Align Technology (NASDAQ:ALGN) Stock Gets Price Target Reduction from Mizuho

Align Technology (NASDAQ:ALGN) had its price target trimmed by Mizuho from $220.00 to $200.00 in a report issued on Thursday morning,Benzinga reports. They currently have an outperform rating on the medical equipment provider’s stock.

Several other research firms also recently issued reports on ALGN. Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, October 9th. Wall Street Zen lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 1st. Robert W. Baird reiterated a “neutral” rating and issued a $162.00 target price (down from $218.00) on shares of Align Technology in a research note on Thursday, October 15th. Leerink Partners reduced their target price on shares of Align Technology from $235.00 to $215.00 and set an “outperform” rating for the company in a research note on Wednesday, October 14th. Finally, Zacks Research downgraded Align Technology from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $190.93.

Align Technology Trading Down 0.6%

Shares of Align Technology stock opened at $154.51 on Thursday. The company’s fifty day simple moving average is $151.62 and its 200-day simple moving average is $166.55. The company has a market cap of $11.07 billion, a price-to-earnings ratio of 26.87, a PEG ratio of 1.65 and a beta of 1.67. Align Technology has a 1 year low of $130.23 and a 1 year high of $200.43.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.62 by $0.02. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. Align Technology’s revenue was up 4.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.49 earnings per share. As a group, research analysts forecast that Align Technology will post 9.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ALGN. BlackRock Inc. acquired a new position in Align Technology in the second quarter worth about $745,370,000. Assenagon Asset Management S.A. lifted its stake in Align Technology by 638.7% during the third quarter. Assenagon Asset Management S.A. now owns 4,662,437 shares of the medical equipment provider’s stock worth $629,469,000 after purchasing an additional 4,031,284 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA lifted its stake in Align Technology by 3,162.7% during the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 2,097,745 shares of the medical equipment provider’s stock worth $278,342,000 after purchasing an additional 2,033,451 shares during the period. Vontobel Holding Ltd. lifted its stake in Align Technology by 69,628.9% during the third quarter. Vontobel Holding Ltd. now owns 1,385,513 shares of the medical equipment provider’s stock worth $183,335,000 after purchasing an additional 1,383,526 shares during the period. Finally, Deutsche Bank AG bought a new position in Align Technology during the second quarter worth about $99,779,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Company Profile

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align’s products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.