Align Technology (NASDAQ:ALGN) Given New $515.00 Price Target at Stifel Nicolaus

Align Technology (NASDAQ:ALGN) had its target price hoisted by Stifel Nicolaus from $460.00 to $515.00 in a research note released on Wednesday morning, AnalystRatings.net reports. The brokerage currently has a buy rating on the medical equipment provider’s stock.

Other analysts have also issued reports about the stock. SVB Leerink raised their price objective on shares of Align Technology from $340.00 to $460.00 and gave the stock an outperform rating in a report on Thursday, October 22nd. Piper Sandler raised their target price on shares of Align Technology from $400.00 to $500.00 and gave the company an overweight rating in a research note on Thursday, October 22nd. Berenberg Bank downgraded shares of Align Technology from a buy rating to a hold rating and set a $306.00 target price for the company. in a research note on Wednesday, July 29th. Barclays raised their target price on shares of Align Technology from $300.00 to $400.00 and gave the company an equal weight rating in a research note on Thursday, October 22nd. Finally, Robert W. Baird raised their price target on shares of Align Technology from $370.00 to $450.00 in a research report on Thursday, October 22nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. Align Technology currently has a consensus rating of Buy and an average target price of $388.46.

ALGN opened at $439.51 on Wednesday. The stock has a market cap of $34.63 billion, a PE ratio of 20.00, a P/E/G ratio of 19.97 and a beta of 1.85. Align Technology has a 52 week low of $127.88 and a 52 week high of $475.37. The business’s fifty day simple moving average is $340.65 and its 200 day simple moving average is $281.83.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 21st. The medical equipment provider reported $2.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $2.02. Align Technology had a net margin of 76.00% and a return on equity of 68.99%. The business had revenue of $734.14 million during the quarter, compared to analyst estimates of $551.55 million. During the same period in the prior year, the business posted $1.28 earnings per share. The company’s revenue was up 20.9% on a year-over-year basis. As a group, equities research analysts predict that Align Technology will post 1.29 EPS for the current year.

In other news, CFO John Morici sold 3,507 shares of Align Technology stock in a transaction on Monday, October 26th. The shares were sold at an average price of $466.34, for a total transaction of $1,635,454.38. Following the transaction, the chief financial officer now owns 1,162 shares in the company, valued at approximately $541,887.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Joseph M. Hogan sold 80,000 shares of Align Technology stock in a transaction on Monday, October 26th. The stock was sold at an average price of $457.41, for a total transaction of $36,592,800.00. Following the transaction, the chief executive officer now owns 185,396 shares in the company, valued at approximately $84,801,984.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 143,775 shares of company stock valued at $59,697,477. 1.20% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the company. Cullen Frost Bankers Inc. purchased a new position in shares of Align Technology during the 2nd quarter valued at $25,000. Simon Quick Advisors LLC purchased a new position in shares of Align Technology during the 3rd quarter valued at $29,000. CX Institutional lifted its stake in shares of Align Technology by 93.6% during the 3rd quarter. CX Institutional now owns 91 shares of the medical equipment provider’s stock valued at $30,000 after buying an additional 44 shares in the last quarter. Allworth Financial LP purchased a new position in shares of Align Technology during the 2nd quarter valued at $27,000. Finally, Ellevest Inc. lifted its stake in shares of Align Technology by 172.1% during the 3rd quarter. Ellevest Inc. now owns 117 shares of the medical equipment provider’s stock valued at $38,000 after buying an additional 74 shares in the last quarter. Institutional investors and hedge funds own 86.43% of the company’s stock.

Align Technology Company Profile

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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Analyst Recommendations for Align Technology (NASDAQ:ALGN)

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