Align Technology (NASDAQ:ALGN) Stock Gets Price Target Cut from Stifel Nicolaus

Align Technology (NASDAQ:ALGN) had its target price reduced by Stifel Nicolaus from $210.00 to $175.00 in a research note published on Friday morning, MarketBeat Ratings reports. They currently have a buy rating on the medical equipment provider’s stock.

ALGN has been the topic of several other reports. Weiss Ratings downgraded Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, September 25th. Evercore cut shares of Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 target price for the company. in a research note on Monday, October 5th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. Wall Street Zen cut Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Finally, UBS Group restated a “neutral” rating and issued a $189.00 target price on shares of Align Technology in a research note on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $199.21.

Align Technology Stock Performance

Align Technology stock opened at $142.71 on Friday. The firm’s 50 day moving average price is $156.79 and its two-hundred day moving average price is $168.21. Align Technology has a twelve month low of $124.91 and a twelve month high of $200.43. The firm has a market cap of $10.22 billion, a PE ratio of 24.82, a P/E/G ratio of 1.52 and a beta of 1.67.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.02. The business had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%. Align Technology’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period last year, the company earned $2.49 earnings per share. Equities analysts anticipate that Align Technology will post 9.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Align Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Moody National Bank Trust Division lifted its stake in shares of Align Technology by 35.4% in the 3rd quarter. Moody National Bank Trust Division now owns 2,214 shares of the medical equipment provider’s stock valued at $322,000 after purchasing an additional 579 shares during the period. Versant Capital Management Inc grew its stake in shares of Align Technology by 977.8% during the third quarter. Versant Capital Management Inc now owns 4,796 shares of the medical equipment provider’s stock worth $642,000 after purchasing an additional 4,351 shares during the period. Parrish Capital LLC grew its stake in shares of Align Technology by 30.7% during the third quarter. Parrish Capital LLC now owns 4,300 shares of the medical equipment provider’s stock worth $625,000 after purchasing an additional 1,011 shares during the period. QRG Capital Management Inc. increased its holdings in Align Technology by 19,139.6% in the second quarter. QRG Capital Management Inc. now owns 325,534 shares of the medical equipment provider’s stock valued at $54,905,000 after purchasing an additional 323,842 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in Align Technology by 4,057.5% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 72,008 shares of the medical equipment provider’s stock valued at $12,145,000 after purchasing an additional 70,276 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

About Align Technology

Align Technology, Inc is a medical device and digital technology company that designs, manufactures and markets products used in orthodontics and restorative dentistry. The company is best known for Invisalign clear aligners, which are custom-made orthodontic devices intended to gradually move patients’ teeth under the supervision of dental professionals.

Align also develops the iTero family of intraoral scanners and related digital imaging systems, which help dental professionals create digital impressions and treatment plans.