Align Technology (NASDAQ:ALGN) Hits New 12-Month Low – Here’s What Happened

Align Technology, Inc. (NASDAQ:ALGN)’s share price hit a new 52-week low during mid-day trading on Friday . The company 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.

Analyst Upgrades and Downgrades

ALGN has been the subject of a number of recent analyst reports. Piper Sandler reissued an “overweight” rating and issued a $235.00 target price (down previously from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a report on Monday, January 6th. Mizuho lowered their price objective on Align Technology from $295.00 to $250.00 and set an “outperform” rating for the company in a research report on Tuesday, March 25th. Bank of America increased their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Finally, Morgan Stanley decreased their target price on Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $262.64.

Align Technology Price Performance

The stock has a 50-day moving average of $193.72 and a 200 day moving average of $214.55. The stock has a market capitalization of $11.72 billion, a price-to-earnings ratio of 28.38, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69.

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

Institutional Investors Weigh In On Align Technology

Several hedge funds have recently added to or reduced their stakes in ALGN. Algert Global LLC boosted its stake in Align Technology by 46.7% during the 3rd quarter. Algert Global LLC now owns 2,022 shares of the medical equipment provider’s stock valued at $514,000 after purchasing an additional 644 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Align Technology by 0.3% in the third quarter. The Manufacturers Life Insurance Company now owns 74,354 shares of the medical equipment provider’s stock worth $18,910,000 after buying an additional 255 shares during the last quarter. FMR LLC raised its stake in Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after acquiring an additional 367,508 shares during the period. D.A. Davidson & CO. raised its holdings in Align Technology by 11.0% during the 3rd quarter. D.A. Davidson & CO. now owns 7,336 shares of the medical equipment provider’s stock valued at $1,866,000 after acquiring an additional 725 shares during the period. Finally, Townsquare Capital LLC boosted its position in shares of Align Technology by 61.4% in the third quarter. Townsquare Capital LLC now owns 12,506 shares of the medical equipment provider’s stock valued at $3,181,000 after acquiring an additional 4,758 shares during the period. 88.43% of the stock is currently 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.