Align Technology (NASDAQ:ALGN) Earns Overweight Rating from Piper Sandler

Align Technology (NASDAQ:ALGN)‘s stock had its “overweight” rating reissued by equities research analysts at Piper Sandler in a research report issued 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. Piper Sandler’s price target indicates a potential upside of 19.51% from the stock’s current price.

ALGN has been the subject of several other reports. UBS Group boosted their price objective on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a report on Monday, April 15th. The Goldman Sachs Group boosted their target price on shares of Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a research note on Friday, February 2nd. Robert W. Baird raised their price target on Align Technology from $333.00 to $370.00 and gave the stock an “outperform” rating in a research note on Thursday. Stifel Nicolaus increased their target price on Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, April 18th. Finally, Leerink Partnrs restated a “market perform” rating on shares of Align Technology in a research note on Monday, February 26th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $343.00.

Align Technology Stock Up 0.6 %

NASDAQ:ALGN opened at $313.78 on Thursday. The stock has a market cap of $23.61 billion, a price-to-earnings ratio of 53.91, a PEG ratio of 5.59 and a beta of 1.65. Align Technology has a 52 week low of $176.34 and a 52 week high of $413.20. The company’s 50 day moving average price is $313.37 and its 200-day moving average price is $270.52.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.78 by $0.13. Align Technology had a return on equity of 13.88% and a net margin of 11.52%. The firm had revenue of $956.73 million for the quarter, compared to the consensus estimate of $928.57 million. As a group, sell-side analysts anticipate that Align Technology will post 7.69 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Joseph Lacob sold 15,000 shares of Align Technology stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the transaction, the director now owns 131,994 shares in the company, valued at approximately $40,023,220.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Align Technology news, EVP Emory Wright sold 2,524 shares of the company’s 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 transaction, the executive vice president now directly owns 709 shares in the company, valued at approximately $203,802.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph Lacob sold 15,000 shares of Align Technology stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the sale, the director now owns 131,994 shares in the company, valued at approximately $40,023,220.68. The disclosure for this sale can be found here. Insiders sold a total of 27,524 shares of company stock worth $8,403,924 over the last three months. 0.64% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Align Technology

Several institutional investors have recently bought and sold shares of the stock. Mather Group LLC. purchased a new position in shares of Align Technology during the first quarter valued at about $26,000. Huntington National Bank boosted its position in shares of Align Technology by 94.9% during the 3rd 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 Align Technology during the third quarter valued at $61,000. Orion Capital Management LLC bought a new position in Align Technology during the third quarter valued at $61,000. Finally, Operose Advisors LLC bought a new stake in shares of Align Technology in the 3rd quarter worth about $63,000. 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.