Align Technology (NASDAQ:ALGN) Price Target Raised to $206.00 at Bank of America

Align Technology (NASDAQ:ALGN) had its price objective increased by Bank of America from $200.00 to $206.00 in a report released on Friday morning,Benzinga reports. Bank of America currently has an underperform rating on the medical equipment provider’s stock.

A number of other research analysts have also recently weighed in on the stock. Morgan Stanley cut their price objective on shares of Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Robert W. Baird cut their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Stifel Nicolaus dropped their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. Evercore ISI reduced their price target on Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $271.20.

Align Technology Trading Down 0.1 %

Shares of NASDAQ ALGN opened at $235.39 on Friday. Align Technology has a 12-month low of $196.09 and a 12-month high of $335.40. The firm’s 50-day moving average price is $224.11 and its 200-day moving average price is $234.44. The stock has a market capitalization of $17.57 billion, a price-to-earnings ratio of 40.17, a P/E/G ratio of 6.20 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data 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. The business had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.62 earnings per share. On average, equities analysts predict that Align Technology will post 7.45 EPS for the current fiscal year.

Institutional Trading of Align Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Achmea Investment Management B.V. grew its holdings in Align Technology by 3.4% during the 2nd quarter. Achmea Investment Management B.V. now owns 10,335 shares of the medical equipment provider’s stock worth $2,495,000 after acquiring an additional 339 shares in the last quarter. Baker Avenue Asset Management LP bought a new position in shares of Align Technology during the third quarter valued at approximately $4,250,000. Swedbank AB increased its holdings in Align Technology by 30.1% during the third quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock valued at $98,960,000 after buying an additional 90,000 shares during the period. KBC Group NV raised its stake in Align Technology by 11.8% in the third quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider’s stock worth $13,595,000 after buying an additional 5,663 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in Align Technology by 2.6% during the third quarter. Fisher Asset Management LLC now owns 105,770 shares of the medical equipment provider’s stock worth $26,900,000 after buying an additional 2,717 shares during the period. 88.43% of the stock is currently owned by institutional investors.

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.