Stifel Nicolaus Cuts Align Technology (NASDAQ:ALGN) Price Target to $175.00

Align Technology (NASDAQ:ALGN) had its price objective dropped by equities researchers at Stifel Nicolaus from $210.00 to $175.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the medical equipment provider’s stock. Stifel Nicolaus’ price objective indicates a potential upside of 24.09% from the stock’s previous close.

A number of other equities analysts have also weighed in on ALGN. Weiss Ratings lowered Align Technology from a “hold (c)” rating to a “hold (c-)” rating in a research report on Friday, September 25th. Wall Street Zen lowered shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Saturday, August 1st. UBS Group reaffirmed a “neutral” rating and issued a $189.00 price objective on shares of Align Technology in a research note on Thursday, July 23rd. Evercore cut shares of Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 price objective for the company. in a report on Monday. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $199.21.

Align Technology Price Performance

Shares of ALGN opened at $141.03 on Friday. Align Technology has a one year low of $124.91 and a one year high of $200.43. The company has a market cap of $10.10 billion, a PE ratio of 24.53, a P/E/G ratio of 1.49 and a beta of 1.67. The stock has a 50-day moving average of $157.32 and a 200-day moving average of $168.48.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 earnings per share 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 the consensus estimate of $1.05 billion. Align Technology had a return on equity of 15.86% and a net margin of 9.99%.The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.49 EPS. Analysts expect that Align Technology will post 9.38 EPS for the current fiscal year.

Hedge Funds Weigh In On Align Technology

A number of hedge funds have recently bought and sold shares of ALGN. BlackRock Inc. bought a new stake in shares of Align Technology in the 2nd quarter worth $745,370,000. Ruane Cunniff & Goldfarb L.P. bought a new position in shares of Align Technology during the fourth quarter valued at about $190,899,000. Arrowstreet Capital Limited Partnership boosted its holdings in Align Technology by 4.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,054,633 shares of the medical equipment provider’s stock worth $180,796,000 after purchasing an additional 49,220 shares during the last quarter. Assenagon Asset Management S.A. boosted its holdings in Align Technology by 413.0% during the first quarter. Assenagon Asset Management S.A. now owns 989,388 shares of the medical equipment provider’s stock worth $169,611,000 after purchasing an additional 796,529 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Align Technology by 21.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 972,519 shares of the medical equipment provider’s stock worth $166,696,000 after purchasing an additional 170,523 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

About Align Technology

Align Technology, Inc is a medical device and digital technology company that designs, manufactures and markets products used in orthodontics and restorative dentistry. The company is best known for Invisalign clear aligners, which are custom-made orthodontic devices intended to gradually move patients’ teeth under the supervision of dental professionals.

Align also develops the iTero family of intraoral scanners and related digital imaging systems, which help dental professionals create digital impressions and treatment plans.