Align Technology (NASDAQ:ALGN – Get Free Report) had its price objective reduced by analysts at Stifel Nicolaus from $210.00 to $175.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the medical equipment provider’s stock. Stifel Nicolaus’ price objective would indicate a potential upside of 24.09% from the stock’s current price.
A number of other brokerages have also recently issued reports on ALGN. Zacks Research cut Align Technology from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 16th. Weiss Ratings cut Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a report on Friday, September 25th. BMO Capital Markets assumed coverage on shares of Align Technology in a research report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 target price on the stock. Wall Street Zen lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 1st. Finally, Raymond James Financial restated a “buy” rating on shares of Align Technology in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $199.21.
Check Out Our Latest Stock Analysis on Align Technology
Align Technology Trading Up 0.8%
Align Technology (NASDAQ:ALGN – Get Free Report) last issued its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share for the quarter, beating analysts’ consensus estimates of $2.62 by $0.02. The firm had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The company’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the business posted $2.49 earnings per share. As a group, research analysts anticipate that Align Technology will post 9.38 earnings per share for the current year.
Institutional Inflows and Outflows
Several hedge funds have recently made changes to their positions in ALGN. BlackRock Inc. acquired a new stake in Align Technology during the second quarter worth approximately $745,370,000. Ruane Cunniff & Goldfarb L.P. acquired a new position in Align Technology in the fourth quarter valued at approximately $190,899,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Align Technology by 4.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,054,633 shares of the medical equipment provider’s stock worth $180,796,000 after buying an additional 49,220 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in shares of Align Technology by 413.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider’s stock worth $169,611,000 after buying an additional 796,529 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Align Technology by 21.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 972,519 shares of the medical equipment provider’s stock worth $166,696,000 after buying an additional 170,523 shares during the period. 88.43% of the stock is owned by institutional investors.
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.
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