Align Technology (NASDAQ:ALGN) Downgraded to Hold Rating by Hsbc Global Res

Align Technology (NASDAQ:ALGN - Get Free Report) was downgraded by analysts at Hsbc Global Res from a "strong-buy" rating to a "hold" rating in a research report issued on Friday,Zacks.com reports.

Several other research analysts have also weighed in on ALGN. Leerink Partners upgraded shares of Align Technology from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Leerink Partnrs raised shares of Align Technology from a "hold" rating to a "strong-buy" rating in a report on Monday, January 6th. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Evercore ISI upped their price objective on shares of Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a report on Thursday, February 6th. Finally, Wells Fargo & Company began coverage on shares of Align Technology in a report on Friday, February 14th. They set an "overweight" rating and a $255.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $241.25.

Align Technology Stock Performance

Shares of NASDAQ:ALGN traded up $6.72 during mid-day trading on Friday, hitting $180.02. The stock had a trading volume of 1,568,202 shares, compared to its average volume of 1,129,544. The company has a market cap of $13.18 billion, a PE ratio of 32.09, a P/E/G ratio of 2.24 and a beta of 1.73. Align Technology has a 12-month low of $141.74 and a 12-month high of $295.69. The company's 50 day moving average is $168.84 and its 200-day moving average is $201.70.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $979.26 million for the quarter, compared to analyst estimates of $977.90 million. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The company's revenue for the quarter was down 1.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.14 EPS. On average, equities research analysts predict that Align Technology will post 7.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank acquired a new position in Align Technology during the 4th quarter worth $190,792,000. Ninety One UK Ltd lifted its holdings in Align Technology by 58.7% during the 1st quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider's stock worth $307,800,000 after buying an additional 716,954 shares in the last quarter. Meridiem Investment Management Ltd. lifted its holdings in Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after buying an additional 297,472 shares in the last quarter. Senvest Management LLC lifted its holdings in Align Technology by 58.1% during the 4th quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock worth $151,429,000 after buying an additional 267,000 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. acquired a new position in Align Technology during the 4th quarter worth $47,853,000. 88.43% of the stock is owned by institutional investors and hedge funds.

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.