Align Technology (NASDAQ:ALGN) Price Target Raised to $360.00 at Morgan Stanley

Align Technology (NASDAQ:ALGN) had its price objective lifted by Morgan Stanley from $344.00 to $360.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an overweight rating on the medical equipment provider’s stock.

Several other research analysts have also issued reports on ALGN. Piper Sandler restated an overweight rating and set a $375.00 target price (up previously from $355.00) on shares of Align Technology in a research report on Thursday. Stifel Nicolaus boosted their price target on Align Technology from $350.00 to $400.00 and gave the company a buy rating in a report on Thursday, April 18th. UBS Group boosted their price target on Align Technology from $280.00 to $320.00 and gave the company a neutral rating in a report on Monday, April 15th. Leerink Partnrs reiterated a market perform rating on shares of Align Technology in a report on Monday, February 26th. Finally, The Goldman Sachs Group boosted their price target on Align Technology from $197.00 to $225.00 and gave the company a sell rating in a report on Friday, February 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $341.36.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $310.50 on Thursday. Align Technology has a 1 year low of $176.34 and a 1 year high of $413.20. The business has a 50 day simple moving average of $313.38 and a two-hundred day simple moving average of $270.80. The firm has a market capitalization of $23.37 billion, a PE ratio of 53.35, a price-to-earnings-growth ratio of 5.59 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.78 by $0.13. Align Technology had a return on equity of 13.88% and a net margin of 11.52%. The business had revenue of $956.73 million during the quarter, compared to analyst estimates of $928.57 million. Equities research analysts expect that Align Technology will post 7.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Joseph Lacob sold 10,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 146,994 shares of the company’s stock, valued at $46,010,591.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Joseph Lacob sold 10,000 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the transaction, the director now directly owns 146,994 shares of the company’s stock, valued at $46,010,591.94. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Emory Wright sold 2,524 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total value of $725,523.80. Following the transaction, the executive vice president now directly owns 709 shares in the company, valued at $203,802.05. The disclosure for this sale can be found here. Insiders sold 27,524 shares of company stock valued at $8,403,924 over the last 90 days. Corporate insiders own 0.64% of the company’s stock.

Hedge Funds Weigh In On Align Technology

Several hedge funds have recently made changes to their positions in the company. Moody National Bank Trust Division increased its position 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 acquiring an additional 38 shares during the period. EFG Asset Management Americas Corp. increased its position in shares of Align Technology by 3.6% in the 4th quarter. EFG Asset Management Americas Corp. now owns 1,167 shares of the medical equipment provider’s stock valued at $320,000 after acquiring an additional 41 shares during the period. Dfpg Investments LLC increased its position in shares of 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 acquiring an additional 42 shares during the period. Richard W. Paul & Associates LLC increased its position in shares of Align Technology by 2.8% in the 4th quarter. Richard W. Paul & Associates LLC now owns 1,669 shares of the medical equipment provider’s stock valued at $457,000 after acquiring an additional 45 shares during the period. Finally, Valley National Advisers Inc. increased its position in shares of Align Technology by 29.7% in the 3rd quarter. Valley National Advisers Inc. now owns 214 shares of the medical equipment provider’s stock valued at $65,000 after acquiring an additional 49 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

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.