Align Technology (NASDAQ:ALGN) Price Target Cut to $260.00 by Analysts at Jefferies Financial Group

Align Technology (NASDAQ:ALGN) had its target price cut by stock analysts at Jefferies Financial Group from $285.00 to $260.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the medical equipment provider’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 11.29% from the company’s previous close.

A number of other equities analysts also recently weighed in on the company. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $235.00 to $280.00 in a research note on Monday, January 6th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Monday, November 4th. Mizuho initiated coverage on Align Technology in a research report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price for the company. Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Finally, Bank of America increased their price target on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $267.45.

Align Technology Trading Up 0.6 %

ALGN stock traded up $1.49 during trading on Thursday, reaching $233.63. 64,013 shares of the stock were exchanged, compared to its average volume of 576,747. The firm’s 50 day moving average is $222.61 and its 200 day moving average is $227.87. The firm has a market cap of $17.44 billion, a P/E ratio of 39.77, a price-to-earnings-growth ratio of 5.00 and a beta of 1.67. Align Technology has a twelve month low of $196.09 and a twelve month high of $335.40.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The business had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. During the same quarter in the previous year, the business earned $1.62 EPS. The company’s quarterly revenue was up 1.8% on a year-over-year basis. As a group, analysts predict that Align Technology will post 7.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP grew its holdings in shares of Align Technology by 13.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 264,524 shares of the medical equipment provider’s stock valued at $63,873,000 after purchasing an additional 31,948 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its position in Align Technology by 8.9% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 687 shares of the medical equipment provider’s stock valued at $166,000 after buying an additional 56 shares during the period. ProShare Advisors LLC grew its stake in shares of Align Technology by 5.9% during the second quarter. ProShare Advisors LLC now owns 10,179 shares of the medical equipment provider’s stock valued at $2,458,000 after buying an additional 564 shares during the last quarter. Public Sector Pension Investment Board increased its holdings in shares of Align Technology by 84.7% in the second quarter. Public Sector Pension Investment Board now owns 2,539 shares of the medical equipment provider’s stock worth $613,000 after buying an additional 1,164 shares during the period. Finally, BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Align Technology by 57.7% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 13,698 shares of the medical equipment provider’s stock valued at $3,307,000 after acquiring an additional 5,011 shares during 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.