Mizuho Has Lowered Expectations for Align Technology (NASDAQ:ALGN) Stock Price

Align Technology (NASDAQ:ALGN) had its target price reduced by Mizuho from $250.00 to $245.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an outperform rating on the medical equipment provider’s stock.

A number of other equities research analysts have also issued reports on ALGN. Morgan Stanley cut their price objective on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. HSBC downgraded shares of Align Technology from a “buy” rating to a “hold” rating and reduced their price target for the company from $290.00 to $170.00 in a report on Friday, April 25th. UBS Group dropped their price objective on shares of Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. Piper Sandler reaffirmed an “overweight” rating and issued a $235.00 target price (down from $270.00) on shares of Align Technology in a report on Tuesday, March 18th. Finally, Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and increased their price target for the company from $235.00 to $280.00 in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and an average target price of $245.75.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $177.75 on Tuesday. The firm’s 50 day simple moving average is $169.18 and its two-hundred day simple moving average is $201.89. The company has a market capitalization of $13.01 billion, a P/E ratio of 31.68, a P/E/G ratio of 2.24 and a beta of 1.73. Align Technology has a 1-year low of $141.74 and a 1-year high of $300.00.

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

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Picton Mahoney Asset Management grew its position in Align Technology by 69.9% in the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock valued at $30,000 after acquiring an additional 58 shares during the last quarter. GKV Capital Management Co. Inc. bought a new stake in Align Technology during the 4th quarter valued at about $31,000. Compagnie Lombard Odier SCmA purchased a new stake in Align Technology in the 1st quarter valued at about $32,000. Aster Capital Management DIFC Ltd bought a new position in Align Technology in the 4th quarter worth about $35,000. Finally, Center for Financial Planning Inc. purchased a new position in shares of Align Technology during the first quarter worth approximately $35,000. 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.