Align Technology (NASDAQ:ALGN) Given New $280.00 Price Target at Morgan Stanley

Align Technology (NASDAQ:ALGN) had its price target reduced by Morgan Stanley from $310.00 to $280.00 in a research note released on Thursday, Benzinga reports. They currently have an overweight rating on the medical equipment provider’s stock.

A number of other research analysts also recently issued reports on ALGN. Robert W. Baird dropped their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday. Piper Sandler dropped their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Stifel Nicolaus lowered their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $276.38.

Align Technology Trading Up 4.2 %

Shares of ALGN stock opened at $216.42 on Thursday. The business’s 50-day moving average price is $234.20 and its 200-day moving average price is $250.96. The firm has a market capitalization of $16.29 billion, a price-to-earnings ratio of 35.65, a PEG ratio of 5.33 and a beta of 1.64. Align Technology has a 12 month low of $176.34 and a 12 month high of $335.40.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. The firm had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.62 EPS. On average, sell-side analysts predict that Align Technology will post 7.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the transaction, the director now owns 28,247 shares of the company’s stock, valued at $6,647,366.51. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.62% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Align Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Mather Group LLC. boosted its stake in shares of Align Technology by 52.5% during the second quarter. Mather Group LLC. now owns 122 shares of the medical equipment provider’s stock valued at $29,000 after purchasing an additional 42 shares during the period. Quarry LP grew its stake in Align Technology by 53.0% during the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after buying an additional 44 shares during the last quarter. Crewe Advisors LLC raised its position in shares of Align Technology by 36.8% in the 2nd quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider’s stock valued at $41,000 after purchasing an additional 46 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in shares of Align Technology by 0.6% during the second quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock worth $2,143,000 after buying an additional 54 shares during the period. Finally, Lake Street Advisors Group LLC raised its stake in shares of Align Technology by 5.6% in the third quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock worth $265,000 after purchasing an additional 55 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

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.