Align Technology’s (ALGN) “Overweight” Rating Reiterated at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Align Technology (NASDAQ:ALGN) in a research report released on Thursday morning,Benzinga reports. The firm currently has a $250.00 price objective on the medical equipment provider’s stock, up from their previous price objective of $235.00.

ALGN has been the subject of several other reports. HSBC downgraded Align Technology from a “buy” rating to a “hold” rating and reduced their target price for the company from $290.00 to $170.00 in a report on Friday, April 25th. Hsbc Global Res downgraded Align Technology from a “strong-buy” rating to a “hold” rating in a report on Friday, April 25th. UBS Group cut their target price 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. Evercore ISI upped their price target on shares of Align Technology from $165.00 to $200.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $241.25.

Align Technology Stock Up 1.7 %

Shares of ALGN opened at $179.82 on Thursday. The company has a market capitalization of $13.16 billion, a price-to-earnings ratio of 32.05, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. Align Technology has a 52-week low of $141.74 and a 52-week high of $291.80. The stock has a 50 day moving average price of $168.42 and a 200 day moving average price of $201.01.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, April 30th. The medical equipment provider reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.13. Align Technology had a net margin of 10.54% and a return on equity of 13.84%. The business had revenue of $979.26 million during the quarter, compared to analysts’ expectations of $977.90 million. During the same quarter in the prior year, the business posted $2.14 EPS. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, equities analysts anticipate that Align Technology will post 7.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Align Technology

Hedge funds have recently added to or reduced their stakes in the company. Covestor Ltd lifted its holdings in shares of Align Technology by 14.6% in the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock valued at $87,000 after buying an additional 53 shares during the period. Picton Mahoney Asset Management raised its position in Align Technology by 69.9% in the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after acquiring an additional 58 shares in the last quarter. Washington Trust Advisors Inc. lifted its holdings in Align Technology by 5.2% in the first quarter. Washington Trust Advisors Inc. now owns 1,205 shares of the medical equipment provider’s stock valued at $191,000 after acquiring an additional 60 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Align Technology by 9.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock worth $158,000 after purchasing an additional 64 shares in the last quarter. Finally, Beech Hill Advisors Inc. grew its stake in shares of Align Technology by 0.6% during the 4th quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock worth $2,425,000 after purchasing an additional 65 shares during the period. Institutional investors and hedge funds 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.