Piper Sandler Reiterates Overweight Rating for Align Technology (NASDAQ:ALGN)

Piper Sandler reaffirmed their overweight rating on shares of Align Technology (NASDAQ:ALGN) in a report published on Thursday, Benzinga reports. They currently have a $375.00 price target on the medical equipment provider’s stock, up from their previous price target of $355.00.

A number of other equities research analysts have also weighed in on the company. Leerink Partnrs restated a market perform rating on shares of Align Technology in a research report on Monday, February 26th. The Goldman Sachs Group boosted their price objective on Align Technology from $197.00 to $225.00 and gave the stock a sell rating in a research report on Friday, February 2nd. SVB Leerink initiated 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. Stifel Nicolaus upped their price target on Align Technology from $350.00 to $400.00 and gave the company a buy rating in a research report on Thursday, April 18th. Finally, Robert W. Baird upped their price target on Align Technology from $333.00 to $370.00 and gave the company an outperform rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $341.36.

Align Technology Stock Performance

Align Technology stock opened at $310.50 on Thursday. Align Technology has a 52 week low of $176.34 and a 52 week high of $413.20. The stock has a market capitalization of $23.37 billion, a P/E ratio of 53.35, a price-to-earnings-growth ratio of 5.59 and a beta of 1.65. The stock has a fifty day moving average of $313.38 and a 200-day moving average of $270.80.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.13. The business had revenue of $956.73 million for the quarter, compared to analyst estimates of $928.57 million. Align Technology had a return on equity of 13.88% and a net margin of 11.52%. On average, research analysts forecast that Align Technology will post 7.69 earnings per share for the current year.

Insider Activity at Align Technology

In related news, EVP Emory Wright sold 2,524 shares of the company’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the sale, the executive vice president now owns 709 shares in the company, valued at approximately $203,802.05. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Joseph Lacob sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the transaction, the director now directly owns 146,994 shares of the company’s stock, valued at approximately $46,010,591.94. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Emory Wright sold 2,524 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total value of $725,523.80. Following the completion of the sale, the executive vice president now directly owns 709 shares of the company’s stock, valued at $203,802.05. The disclosure for this sale can be found here. Insiders have sold a total of 27,524 shares of company stock worth $8,403,924 in the last 90 days. Corporate insiders own 0.64% of the company’s stock.

Institutional Trading of Align Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Mather Group LLC. purchased a new stake in shares of Align Technology in the first quarter worth approximately $26,000. Huntington National Bank increased its position 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 valued at $35,000 after acquiring an additional 56 shares during the last quarter. Compagnie Lombard Odier SCmA purchased a new stake in shares of Align Technology during the third quarter valued at approximately $61,000. Orion Capital Management LLC purchased a new stake in shares of Align Technology during the third quarter valued at approximately $61,000. Finally, Lindbrook Capital LLC increased its position in shares of Align Technology by 47.2% during the first quarter. Lindbrook Capital LLC now owns 187 shares of the medical equipment provider’s stock valued at $61,000 after acquiring an additional 60 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

About Align Technology

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.