Align Technology (NASDAQ:ALGN) Price Target Cut to $200.00 by Analysts at Stifel Nicolaus

Key Points

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Align Technology (NASDAQ:ALGN - Get Free Report) had its price target decreased by analysts at Stifel Nicolaus from $275.00 to $200.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the medical equipment provider's stock. Stifel Nicolaus' price objective would indicate a potential upside of 43.16% from the stock's previous close.

Several other analysts have also commented on ALGN. UBS Group reduced their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Morgan Stanley reissued an "equal weight" rating and issued a $154.00 target price (down previously from $249.00) on shares of Align Technology in a research report on Thursday. Mizuho set a $210.00 target price on Align Technology in a research report on Thursday. Evercore ISI boosted their target price on Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. Finally, Piper Sandler cut their target price on Align Technology from $250.00 to $190.00 and set an "overweight" rating on the stock in a research report on Thursday. One research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $215.00.

Align Technology Price Performance

Shares of ALGN stock traded up $3.18 during trading on Thursday, hitting $139.70. 600,196 shares of the stock traded hands, compared to its average volume of 1,171,602. The firm has a market capitalization of $10.13 billion, a P/E ratio of 23.57, a price-to-earnings-growth ratio of 1.49 and a beta of 1.61. The firm's fifty day moving average price is $187.04 and its 200-day moving average price is $185.16. Align Technology has a 52-week low of $127.70 and a 52-week high of $262.87.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing the consensus estimate of $2.57 by ($0.08). The firm had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.06 billion. Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The firm's quarterly revenue was down 1.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.41 EPS. As a group, equities research analysts expect that Align Technology will post 7.98 earnings per share for the current year.

Align Technology declared that its board has approved a stock buyback program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity at Align Technology

In other Align Technology news, CEO Joseph M. Hogan purchased 7,576 shares of the company's stock in a transaction on Friday, August 1st. The stock was acquired at an average price of $131.49 per share, for a total transaction of $996,168.24. Following the completion of the purchase, the chief executive officer directly owned 184,945 shares in the company, valued at approximately $24,318,418.05. The trade was a 4.27% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Align Technology

Several institutional investors have recently modified their holdings of ALGN. American Assets Inc. acquired a new position in shares of Align Technology in the fourth quarter worth $417,000. LPL Financial LLC grew its stake in shares of Align Technology by 6.7% during the fourth quarter. LPL Financial LLC now owns 38,784 shares of the medical equipment provider's stock worth $8,087,000 after purchasing an additional 2,437 shares in the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Align Technology by 24.0% during the fourth quarter. Pictet Asset Management Holding SA now owns 49,084 shares of the medical equipment provider's stock worth $10,235,000 after purchasing an additional 9,487 shares in the last quarter. Allstate Corp acquired a new position in shares of Align Technology during the fourth quarter worth $437,000. Finally, National Bank of Canada FI grew its stake in shares of Align Technology by 10.3% during the fourth quarter. National Bank of Canada FI now owns 45,016 shares of the medical equipment provider's stock worth $9,386,000 after purchasing an additional 4,190 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

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.