Mizuho Has Lowered Expectations for Align Technology (NASDAQ:ALGN) Stock Price

Align Technology (NASDAQ:ALGN) had its target price decreased by research analysts at Mizuho from $220.00 to $200.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “outperform” rating on the medical equipment provider’s stock. Mizuho’s price objective would suggest a potential upside of 32.13% from the stock’s current price.

Other analysts have also issued research reports about the company. Stifel Nicolaus lowered their target price on Align Technology from $210.00 to $175.00 and set a “buy” rating for the company in a report on Friday, October 9th. Zacks Research downgraded shares of Align Technology from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 15th. Robert W. Baird reiterated a “neutral” rating and issued a $162.00 price target (down from $218.00) on shares of Align Technology in a report on Thursday, October 15th. Raymond James Financial reiterated a “buy” rating on shares of Align Technology in a research note on Monday, October 5th. Finally, UBS Group reissued a “neutral” rating and set a $189.00 price target on shares of Align Technology in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and an average price target of $190.93.

Align Technology Stock Up 0.6%

ALGN stock opened at $151.37 on Thursday. The firm has a market cap of $10.84 billion, a price-to-earnings ratio of 26.33, a PEG ratio of 1.60 and a beta of 1.67. Align Technology has a twelve month low of $130.23 and a twelve month high of $200.43. The business’s fifty day simple moving average is $152.57 and its two-hundred day simple moving average is $166.74.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, July 29th. The medical equipment provider reported $2.64 EPS for the quarter, topping the consensus estimate of $2.62 by $0.02. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.05 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%. The firm’s revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.49 EPS. Research analysts expect that Align Technology will post 9.36 EPS for the current year.

Institutional Investors Weigh In On Align Technology

A number of large investors have recently made changes to their positions in ALGN. Assenagon Asset Management S.A. raised its position in Align Technology by 638.7% in the third quarter. Assenagon Asset Management S.A. now owns 4,662,437 shares of the medical equipment provider’s stock valued at $629,469,000 after purchasing an additional 4,031,284 shares during the period. BlackRock Inc. acquired a new stake in Align Technology in the second quarter valued at approximately $745,370,000. Vontobel Holding Ltd. lifted its holdings in Align Technology by 69,628.9% during the 3rd quarter. Vontobel Holding Ltd. now owns 1,385,513 shares of the medical equipment provider’s stock worth $183,335,000 after buying an additional 1,383,526 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Align Technology by 4.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,054,633 shares of the medical equipment provider’s stock worth $180,796,000 after buying an additional 49,220 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of 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 valued at $166,696,000 after purchasing an additional 170,523 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

About Align Technology

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align’s products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.