Robert W. Baird Lowers Align Technology (NASDAQ:ALGN) Price Target to $410.00

Align Technology (NASDAQ:ALGNGet Rating) had its price target cut by Robert W. Baird from $450.00 to $410.00 in a report released on Thursday, The Fly reports. They currently have an outperform rating on the medical equipment provider’s stock.

A number of other analysts have also issued reports on ALGN. Stifel Nicolaus dropped their target price on Align Technology from $425.00 to $375.00 and set a buy rating on the stock in a research report on Thursday, July 14th. The Goldman Sachs Group lowered Align Technology from a buy rating to a sell rating and dropped their target price for the stock from $380.00 to $250.00 in a research report on Thursday. Morgan Stanley lowered their price objective on Align Technology from $479.00 to $438.00 and set an overweight rating for the company in a report on Wednesday, July 20th. Credit Suisse Group lowered their price objective on Align Technology from $722.00 to $418.00 in a report on Wednesday, May 4th. Finally, TheStreet lowered Align Technology from a b- rating to a c+ rating in a report on Monday, April 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and an average target price of $361.67.

Align Technology Price Performance

Shares of ALGN opened at $280.97 on Thursday. The stock’s 50-day moving average is $258.45 and its two-hundred day moving average is $365.69. The stock has a market cap of $22.14 billion, a PE ratio of 31.61, a P/E/G ratio of 4.15 and a beta of 1.77. Align Technology has a 12 month low of $225.86 and a 12 month high of $737.45.

Align Technology (NASDAQ:ALGNGet Rating) last announced its earnings results on Wednesday, July 27th. The medical equipment provider reported $2.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.23 by ($0.23). Align Technology had a return on equity of 19.90% and a net margin of 17.51%. The business had revenue of $969.60 million for the quarter, compared to analysts’ expectations of $986.05 million. During the same period in the previous year, the firm posted $2.51 earnings per share. The firm’s revenue was down 3.0% compared to the same quarter last year. On average, research analysts anticipate that Align Technology will post 8.37 earnings per share for the current year.

Insider Buying and Selling at Align Technology

In related news, Director C Raymond Larkin, Jr. bought 1,000 shares of the firm’s stock in a transaction on Friday, May 13th. The stock was bought at an average cost of $264.42 per share, for a total transaction of $264,420.00. Following the completion of the purchase, the director now directly owns 18,190 shares in the company, valued at approximately $4,809,799.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director C Raymond Larkin, Jr. bought 1,000 shares of the firm’s stock in a transaction on Friday, May 13th. The stock was bought at an average cost of $264.42 per share, for a total transaction of $264,420.00. Following the completion of the purchase, the director now directly owns 18,190 shares in the company, valued at approximately $4,809,799.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joseph M. Hogan acquired 6,700 shares of Align Technology stock in a transaction dated Wednesday, May 4th. The shares were acquired at an average price of $298.48 per share, with a total value of $1,999,816.00. Following the completion of the transaction, the chief executive officer now owns 174,801 shares of the company’s stock, valued at approximately $52,174,602.48. The disclosure for this purchase can be found here. 0.64% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Align Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Foresight Wealth Management LLC boosted its position in shares of Align Technology by 15.0% during the second quarter. Foresight Wealth Management LLC now owns 1,677 shares of the medical equipment provider’s stock worth $397,000 after buying an additional 219 shares during the period. SG Americas Securities LLC boosted its position in shares of Align Technology by 68.4% during the second quarter. SG Americas Securities LLC now owns 10,219 shares of the medical equipment provider’s stock worth $2,419,000 after buying an additional 4,152 shares during the period. Crossmark Global Holdings Inc. lifted its position in Align Technology by 4.5% in the second quarter. Crossmark Global Holdings Inc. now owns 4,029 shares of the medical equipment provider’s stock worth $954,000 after purchasing an additional 175 shares during the period. Russell Investments Group Ltd. lifted its position in Align Technology by 10.0% in the second quarter. Russell Investments Group Ltd. now owns 139,601 shares of the medical equipment provider’s stock worth $33,090,000 after purchasing an additional 12,686 shares during the period. Finally, Gryphon Financial Partners LLC lifted its position in Align Technology by 5.0% in the second quarter. Gryphon Financial Partners LLC now owns 1,050 shares of the medical equipment provider’s stock worth $248,000 after purchasing an additional 50 shares during the period. 88.17% of the stock is currently owned by institutional investors and hedge funds.

About Align Technology

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Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services.

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