Align Technology (NASDAQ:ALGN) Shares Down 7.1%

Shares of Align Technology, Inc. (NASDAQ:ALGN) fell 7.1% during mid-day trading on Wednesday . The company traded as low as $263.99 and last traded at $266.23. 399,723 shares traded hands during trading, a decline of 46% from the average session volume of 740,143 shares. The stock had previously closed at $286.52.

Analyst Ratings Changes

ALGN has been the subject of a number of research reports. Robert W. Baird increased their price target on shares of Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a report on Thursday, April 25th. Piper Sandler reiterated an “overweight” rating and issued a $375.00 target price (up previously from $355.00) on shares of Align Technology in a research note on Thursday, April 25th. Stifel Nicolaus boosted their price target on Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. UBS Group raised their price objective on Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a research report on Monday, April 15th. Finally, SVB Leerink assumed coverage on Align Technology in a research report on Monday, February 26th. They set a “market perform” rating and a $310.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $353.00.

Align Technology Price Performance

The company has a market cap of $20.51 billion, a price-to-earnings ratio of 43.87, a price-to-earnings-growth ratio of 5.29 and a beta of 1.66. The business has a 50 day simple moving average of $310.10 and a 200 day simple moving average of $271.70.

Insider Buying and Selling

In related news, Director Joseph Lacob sold 15,000 shares of Align Technology stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $303.22, for a total value of $4,548,300.00. Following the completion of the sale, the director now directly owns 131,994 shares in the company, valued at $40,023,220.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.62% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Align Technology

Institutional investors have recently modified their holdings of the business. Mather Group LLC. bought a new position in shares of Align Technology during the 1st quarter worth approximately $26,000. Huntington National Bank lifted its holdings in shares of Align Technology by 94.9% during the third quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock worth $35,000 after buying an additional 56 shares in the last quarter. Orion Capital Management LLC bought a new stake in Align Technology in the 3rd quarter valued at about $61,000. Lindbrook Capital LLC grew its stake in Align Technology by 47.2% during the first quarter. Lindbrook Capital LLC now owns 187 shares of the medical equipment provider’s stock worth $61,000 after buying an additional 60 shares in the last quarter. Finally, Operose Advisors LLC bought a new position in Align Technology in the 3rd quarter valued at about $63,000. Institutional investors 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.