Align Technology (NASDAQ:ALGN) Shares Down 7.1%

Align Technology, Inc. (NASDAQ:ALGN)’s share price dropped 7.1% during trading on Wednesday . The company traded as low as $263.99 and last traded at $266.23. Approximately 399,723 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 740,143 shares. The stock had previously closed at $286.52.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ALGN shares. Robert W. Baird boosted their price objective on Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a report on Thursday, April 25th. UBS Group lifted their price target on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. Piper Sandler reiterated an “overweight” rating and set a $375.00 price target (up previously from $355.00) on shares of Align Technology in a research note on Thursday, April 25th. Stifel Nicolaus boosted their price objective on Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Finally, Morgan Stanley raised their price objective on shares of Align Technology from $344.00 to $360.00 and gave the company an “overweight” rating in a research report on Thursday, April 25th. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $353.00.

Align Technology Trading Down 0.3 %

The firm has a market capitalization of $21.03 billion, a PE ratio of 46.19, a P/E/G ratio of 5.29 and a beta of 1.66. The firm has a 50 day simple moving average of $309.52 and a 200 day simple moving average of $271.71.

Insider Buying and Selling at Align Technology

In other Align Technology news, Director Joseph Lacob sold 10,000 shares of Align Technology stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total value of $3,130,100.00. Following the sale, the director now directly owns 146,994 shares in the company, valued at approximately $46,010,591.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Align Technology

Hedge funds have recently bought and sold shares of the business. Moody National Bank Trust Division raised its holdings in shares of Align Technology by 1.8% in the 1st quarter. Moody National Bank Trust Division now owns 2,107 shares of the medical equipment provider’s stock valued at $691,000 after purchasing an additional 38 shares in the last quarter. EFG Asset Management Americas Corp. increased its stake in Align Technology by 3.6% during the 4th quarter. EFG Asset Management Americas Corp. now owns 1,167 shares of the medical equipment provider’s stock worth $320,000 after buying an additional 41 shares in the last quarter. Dfpg Investments LLC lifted its holdings in Align Technology by 3.3% in the 4th quarter. Dfpg Investments LLC now owns 1,327 shares of the medical equipment provider’s stock valued at $340,000 after purchasing an additional 42 shares in the last quarter. Richard W. Paul & Associates LLC boosted its position in Align Technology by 2.8% during the fourth quarter. Richard W. Paul & Associates LLC now owns 1,669 shares of the medical equipment provider’s stock worth $457,000 after acquiring an additional 45 shares during the last quarter. Finally, Valley National Advisers Inc. increased its holdings in shares of Align Technology by 29.7% in the third quarter. Valley National Advisers Inc. now owns 214 shares of the medical equipment provider’s stock valued at $65,000 after purchasing an additional 49 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

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.