Align Technology (NASDAQ:ALGN) PT Lowered to $280.00 at Morgan Stanley

Align Technology (NASDAQ:ALGN) had its price target dropped by equities researchers at Morgan Stanley from $310.00 to $280.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the medical equipment provider’s stock. Morgan Stanley’s price objective would indicate a potential upside of 25.85% from the stock’s previous close.

A number of other analysts also recently issued reports on ALGN. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday. Evercore ISI reduced their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday. Piper Sandler reduced their target price on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Finally, Stifel Nicolaus lowered their price target on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $276.38.

Align Technology Stock Performance

Shares of ALGN stock traded up $14.82 on Thursday, hitting $222.48. The company had a trading volume of 1,157,430 shares, compared to its average volume of 774,578. The firm has a market cap of $16.75 billion, a P/E ratio of 36.65, a P/E/G ratio of 5.33 and a beta of 1.64. The stock’s 50-day moving average is $234.20 and its two-hundred day moving average is $250.96. Align Technology has a twelve month low of $176.34 and a twelve month high of $335.40.

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

Insider Transactions at Align Technology

In other news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the acquisition, the director now directly owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.62% of the company’s stock.

Hedge Funds Weigh In On Align Technology

A number of hedge funds have recently made changes to their positions in the stock. LRI Investments LLC purchased a new position in Align Technology in the 1st quarter valued at approximately $29,000. Cullen Frost Bankers Inc. boosted its position in Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 94 shares during the period. Rothschild Investment LLC purchased a new stake in shares of Align Technology during the 2nd quarter worth $26,000. Innealta Capital LLC purchased a new stake in shares of Align Technology during the 2nd quarter worth $26,000. Finally, Versant Capital Management Inc lifted its position in shares of Align Technology by 547.1% during the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 93 shares during the last quarter. Hedge funds and other 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.