Hsbc Global Res Downgrades Align Technology (NASDAQ:ALGN) to Hold

Align Technology (NASDAQ:ALGN - Get Free Report) was downgraded by analysts at Hsbc Global Res from a "strong-buy" rating to a "hold" rating in a note issued to investors on Friday,Zacks.com reports.

Several other research analysts have also commented on ALGN. Jefferies Financial Group reduced their price target on Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research report on Thursday, January 23rd. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research report on Thursday, February 6th. Leerink Partners raised Align Technology from a "market perform" rating to an "outperform" rating and upped their target price for the company from $235.00 to $280.00 in a research report on Monday, January 6th. Wells Fargo & Company initiated coverage on Align Technology in a research report on Friday, February 14th. They set an "overweight" rating and a $255.00 target price on the stock. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $235.00 target price (down from $270.00) on shares of Align Technology in a research report on Tuesday, March 18th. 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 given a strong buy rating to the company's stock. Based on data from MarketBeat, Align Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $245.75.

Align Technology Trading Down 1.8 %

Shares of ALGN traded down $3.34 during trading hours on Friday, hitting $177.75. The company had a trading volume of 1,413,483 shares, compared to its average volume of 887,910. The company has a market capitalization of $13.01 billion, a PE ratio of 31.68, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. Align Technology has a one year low of $141.74 and a one year high of $300.00. The company's fifty day moving average price is $169.59 and its two-hundred day moving average price is $202.06.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. Analysts forecast that Align Technology will post 7.98 earnings per share for the current year.

Hedge Funds Weigh In On Align Technology

Institutional investors have recently made changes to their positions in the company. Wilmington Savings Fund Society FSB purchased a new position in shares of Align Technology during the 3rd quarter valued at approximately $78,000. Oddo BHF Asset Management Sas purchased a new position in shares of Align Technology during the 3rd quarter valued at approximately $747,000. Exome Asset Management LLC purchased a new position in shares of Align Technology during the 3rd quarter valued at approximately $4,756,000. Principal Financial Group Inc. increased its holdings in shares of Align Technology by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider's stock valued at $20,859,000 after purchasing an additional 2,168 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in shares of Align Technology by 212.2% during the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider's stock valued at $48,000 after purchasing an additional 157 shares in the last quarter. 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.