buying and Selling at Align Technology

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were purchased at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the acquisition, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Align Technology

A number of institutional investors have recently modified their holdings of ALGN. Point72 Asia Singapore Pte. Ltd. purchased a new position in Align Technology during the 2nd quarter valued at about $266,000. Sanctuary Advisors LLC purchased a new position in shares of Align Technology in the second quarter valued at approximately $926,000. Quarry LP grew its holdings in shares of Align Technology by 53.0% in the second quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock valued at $31,000 after purchasing an additional 44 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Align Technology by 5.6% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,019 shares of the medical equipment provider’s stock worth $729,000 after buying an additional 161 shares during the period. Finally, Disciplined Growth Investors Inc. MN lifted its holdings in Align Technology by 0.5% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider’s stock worth $170,822,000 after buying an additional 3,600 shares in the last quarter. 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.