Align Technology (NASDAQ:ALGN) Price Target Lowered to $245.00 at Mizuho

Align Technology (NASDAQ:ALGN) had its target price lowered by Mizuho from $250.00 to $245.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the medical equipment provider’s stock. Mizuho’s target price would suggest a potential upside of 41.37% from the stock’s current price.

ALGN has been the topic of a number of other research reports. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Evercore ISI raised their price objective on shares of Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, February 6th. Hsbc Global Res cut shares of Align Technology from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 25th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Thursday, February 6th. Finally, Morgan Stanley lowered their price objective on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research report on Thursday, February 6th. One equities 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $245.75.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $173.30 on Tuesday. Align Technology has a 52-week low of $141.74 and a 52-week high of $295.69. The stock has a market capitalization of $12.69 billion, a price-to-earnings ratio of 30.89, a PEG ratio of 2.24 and a beta of 1.73. The stock’s 50-day simple moving average is $168.84 and its two-hundred day simple moving average is $201.70.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. As a group, equities analysts forecast that Align Technology will post 7.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank purchased a new position in shares of Align Technology in the 4th quarter worth $190,792,000. Ninety One UK Ltd grew its position in Align Technology by 58.7% in the first quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider’s stock worth $307,800,000 after acquiring an additional 716,954 shares in the last quarter. Meridiem Investment Management Ltd. increased its stake in Align Technology by 63.7% during the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock worth $159,470,000 after acquiring an additional 297,472 shares during the last quarter. Senvest Management LLC raised its position in 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 purchasing an additional 267,000 shares during the period. Finally, Resona Asset Management Co. Ltd. bought a new stake in shares of Align Technology in the 4th quarter valued at approximately $47,853,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

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.