Piper Sandler Reiterates “Overweight” Rating for Align Technology (NASDAQ:ALGN)

Piper Sandler restated their overweight rating on shares of Align Technology (NASDAQ:ALGN) in a report published on Tuesday,Benzinga reports. They currently have a $235.00 price target on the medical equipment provider’s stock, down from their previous price target of $270.00.

Several other equities analysts have also issued reports on the stock. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $235.00 to $280.00 in a report on Monday, January 6th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Jefferies Financial Group dropped their target price on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday, January 23rd. Evercore ISI boosted their target price on shares of Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Finally, Morgan Stanley dropped their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $266.73.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $168.81 on Tuesday. The firm has a market cap of $12.42 billion, a PE ratio of 30.09, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. The firm’s fifty day moving average is $199.65 and its 200-day moving average is $217.11. Align Technology has a 52 week low of $158.13 and a 52 week high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a return on equity of 13.84% and a net margin of 10.54%. Sell-side analysts forecast that Align Technology will post 7.98 EPS for the current year.

Institutional Investors Weigh In On Align Technology

Several hedge funds and other institutional investors have recently bought and sold shares of ALGN. True Wealth Design LLC increased its position in shares of Align Technology by 10,700.0% during the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 107 shares in the last quarter. Picton Mahoney Asset Management increased 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 acquiring an additional 58 shares in the last quarter. GKV Capital Management Co. Inc. bought a new stake in shares of Align Technology during the fourth quarter worth about $31,000. Neo Ivy Capital Management bought a new stake in shares of Align Technology during the third quarter worth about $32,000. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Align Technology during the fourth quarter worth about $35,000. 88.43% of the stock is 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.