Align Technology (NASDAQ:ALGN) Sets New 1-Year Low After Analyst Downgrade

Shares of Align Technology, Inc. (NASDAQ:ALGN) hit a new 52-week low during mid-day trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $255.00 to $246.00. Wells Fargo & Company currently has an overweight rating on the stock. Align Technology traded as low as $171.18 and last traded at $173.30, with a volume of 2514858 shares traded. The stock had previously closed at $177.75.

Several other equities analysts have also issued reports on ALGN. UBS Group reduced their target price on Align Technology from $240.00 to $215.00 and set a “neutral” rating for the company in a report on Thursday, April 24th. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Piper Sandler reiterated an “overweight” rating and set a $250.00 target price (up from $235.00) on shares of Align Technology in a research note on Thursday. Hsbc Global Res lowered shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. Finally, Evercore ISI lifted their price objective on shares of Align Technology from $165.00 to $200.00 and gave the stock an “outperform” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and an average price target of $241.25.

Institutional Trading of Align Technology

Several hedge funds and other institutional investors have recently modified their holdings of the business. Picton Mahoney Asset Management boosted its holdings 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 worth $30,000 after buying an additional 58 shares during the period. GKV Capital Management Co. Inc. purchased a new stake in shares of Align Technology during the fourth quarter worth $31,000. Aster Capital Management DIFC Ltd bought a new position in shares of Align Technology in the fourth quarter worth $35,000. Private Trust Co. NA grew its position in shares of Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 93 shares in the last quarter. Finally, Orion Capital Management LLC purchased a new position in shares of Align Technology in the fourth quarter valued at $42,000. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

The business has a 50 day moving average of $168.56 and a 200-day moving average of $201.39. The company has a market capitalization of $12.94 billion, a P/E ratio of 31.50, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The firm had revenue of $979.26 million for the quarter, compared to analysts’ expectations of $977.90 million. During the same period in the prior year, the business posted $2.14 earnings per share. The company’s revenue was down 1.8% on a year-over-year basis. As a group, equities analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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.