Align Technology (NASDAQ:ALGN) Given New $250.00 Price Target at Evercore ISI

Align Technology (NASDAQ:ALGN) had its price objective reduced by Evercore ISI from $270.00 to $250.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the medical equipment provider’s stock. Evercore ISI’s price objective indicates a potential upside of 11.05% from the stock’s previous close.

ALGN has been the subject of several other reports. Morgan Stanley cut their price objective on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday. Robert W. Baird decreased 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 raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Stifel Nicolaus cut their price objective on shares of Align Technology from $350.00 to $285.00 and set a “buy” rating for the company in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Align Technology currently has a consensus rating of “Hold” and an average price target of $281.38.

Align Technology Price Performance

Align Technology stock traded up $17.47 during mid-day trading on Thursday, reaching $225.13. The company had a trading volume of 958,922 shares, compared to its average volume of 773,615. The stock’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 $16.95 billion, a P/E ratio of 36.65, a P/E/G ratio of 5.33 and a beta of 1.64. Align Technology has a 1 year low of $176.34 and a 1 year high of $335.40.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. The company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. Align Technology’s revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.62 earnings per share. On average, equities analysts forecast that Align Technology will post 7.61 EPS for the current fiscal year.

Insider Buying and Selling at Align Technology

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were bought at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the acquisition, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.62% of the stock is owned by company insiders.

Institutional Investors Weigh In On Align Technology

Several large investors have recently made changes to their positions in ALGN. Achmea Investment Management B.V. increased its holdings in Align Technology by 3.4% in the 2nd quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock valued at $2,495,000 after purchasing an additional 339 shares in the last quarter. Tidal Investments LLC grew its stake in shares of Align Technology by 122.9% in the first quarter. Tidal Investments LLC now owns 4,408 shares of the medical equipment provider’s stock valued at $1,445,000 after buying an additional 2,430 shares in the last quarter. Norden Group LLC raised its holdings in shares of Align Technology by 3,647.7% during the 1st quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock valued at $11,982,000 after buying an additional 35,565 shares during the period. Swedbank AB grew its position in Align Technology by 2.0% in the second quarter. Swedbank AB now owns 299,115 shares of the medical equipment provider’s stock valued at $72,215,000 after acquiring an additional 6,005 shares in the last quarter. Finally, Mediolanum International Funds Ltd purchased a new stake in shares of Align Technology during the first quarter valued at approximately $2,006,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Company Profile

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.