Align Technology (NASDAQ:ALGN) Shares Down 7.1%

Shares of Align Technology, Inc. (NASDAQ:ALGN) dropped 7.1% during trading on Wednesday . The company traded as low as $263.99 and last traded at $266.23. Approximately 399,723 shares were traded during trading, a decline of 46% from the average daily volume of 740,143 shares. The stock had previously closed at $286.52.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on ALGN shares. UBS Group lifted their price objective on Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. Morgan Stanley increased their price objective on Align Technology from $344.00 to $360.00 and gave the company an “overweight” rating in a research note on Thursday, April 25th. Leerink Partnrs restated a “market perform” rating on shares of Align Technology in a research report on Monday, February 26th. Stifel Nicolaus upped their price target on Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a research report on Thursday, April 18th. Finally, Robert W. Baird lifted their price objective on Align Technology from $333.00 to $370.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $353.00.

Align Technology Stock Down 4.9 %

The stock has a fifty day moving average of $310.10 and a 200-day moving average of $271.70. The stock has a market capitalization of $20.51 billion, a PE ratio of 43.87, a price-to-earnings-growth ratio of 5.29 and a beta of 1.66.

Insider Buying and Selling at Align Technology

In other news, Director Joseph Lacob sold 15,000 shares of Align Technology stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the sale, the director now owns 131,994 shares in the company, valued at $40,023,220.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.62% of the stock is currently owned by insiders.

Institutional Trading of Align Technology

A number of large investors have recently bought and sold shares of ALGN. Mather Group LLC. acquired a new position in shares of Align Technology in the first quarter valued at approximately $26,000. Huntington National Bank lifted its stake in shares of Align Technology by 94.9% in the 3rd quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock worth $35,000 after acquiring an additional 56 shares during the period. Orion Capital Management LLC purchased a new stake in shares of Align Technology in the third quarter valued at about $61,000. Lindbrook Capital LLC increased its stake in shares of Align Technology by 47.2% during the first quarter. Lindbrook Capital LLC now owns 187 shares of the medical equipment provider’s stock worth $61,000 after acquiring an additional 60 shares during the period. Finally, Operose Advisors LLC purchased a new position in Align Technology during the third quarter worth about $63,000. 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.