Align Technology (NASDAQ:ALGN) Hits New 12-Month Low - Here's Why

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $141.74 and last traded at $144.32, with a volume of 1610053 shares traded. The stock had previously closed at $153.35.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Align Technology in a research note on Friday, February 14th. They issued an "overweight" rating and a $255.00 price objective on the stock. Mizuho lowered their price target on Align Technology from $295.00 to $250.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 25th. Evercore ISI boosted their price objective on Align Technology from $240.00 to $260.00 and gave the stock an "outperform" rating in a research report on Thursday, February 6th. Jefferies Financial Group dropped their target price on shares of Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a research report on Thursday, January 23rd. Finally, Piper Sandler reiterated an "overweight" rating and issued a $235.00 target price (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 assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Align Technology has an average rating of "Moderate Buy" and a consensus target price of $262.64.

Align Technology Trading Up 2.0 %

The company has a market cap of $12.26 billion, a price-to-earnings ratio of 29.85, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. The firm's fifty day moving average price is $177.26 and its 200-day moving average price is $207.05.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its 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%. As a group, research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Institutional Trading of Align Technology

Large investors have recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in shares of Align Technology by 2.2% in the 4th quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock valued at $372,299,000 after purchasing an additional 39,209 shares during the last quarter. Ninety One UK Ltd raised its position in Align Technology by 3.7% during the 4th quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider's stock worth $254,508,000 after purchasing an additional 43,524 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Align Technology by 17.1% in the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after acquiring an additional 158,312 shares during the period. Norges Bank bought a new stake in shares of Align Technology in the 4th quarter valued at $190,792,000. Finally, Meridiem Investment Management Ltd. grew 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 acquiring an additional 297,472 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.