Align Technology (NASDAQ:ALGN) Price Target Lowered to $199.00 at Wells Fargo & Company

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Align Technology (NASDAQ:ALGN - Get Free Report) had its target price decreased by Wells Fargo & Company from $246.00 to $199.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the medical equipment provider's stock. Wells Fargo & Company's price objective suggests a potential upside of 50.42% from the stock's current price.

A number of other equities research analysts have also recently commented on ALGN. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. HSBC cut shares of Align Technology from a "buy" rating to a "hold" rating and decreased their price target for the stock from $290.00 to $170.00 in a report on Friday, April 25th. UBS Group decreased their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. Morgan Stanley reaffirmed an "equal weight" rating and issued a $154.00 price target (down previously from $249.00) on shares of Align Technology in a report on Thursday. Finally, Piper Sandler decreased their price target on shares of Align Technology from $250.00 to $190.00 and set an "overweight" rating on the stock in a report on Thursday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Align Technology has a consensus rating of "Moderate Buy" and an average price target of $215.00.

Align Technology Stock Down 35.0%

ALGN stock traded down $71.28 during mid-day trading on Thursday, reaching $132.29. 8,115,700 shares of the company traded hands, compared to its average volume of 1,087,736. Align Technology has a fifty-two week low of $130.83 and a fifty-two week high of $262.87. The firm's 50 day moving average price is $188.60 and its 200 day moving average price is $186.70. The stock has a market cap of $9.59 billion, a price-to-earnings ratio of 24.17, a P/E/G ratio of 2.18 and a beta of 1.63.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share for the quarter, missing analysts' consensus estimates of $2.57 by ($0.08). Align Technology had a return on equity of 13.52% and a net margin of 10.29%. The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter in the previous year, the firm earned $2.41 EPS. Align Technology's quarterly revenue was down 1.6% on a year-over-year basis. On average, analysts anticipate that Align Technology will post 7.98 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has authorized a share buyback plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to buy up to 7.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Align Technology

A number of institutional investors and hedge funds have recently made changes to their positions in ALGN. Ninety One UK Ltd increased its stake in shares of Align Technology by 58.7% during the first quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider's stock valued at $307,800,000 after purchasing an additional 716,954 shares in the last quarter. Federated Hermes Inc. increased its stake in shares of Align Technology by 510.3% during the first quarter. Federated Hermes Inc. now owns 707,514 shares of the medical equipment provider's stock valued at $112,396,000 after purchasing an additional 591,588 shares in the last quarter. Mackenzie Financial Corp grew its holdings in shares of Align Technology by 4,217.3% during the first quarter. Mackenzie Financial Corp now owns 426,205 shares of the medical equipment provider's stock valued at $67,707,000 after buying an additional 416,333 shares during the last quarter. Nordea Investment Management AB grew its holdings in shares of Align Technology by 94.5% during the second quarter. Nordea Investment Management AB now owns 638,341 shares of the medical equipment provider's stock valued at $121,055,000 after buying an additional 310,091 shares during the last quarter. Finally, Senvest Management LLC grew its holdings in shares of Align Technology by 58.1% during the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider's stock valued at $151,429,000 after buying an additional 267,000 shares during the last quarter. 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.

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