Align Technology (NASDAQ:ALGN) Earns Hold Rating from Analysts at Needham & Company LLC

Needham & Company LLC started coverage on shares of Align Technology (NASDAQ:ALGN) in a report issued on Thursday morning, MarketBeat Ratings reports. The firm issued a hold rating on the medical equipment provider’s stock.

A number of other equities analysts have also recently commented on ALGN. Robert W. Baird cut their price target on shares of Align Technology from $370.00 to $325.00 and set an outperform rating for the company in a research note on Monday, July 22nd. Piper Sandler reaffirmed an overweight rating and set a $315.00 price objective on shares of Align Technology in a report on Friday, September 13th. StockNews.com raised Align Technology from a hold rating to a buy rating in a research note on Thursday, September 19th. Morgan Stanley dropped their price target on Align Technology from $328.00 to $310.00 and set an overweight rating for the company in a research note on Thursday, July 25th. Finally, Stifel Nicolaus reduced their price objective on Align Technology from $400.00 to $350.00 and set a buy rating on the stock in a research report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $295.00.

Align Technology Stock Performance

Shares of ALGN stock opened at $222.04 on Thursday. The company has a market capitalization of $16.59 billion, a PE ratio of 37.70, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64. Align Technology has a 52-week low of $176.34 and a 52-week high of $335.40. The business’s fifty day moving average is $233.68 and its 200 day moving average is $256.77.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.32 by $0.09. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company’s revenue was up 2.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.73 EPS. On average, sell-side analysts forecast that Align Technology will post 7.61 EPS for the current fiscal year.

Insider Activity at Align Technology

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were acquired at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the purchase, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 0.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Align Technology

A number of large investors have recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in shares of Align Technology by 4,391.3% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock worth $117,879,000 after purchasing an additional 477,380 shares during the period. Swedbank AB purchased a new stake in Align Technology in the 1st quarter worth approximately $96,117,000. Bares Capital Management Inc. grew its position in shares of Align Technology by 44.4% in the 1st quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock worth $268,871,000 after buying an additional 252,220 shares during the last quarter. Point72 Asset Management L.P. increased its stake in shares of Align Technology by 127.4% during the second quarter. Point72 Asset Management L.P. now owns 343,512 shares of the medical equipment provider’s stock valued at $82,934,000 after buying an additional 192,474 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Align Technology by 371.0% during the first quarter. Jacobs Levy Equity Management Inc. now owns 218,779 shares of the medical equipment provider’s stock valued at $71,742,000 after acquiring an additional 172,330 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

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.