Align Technology (NASDAQ:ALGN) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Align Technology (NASDAQ:ALGN) from a buy rating to a hold rating in a research report released on Saturday morning.

Several other brokerages have also recently commented on ALGN. Wells Fargo & Company lowered their target price on shares of Align Technology from $199.00 to $181.00 and set an “overweight” rating on the stock in a report on Thursday, October 30th. UBS Group dropped their target price on shares of Align Technology from $160.00 to $155.00 and set a “neutral” rating for the company in a research report on Thursday, October 16th. Weiss Ratings cut shares of Align Technology from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, October 8th. Piper Sandler restated an “overweight” rating and set a $200.00 target price (up from $190.00) on shares of Align Technology in a research note on Thursday, October 30th. Finally, HSBC raised their target price on Align Technology from $140.00 to $150.00 in a report on Friday, October 31st. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $172.18.

Align Technology Price Performance

Shares of Align Technology stock opened at $162.73 on Friday. The business has a fifty day simple moving average of $141.04 and a two-hundred day simple moving average of $154.58. Align Technology has a 1 year low of $122.00 and a 1 year high of $237.23. The company has a market capitalization of $11.68 billion, a price-to-earnings ratio of 31.54, a P/E/G ratio of 2.01 and a beta of 1.86.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 29th. The medical equipment provider reported $2.61 EPS for the quarter, beating the consensus estimate of $2.38 by $0.23. The company had revenue of $995.69 million for the quarter, compared to the consensus estimate of $980.75 million. Align Technology had a return on equity of 13.96% and a net margin of 9.50%.The firm’s revenue for the quarter was up 1.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.35 earnings per share. As a group, equities analysts anticipate that Align Technology will post 7.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALGN. Sentry Investment Management LLC raised its position in shares of Align Technology by 73.1% during the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 79 shares during the period. Steigerwald Gordon & Koch Inc. bought a new stake in Align Technology during the 3rd quarter valued at $26,000. Rothschild Investment LLC raised its holdings in Align Technology by 140.3% during the second quarter. Rothschild Investment LLC now owns 149 shares of the medical equipment provider’s stock worth $28,000 after buying an additional 87 shares during the last quarter. True Wealth Design LLC grew its holdings in shares of Align Technology by 7,650.0% during the second quarter. True Wealth Design LLC now owns 155 shares of the medical equipment provider’s stock valued at $29,000 after buying an additional 153 shares during the last quarter. Finally, Quent Capital LLC bought a new stake in shares of Align Technology during the third quarter worth about $30,000. 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.