HSBC Downgrades Align Technology (NASDAQ:ALGN) to Hold

Align Technology (NASDAQ:ALGN - Get Free Report) was downgraded by analysts at HSBC from a "buy" rating to a "hold" rating in a research note issued to investors on Friday, MarketBeat Ratings reports. They presently have a $170.00 target price on the medical equipment provider's stock, down from their previous target price of $290.00. HSBC's price target would indicate a potential downside of 6.12% from the stock's previous close.

Other equities analysts also recently issued research reports about the stock. Jefferies Financial Group dropped their price target on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating for the company in a research note on Thursday, January 23rd. 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 report on Tuesday, March 18th. UBS Group reduced their price target on Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday. Evercore ISI upped their target price on shares of Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, February 6th. Finally, Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $246.17.

Align Technology Price Performance

NASDAQ ALGN traded down $2.26 during trading hours on Friday, hitting $181.09. 1,037,943 shares of the company's stock traded hands, compared to its average volume of 884,316. Align Technology has a 52-week low of $141.74 and a 52-week high of $313.29. The company has a market capitalization of $13.26 billion, a PE ratio of 32.28, a PEG ratio of 2.24 and a beta of 1.73. The firm's 50-day moving average is $170.00 and its 200-day moving average is $202.35.

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 net margin of 10.54% and a return on equity of 13.84%. Equities research analysts predict that Align Technology will post 7.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Covestor Ltd grew its position in Align Technology by 14.6% during the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock worth $87,000 after purchasing an additional 53 shares in the last quarter. Picton Mahoney Asset Management raised its position in Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider's stock valued at $30,000 after buying an additional 58 shares during the period. Washington Trust Advisors Inc. increased its stake in shares of 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 worth $191,000 after acquiring an additional 60 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in Align Technology by 9.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider's stock valued at $158,000 after purchasing an additional 64 shares during the last quarter. Finally, Beech Hill Advisors Inc. grew its stake in Align Technology by 0.6% in the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider's stock valued at $2,425,000 after purchasing an additional 65 shares in the last quarter. Institutional investors own 88.43% of the company's stock.

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.