Align Technology (NASDAQ:ALGN) Stock Rating Reaffirmed by Needham & Company LLC

Needham & Company LLC reiterated their hold rating on shares of Align Technology (NASDAQ:ALGN - Free Report) in a report released on Thursday, Benzinga reports.

A number of other research analysts also recently commented on ALGN. Evercore ISI reduced their target price on Align Technology from $280.00 to $270.00 and set an "outperform" rating on the stock in a report on Tuesday, October 8th. Robert W. Baird reduced their price objective on Align Technology from $325.00 to $276.00 and set an "outperform" rating on the stock in a research note on Thursday. StockNews.com upgraded shares of Align Technology from a "hold" rating to a "buy" rating in a research note on Thursday, September 19th. Piper Sandler reduced their price target on shares of Align Technology from $315.00 to $285.00 and set an "overweight" rating on the stock in a research report on Thursday, October 17th. Finally, Morgan Stanley lowered their price objective on shares of Align Technology from $328.00 to $310.00 and set an "overweight" rating for the company in a research report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Align Technology presently has an average rating of "Hold" and a consensus price target of $276.38.

Align Technology Stock Performance

Shares of ALGN stock traded up $8.76 during mid-day trading on Thursday, reaching $216.42. 2,028,837 shares of the company were exchanged, compared to its average volume of 778,808. The business's 50 day simple moving average is $234.20 and its 200 day simple moving average is $250.96. The company has a market capitalization of $16.29 billion, a P/E ratio of 35.65, a P/E/G ratio of 5.33 and a beta of 1.64. Align Technology has a fifty-two week low of $176.34 and a fifty-two week high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating analysts' consensus estimates 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 net margin of 11.34% and a return on equity of 14.07%. The firm's revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.62 EPS. On average, analysts forecast that Align Technology will post 7.61 EPS for the current year.

Insider Buying and Selling at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.62% of the stock is owned by company insiders.

Institutional Investors Weigh In On Align Technology

A number of hedge funds and other institutional investors have recently modified their holdings of ALGN. Mather Group LLC. raised its position in shares of Align Technology by 52.5% during the 2nd quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider's stock worth $29,000 after buying an additional 42 shares in the last quarter. Quarry LP boosted its stake in Align Technology by 53.0% during the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider's stock valued at $31,000 after purchasing an additional 44 shares in the last quarter. Crewe Advisors LLC increased its position in shares of Align Technology by 36.8% during the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider's stock valued at $41,000 after purchasing an additional 46 shares during the period. Daiwa Securities Group Inc. raised its stake in shares of Align Technology by 0.6% in the 2nd quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider's stock worth $2,143,000 after buying an additional 54 shares in the last quarter. Finally, Lake Street Advisors Group LLC lifted its holdings in shares of Align Technology by 5.6% in the third quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider's stock valued at $265,000 after buying an additional 55 shares during the period. 88.43% of the stock is currently owned by 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.