Align Technology (NASDAQ:ALGN) Shares Gap Down - What's Next?

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $215.80, but opened at $207.06. Align Technology shares last traded at $214.41, with a volume of 62,681 shares.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on ALGN shares. StockNews.com raised Align Technology from a "hold" rating to a "buy" rating in a research report on Thursday, September 19th. Stifel Nicolaus cut their target price on Align Technology from $285.00 to $275.00 and set a "buy" rating on the stock in a research note on Thursday, October 24th. Piper Sandler decreased their price target on shares of Align Technology from $285.00 to $275.00 and set an "overweight" rating for the company in a research report on Thursday, October 24th. Morgan Stanley lowered their price target on shares of Align Technology from $310.00 to $280.00 and set an "overweight" rating on the stock in a report on Thursday, October 24th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $276.38.

Align Technology Price Performance

The stock's fifty day simple moving average is $232.92 and its 200-day simple moving average is $248.14. The firm has a market cap of $16.02 billion, a PE ratio of 35.55, a PEG ratio of 5.33 and a beta of 1.64.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. During the same quarter last year, the business posted $1.62 EPS. The firm's quarterly revenue was up 1.8% on a year-over-year basis. Analysts expect that Align Technology, Inc. will post 7.61 earnings per share for the current year.

Insider Buying and Selling at Align Technology

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were purchased at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the purchase, the director now directly owns 28,247 shares of the company's stock, valued at $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.62% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Align Technology

Several institutional investors have recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its holdings in Align Technology by 12.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,294 shares of the medical equipment provider's stock worth $2,064,000 after purchasing an additional 697 shares during the period. SteelPeak Wealth LLC purchased a new position in shares of Align Technology during the 1st quarter valued at approximately $306,000. Azzad Asset Management Inc. ADV grew its stake in Align Technology by 9.2% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 13,622 shares of the medical equipment provider's stock valued at $4,467,000 after acquiring an additional 1,149 shares during the period. Norden Group LLC increased its holdings in Align Technology by 3,647.7% in the 1st quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider's stock worth $11,982,000 after acquiring an additional 35,565 shares in the last quarter. Finally, First Trust Direct Indexing L.P. raised its position in Align Technology by 43.4% during the first quarter. First Trust Direct Indexing L.P. now owns 2,010 shares of the medical equipment provider's stock worth $659,000 after acquiring an additional 608 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

About Align Technology

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.