Align Technology (NASDAQ:ALGN) Stock Bumped Down to Hold by Wall Street Zen

Key Points

• Wall Street Zen downgraded Align Technology from “buy” to “hold,” while Zacks Research cut its rating to “strong sell.” Despite the mixed revisions, MarketBeat’s consensus remains “Moderate Buy,” with an average price target of $190.93.
• Several analysts reduced their price targets, including Mizuho to $200, Piper Sandler to $205 and Robert W. Baird to $162. Align shares opened at $154.51, near the lower half of their 52-week range.
• Align’s latest quarterly results modestly beat expectations, with earnings of $2.64 per share versus $2.62 expected and revenue of $1.06 billion versus $1.05 billion expected. Institutional investors own approximately 88.43% of the company’s stock.

Align Technology (NASDAQ:ALGN - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

Several other brokerages also recently weighed in on ALGN. Mizuho lowered their price objective on Align Technology from $220.00 to $200.00 and set an "outperform" rating for the company in a research report on Thursday. Piper Sandler lowered their price objective on shares of Align Technology from $235.00 to $205.00 and set an "overweight" rating for the company in a research note on Wednesday. BMO Capital Markets assumed coverage on shares of Align Technology in a report on Wednesday, July 8th. They set an "outperform" rating and a $209.00 price target on the stock. Robert W. Baird reaffirmed a "neutral" rating and issued a $162.00 price objective (down from $218.00) on shares of Align Technology in a report on Thursday, October 15th. Finally, Zacks Research lowered Align Technology from a "hold" rating to a "strong sell" rating in a report on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Align Technology currently has a consensus rating of "Moderate Buy" and an average price target of $190.93.

Align Technology Price Performance

ALGN stock opened at $154.51 on Friday. The stock has a market capitalization of $11.07 billion, a price-to-earnings ratio of 17.22, a PEG ratio of 1.66 and a beta of 1.67. Align Technology has a fifty-two week low of $130.23 and a fifty-two week high of $200.43. The business's fifty day moving average price is $151.62 and its two-hundred day moving average price is $166.55.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%. Align Technology's quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.49 earnings per share. Research analysts expect that Align Technology will post 9.34 EPS for the current year.

Institutional Trading of Align Technology

Several institutional investors and hedge funds have recently modified their holdings of the business. Financial Management Professionals Inc. lifted its holdings in Align Technology by 46,192.9% during the 3rd quarter. Financial Management Professionals Inc. now owns 6,481 shares of the medical equipment provider's stock valued at $858,000 after purchasing an additional 6,467 shares during the last quarter. Valley National Advisers Inc. lifted its position in shares of Align Technology by 292,257.1% during the 3rd quarter. Valley National Advisers Inc. now owns 20,465 shares of the medical equipment provider's stock valued at $2,708,000 after acquiring an additional 20,458 shares during the period. Signaturefd LLC increased its position in shares of Align Technology by 2,399.8% in the third quarter. Signaturefd LLC now owns 31,022 shares of the medical equipment provider's stock worth $4,132,000 after purchasing an additional 29,781 shares during the period. Gibbs Wealth Management lifted its position in Align Technology by 4.2% during the third quarter. Gibbs Wealth Management now owns 4,532 shares of the medical equipment provider's stock worth $632,000 after purchasing an additional 181 shares during the period. Finally, Manchester Capital Management LLC grew its stake in Align Technology by 12,957.1% during the third quarter. Manchester Capital Management LLC now owns 9,140 shares of the medical equipment provider's stock worth $1,210,000 after buying an additional 9,070 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Company Profile

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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