Align Technology (NASDAQ:ALGN) Hits New 52-Week Low - Here's Why

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) reached a new 52-week low during trading on Thursday . The stock traded as low as $150.80 and last traded at $153.24, with a volume of 389244 shares traded. The stock had previously closed at $163.98.

Analysts Set New Price Targets

Several equities research analysts have weighed in on ALGN shares. Leerink Partners upgraded shares of Align Technology from a "market perform" rating to an "outperform" rating and raised their target price for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Morgan Stanley reduced their target price 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. Jefferies Financial Group lowered their price target on Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a report on Thursday, January 23rd. Mizuho decreased their price objective on shares of Align Technology from $295.00 to $250.00 and set an "outperform" rating for the company in a research report on Tuesday, March 25th. Finally, Piper Sandler restated an "overweight" rating and set a $235.00 price target (down previously from $270.00) on shares of Align Technology in a research note on Tuesday, March 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Align Technology has an average rating of "Moderate Buy" and a consensus target price of $262.64.

Align Technology Price Performance

The firm has a market capitalization of $10.57 billion, a price-to-earnings ratio of 25.73, a PEG ratio of 2.24 and a beta of 1.73. The stock has a 50 day moving average price of $184.92 and a two-hundred day moving average price of $210.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing the consensus estimate 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, research analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Align Technology

A number of hedge funds have recently added to or reduced their stakes in ALGN. Norges Bank purchased a new stake in shares of Align Technology during the fourth quarter worth $190,792,000. Meridiem Investment Management Ltd. increased its holdings in Align Technology by 63.7% during the 4th quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider's stock worth $159,470,000 after purchasing an additional 297,472 shares during the period. Senvest Management LLC raised its position in Align Technology by 58.1% in the 4th 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 in the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in Align Technology in the 4th quarter valued at about $47,853,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Align Technology in the 4th quarter valued at about $42,243,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

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.