Align Technology (NASDAQ:ALGN) Shares Gap Down – What’s Next?

Align Technology, Inc. (NASDAQ:ALGN) shares gapped down before the market opened on Tuesday . The stock had previously closed at $215.80, but opened at $207.06. Align Technology shares last traded at $214.41, with a volume of 62,681 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Piper Sandler decreased 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 note on Thursday, October 24th. Morgan Stanley lowered their target price on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Stifel Nicolaus dropped their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Thursday, October 24th. Finally, Robert W. Baird dropped their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $276.38.

Align Technology Stock Performance

The business’s fifty day moving average is $232.03 and its 200-day moving average is $247.17. The firm has a market cap of $15.75 billion, a P/E ratio of 35.98, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64.

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

Insider Buying and Selling

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of Align Technology stock in a transaction on Thursday, August 15th. The shares were purchased at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, 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 purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.62% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Crestwood Advisors Group LLC raised its holdings in shares of Align Technology by 6.6% during the third quarter. Crestwood Advisors Group LLC now owns 1,000 shares of the medical equipment provider’s stock valued at $254,000 after purchasing an additional 62 shares during the period. Impax Asset Management Group plc increased its position in Align Technology by 26.8% in the 3rd quarter. Impax Asset Management Group plc now owns 114,057 shares of the medical equipment provider’s stock valued at $29,007,000 after buying an additional 24,115 shares in the last quarter. Arcadia Investment Management Corp MI bought a new position in Align Technology in the third quarter worth approximately $356,000. Avitas Wealth Management LLC grew its stake in Align Technology by 18.9% in the third quarter. Avitas Wealth Management LLC now owns 4,640 shares of the medical equipment provider’s stock valued at $1,180,000 after acquiring an additional 738 shares during the period. Finally, abrdn plc grew its stake in Align Technology by 2.9% in the third quarter. abrdn plc now owns 28,688 shares of the medical equipment provider’s stock valued at $7,272,000 after acquiring an additional 806 shares during the period. Institutional investors and hedge funds 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.