Align Technology (NASDAQ:ALGN) Given "Overweight" Rating at Piper Sandler

Piper Sandler reissued their overweight rating on shares of Align Technology (NASDAQ:ALGN - Free Report) in a research note issued to investors on Tuesday,Benzinga reports. Piper Sandler currently has a $235.00 target price on the medical equipment provider's stock, down from their prior target price of $270.00.

Other research analysts have also issued reports about the company. Jefferies Financial Group lowered their target price on Align Technology from $285.00 to $260.00 and set a "buy" rating on the stock in a report on Thursday, January 23rd. Wells Fargo & Company assumed coverage on shares of Align Technology in a research report on Friday, February 14th. They set an "overweight" rating and a $255.00 price objective for the company. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, February 6th. Morgan Stanley cut their target price on shares of Align Technology from $280.00 to $272.00 and set an "overweight" rating for the company in a research note on Thursday, February 6th. Finally, Mizuho started coverage on shares of Align Technology in a research report on Wednesday, December 4th. They issued an "outperform" rating and a $295.00 price target on the stock. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Align Technology presently has an average rating of "Moderate Buy" and an average price target of $266.73.

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Align Technology Stock Performance

Shares of NASDAQ:ALGN traded down $0.20 on Tuesday, hitting $168.61. The company's stock had a trading volume of 1,881,262 shares, compared to its average volume of 803,813. The company has a market capitalization of $12.41 billion, a price-to-earnings ratio of 30.06, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. Align Technology has a 12 month low of $158.13 and a 12 month high of $331.64. The stock's 50-day moving average is $198.78 and its two-hundred day moving average is $216.57.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share 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%. Equities analysts expect that Align Technology will post 7.98 earnings per share for the current fiscal year.

Institutional Trading of Align Technology

Large investors have recently made changes to their positions in the stock. Wellington Management Group LLP lifted its holdings in Align Technology by 49.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider's stock worth $670,031,000 after purchasing an additional 866,663 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Align Technology by 2.2% in the fourth 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 period. FMR LLC lifted its stake in shares of Align Technology by 43.0% in the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider's stock worth $310,736,000 after buying an additional 367,508 shares during the last quarter. Ninety One UK Ltd boosted its holdings in shares of 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 buying an additional 43,524 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Align Technology by 17.1% during the 4th quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after buying an additional 158,312 shares during the period. 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.