Align Technology (NASDAQ:ALGN) Price Target Raised to $206.00 at Bank of America

Align Technology (NASDAQ:ALGN - Get Free Report) had its target price boosted by research analysts at Bank of America from $200.00 to $206.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an "underperform" rating on the medical equipment provider's stock. Bank of America's price target points to a potential downside of 12.49% from the company's current price.

Several other brokerages also recently weighed in on ALGN. Piper Sandler reduced their target price on Align Technology from $285.00 to $275.00 and set an "overweight" rating for the company in a research note on Thursday, October 24th. Stifel Nicolaus decreased their price objective on shares of Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a report on Thursday, October 24th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research report on Monday, November 4th. Morgan Stanley reduced their price target on shares of Align Technology from $310.00 to $280.00 and set an "overweight" rating for the company in a research report on Thursday, October 24th. Finally, Evercore ISI lowered their price objective on Align Technology from $270.00 to $250.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Align Technology currently has an average rating of "Hold" and an average target price of $271.20.

Align Technology Stock Performance

NASDAQ:ALGN traded down $0.33 during midday trading on Friday, reaching $235.39. 519,180 shares of the stock traded hands, compared to its average volume of 776,645. The business has a 50-day moving average of $224.11 and a two-hundred day moving average of $234.44. Align Technology has a 12-month low of $196.09 and a 12-month high of $335.40. The stock has a market capitalization of $17.57 billion, a PE ratio of 40.17, a price-to-earnings-growth ratio of 6.20 and a beta of 1.66.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. The firm had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm's revenue for the quarter was up 1.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.62 EPS. Research analysts anticipate that Align Technology will post 7.45 earnings per share for the current year.

Institutional Trading of Align Technology

Several institutional investors and hedge funds have recently made changes to their positions in ALGN. Cetera Advisors LLC purchased a new position in Align Technology during the 1st quarter worth $337,000. Assenagon Asset Management S.A. lifted its position in Align Technology by 339.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 73,494 shares of the medical equipment provider's stock worth $17,744,000 after acquiring an additional 56,764 shares during the period. Blue Trust Inc. grew its stake in shares of Align Technology by 150.9% in the 2nd quarter. Blue Trust Inc. now owns 133 shares of the medical equipment provider's stock valued at $32,000 after purchasing an additional 80 shares during the last quarter. First Horizon Advisors Inc. increased its stake in Align Technology by 63.5% in the 2nd quarter. First Horizon Advisors Inc. now owns 852 shares of the medical equipment provider's stock valued at $206,000 after buying an additional 331 shares during the period. Finally, Ninety One UK Ltd increased its stake in Align Technology by 1.0% in the 2nd quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider's stock valued at $276,950,000 after buying an additional 10,919 shares during the period. 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.