Align Technology (NASDAQ:ALGN) Sees Large Volume Increase – What’s Next?

Align Technology, Inc. (NASDAQ:ALGN) shares saw unusually-high trading volume on Tuesday . Approximately 287,252 shares changed hands during trading, a decline of 63% from the previous session’s volume of 783,273 shares.The stock last traded at $229.02 and had previously closed at $240.52.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Stifel Nicolaus decreased their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Robert W. Baird reduced their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Piper Sandler dropped their target price on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Finally, StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $276.38.

Align Technology Price Performance

The stock has a fifty day simple moving average of $227.38 and a two-hundred day simple moving average of $236.92. The firm has a market capitalization of $17.14 billion, a P/E ratio of 39.19, a P/E/G ratio of 6.23 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. Align Technology’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.62 EPS. As a group, sell-side analysts expect that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. raised its position in shares of Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 94 shares during the period. Innealta Capital LLC bought a new position in shares of Align Technology in the second quarter valued at $26,000. Rothschild Investment LLC bought a new position in shares of Align Technology in the second quarter valued at $26,000. Versant Capital Management Inc grew its holdings in shares of Align Technology by 547.1% during the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after buying an additional 93 shares during the last quarter. Finally, True Wealth Design LLC boosted its stake in Align Technology by 10,700.0% during the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 107 shares during the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

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.