Align Technology (NASDAQ:ALGN) Receives Hold Rating from Needham & Company LLC

Needham & Company LLC reissued their hold rating on shares of Align Technology (NASDAQ:ALGN) in a report published on Thursday morning, Benzinga reports.

A number of other research firms have also recently weighed in on ALGN. Piper Sandler cut their price objective on shares of Align Technology from $315.00 to $285.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Morgan Stanley lowered their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating on the stock in a research note on Thursday, July 25th. Stifel Nicolaus reduced their price objective on shares of Align Technology from $350.00 to $285.00 and set a “buy” rating for the company in a research report on Friday, October 11th. Robert W. Baird cut their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Evercore ISI decreased their target price on Align Technology from $280.00 to $270.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Align Technology has a consensus rating of “Hold” and an average target price of $276.38.

Align Technology Stock Up 4.2 %

NASDAQ:ALGN opened at $216.42 on Thursday. The company has a market capitalization of $16.29 billion, a P/E ratio of 35.65, a P/E/G 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 stock’s fifty day moving average is $234.20 and its two-hundred day moving average is $250.96.

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

Insider Transactions at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were bought at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the acquisition, 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.62% of the company’s stock.

Institutional Trading of Align Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mather Group LLC. grew its holdings in shares of Align Technology by 52.5% during the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock worth $29,000 after purchasing an additional 42 shares during the last quarter. Quarry LP raised 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 during the last quarter. Crewe Advisors LLC boosted its stake in shares of Align Technology by 36.8% in the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock worth $41,000 after buying an additional 46 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in Align Technology by 0.6% during the second quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock worth $2,143,000 after buying an additional 54 shares during the last quarter. Finally, Lake Street Advisors Group LLC increased its position in Align Technology by 5.6% in the third quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock worth $265,000 after buying an additional 55 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

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.