Needham & Company LLC Reaffirms Hold Rating for Align Technology (NASDAQ:ALGN)

Align Technology (NASDAQ:ALGN - Get Free Report)'s stock had its "hold" rating restated by equities researchers at Needham & Company LLC in a report released on Monday, Benzinga reports.

Several other research firms have also recently commented on ALGN. Morgan Stanley reduced their price target on Align Technology from $310.00 to $280.00 and set an "overweight" rating for the company in a report on Thursday, October 24th. 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 report on Thursday, October 24th. StockNews.com raised shares of Align Technology from a "hold" rating to a "buy" rating in a research note on Thursday, September 19th. Evercore ISI decreased their price objective on shares of Align Technology from $270.00 to $250.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Finally, Stifel Nicolaus dropped their target price on shares of Align Technology from $285.00 to $275.00 and set a "buy" rating for the company in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $276.38.

Align Technology Price Performance

Shares of NASDAQ ALGN traded up $2.20 during midday trading on Monday, hitting $210.78. 730,648 shares of the company's stock were exchanged, compared to its average volume of 783,577. The firm's fifty day simple moving average is $231.05 and its 200-day simple moving average is $245.41. The company has a market cap of $15.75 billion, a PE ratio of 35.59, a P/E/G ratio of 4.84 and a beta of 1.65. Align Technology has a twelve month low of $186.01 and a twelve month high of $335.40.

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

Insider Activity at Align Technology

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of the firm's stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now owns 28,247 shares of the company's stock, valued at approximately $6,647,366.51. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.62% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in ALGN. LRI Investments LLC acquired a new position in Align Technology during the first quarter valued at approximately $29,000. Cullen Frost Bankers Inc. raised its position in Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock valued at $25,000 after purchasing an additional 94 shares during the period. Rothschild Investment LLC acquired a new position in shares of Align Technology during the second quarter worth about $26,000. Innealta Capital LLC purchased a new stake in shares of Align Technology in the second quarter worth about $26,000. Finally, Versant Capital Management Inc grew its stake in shares of Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider's stock valued at $27,000 after buying an additional 93 shares in the last quarter. 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.