Align Technology (NASDAQ:ALGN) Cut to “Hold” at Wall Street Zen

by · The Cerbat Gem

Wall Street Zen lowered shares of Align Technology (NASDAQ:ALGN – Free Report) from a buy rating to a hold rating in a research note published on Saturday morning,Wall Street Zen reports.

Other equities analysts have also issued research reports about the company. Mizuho reduced their price objective on Align Technology from $220.00 to $200.00 and set an “outperform” rating for the company in a research note on Thursday, October 22nd. Robert W. Baird restated a “neutral” rating and issued a $162.00 target price (down from $218.00) on shares of Align Technology in a research note on Thursday, October 15th. Evercore downgraded Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 target price on the stock. in a research note on Monday, October 5th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. Finally, Piper Sandler reduced their price target on Align Technology from $235.00 to $205.00 and set an “overweight” rating for the company in a research report on Wednesday, October 21st. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $190.93.

Get Our Latest Analysis on ALGN

Align Technology Price Performance

NASDAQ:ALGN opened at $152.26 on Friday. The firm has a market capitalization of $10.90 billion, a P/E ratio of 17.11, a PEG ratio of 1.66 and a beta of 1.67. Align Technology has a 1-year low of $130.23 and a 1-year high of $200.43. The company’s fifty day moving average price is $152.07 and its 200-day moving average price is $169.20.

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 (EPS) for the quarter, topping the consensus estimate of $2.62 by $0.02. The firm had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The firm’s revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the company posted $2.49 earnings per share. Equities analysts anticipate that Align Technology will post 9.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. increased its holdings in Align Technology by 638.7% in the 3rd quarter. Assenagon Asset Management S.A. now owns 4,662,437 shares of the medical equipment provider’s stock worth $629,469,000 after acquiring an additional 4,031,284 shares in the last quarter. BlackRock Inc. purchased a new position in Align Technology during the second quarter valued at $745,370,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its holdings in Align Technology by 3,162.7% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,097,745 shares of the medical equipment provider’s stock valued at $278,342,000 after purchasing an additional 2,033,451 shares in the last quarter. Vontobel Holding Ltd. lifted its holdings in Align Technology by 69,628.9% during the third quarter. Vontobel Holding Ltd. now owns 1,385,513 shares of the medical equipment provider’s stock valued at $183,335,000 after purchasing an additional 1,383,526 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Align Technology by 4.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,054,633 shares of the medical equipment provider’s stock valued at $180,796,000 after purchasing an additional 49,220 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

About Align Technology

(Get Free Report)

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align’s products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.

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