Align Technology (NASDAQ:ALGN) Reaches New 12-Month Low - Time to Sell?

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report)'s share price reached a new 52-week low during trading on Monday . The stock traded as low as $162.56 and last traded at $164.52, with a volume of 520418 shares. The stock had previously closed at $173.75.

Analysts Set New Price Targets

A number of equities research analysts have commented on ALGN shares. Evercore ISI lifted their target price on shares of Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, February 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 price objective on the stock. Leerink Partners upgraded Align Technology from a "market perform" rating to an "outperform" rating and increased their price target for the company from $235.00 to $280.00 in a report on Monday, January 6th. Piper Sandler dropped their price objective on shares of Align Technology from $275.00 to $270.00 and set an "overweight" rating for the company in a research note on Thursday, February 6th. Finally, Morgan Stanley lowered their target price on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $269.91.

Remove Ads

Align Technology Price Performance

The company has a market cap of $12.06 billion, a PE ratio of 29.14, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. The business has a fifty day simple moving average of $204.45 and a two-hundred day simple moving average of $219.44.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. On average, equities research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current year.

Institutional Trading of Align Technology

Institutional investors have recently made changes to their positions in the business. Impax Asset Management Group plc increased its stake in Align Technology by 26.8% during the 3rd quarter. Impax Asset Management Group plc now owns 114,057 shares of the medical equipment provider's stock valued at $29,007,000 after purchasing an additional 24,115 shares in the last quarter. Principal Financial Group Inc. increased its stake in shares of Align Technology by 2.7% in the third quarter. Principal Financial Group Inc. now owns 82,020 shares of the medical equipment provider's stock worth $20,859,000 after acquiring an additional 2,168 shares during the period. Covestor Ltd raised its holdings in shares of Align Technology by 26.6% during the third quarter. Covestor Ltd now owns 362 shares of the medical equipment provider's stock worth $92,000 after purchasing an additional 76 shares during the last quarter. Victory Capital Management Inc. lifted its position in Align Technology by 17.0% during the third quarter. Victory Capital Management Inc. now owns 134,036 shares of the medical equipment provider's stock valued at $34,088,000 after purchasing an additional 19,518 shares during the period. Finally, KBC Group NV lifted its position in Align Technology by 11.8% during the third quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider's stock valued at $13,595,000 after purchasing an additional 5,663 shares during the period. Institutional investors and hedge funds 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.