Wells Fargo & Company Has Lowered Expectations for Align Technology (NASDAQ:ALGN) Stock Price

Align Technology (NASDAQ:ALGN) had its price target lowered by Wells Fargo & Company from $255.00 to $246.00 in a report published on Thursday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the medical equipment provider’s stock.

A number of other brokerages have also commented on ALGN. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Thursday. Piper Sandler reiterated an “overweight” rating and set a $250.00 target price (up from $235.00) on shares of Align Technology in a research note on Thursday. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Jefferies Financial Group cut their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Finally, UBS Group lowered their price target on Align Technology from $240.00 to $215.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $241.25.

Align Technology Trading Up 1.7 %

NASDAQ ALGN opened at $179.82 on Thursday. Align Technology has a 1 year low of $141.74 and a 1 year high of $291.80. The company has a fifty day simple moving average of $168.42 and a 200 day simple moving average of $201.01. The company has a market cap of $13.16 billion, a P/E ratio of 32.05, a P/E/G ratio of 2.24 and a beta of 1.73.

Align Technology (NASDAQ:ALGN) last issued its quarterly 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. The company had revenue of $979.26 million for the quarter, compared to the consensus estimate of $977.90 million. Align Technology had a return on equity of 13.84% and a net margin of 10.54%. The firm’s revenue was down 1.8% compared to the same quarter last year. During the same period last year, the business posted $2.14 earnings per share. Equities research analysts forecast that Align Technology will post 7.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Nordea Investment Management AB grew its holdings in shares of Align Technology by 3.5% in the 4th quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock worth $56,870,000 after purchasing an additional 9,139 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in Align Technology by 119.6% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 169,641 shares of the medical equipment provider’s stock valued at $35,368,000 after buying an additional 92,407 shares in the last quarter. Swedbank AB grew its stake in Align Technology by 25.0% during the fourth quarter. Swedbank AB now owns 486,267 shares of the medical equipment provider’s stock worth $101,392,000 after buying an additional 97,152 shares during the last quarter. Principal Securities Inc. increased its holdings in shares of Align Technology by 34.5% during the fourth quarter. Principal Securities Inc. now owns 1,881 shares of the medical equipment provider’s stock worth $392,000 after buying an additional 483 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Align Technology by 1.2% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 7,799 shares of the medical equipment provider’s stock valued at $1,626,000 after acquiring an additional 91 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

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.