Align Technology (NASDAQ:ALGN) Sets New 12-Month Low – Here’s What Happened

Align Technology, Inc. (NASDAQ:ALGN) hit a new 52-week low on Monday . The company traded as low as $162.56 and last traded at $164.52, with a volume of 520418 shares changing hands. The stock had previously closed at $173.75.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ALGN shares. Morgan Stanley cut their price target on Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Mizuho started coverage on shares of Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 target price for the company. Evercore ISI increased their price target on Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, February 6th. Wells Fargo & Company started coverage on Align Technology in a research report on Friday, February 14th. They set an “overweight” rating and a $255.00 price target for the company. Finally, Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Align Technology has a consensus rating of “Moderate Buy” and a consensus target price of $269.91.

Align Technology Stock Up 3.1 %

The company’s 50-day moving average price is $206.29 and its 200-day moving average price is $220.25. The firm has a market cap of $12.53 billion, a price-to-earnings ratio of 29.99, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Align Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Empirical Finance LLC grew its holdings in shares of Align Technology by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock worth $632,000 after purchasing an additional 50 shares during the period. Covestor Ltd lifted its stake in Align Technology by 14.6% during the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider’s stock worth $87,000 after purchasing an additional 53 shares in the last quarter. Picton Mahoney Asset Management boosted its position in shares of Align Technology by 69.9% during the fourth quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after buying an additional 58 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Align Technology by 9.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 766 shares of the medical equipment provider’s stock worth $158,000 after buying an additional 64 shares during the period. Finally, Beech Hill Advisors Inc. grew its stake in shares of Align Technology by 0.6% in the fourth quarter. Beech Hill Advisors Inc. now owns 11,632 shares of the medical equipment provider’s stock valued at $2,425,000 after buying an additional 65 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

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.