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

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

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

Align Technology Stock Performance

Shares of Align Technology stock opened at $216.42 on Thursday. The stock has a 50 day moving average of $234.20 and a 200 day moving average of $250.96. Align Technology has a fifty-two week low of $176.34 and a fifty-two week high of $335.40. 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 (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. The business had revenue of $977.87 million during the quarter, compared to analysts’ expectations 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 quarter last year, the business posted $1.62 EPS. Analysts forecast 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. bought 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, for a total transaction of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares in the company, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.62% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ALGN. Vanguard Group Inc. increased its stake in Align Technology by 0.3% in the first quarter. Vanguard Group Inc. now owns 8,375,147 shares of the medical equipment provider’s stock valued at $2,746,378,000 after acquiring an additional 25,362 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Align Technology by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock valued at $277,230,000 after purchasing an additional 15,540 shares in the last quarter. Ninety One UK Ltd grew its holdings in Align Technology by 1.0% during the 2nd quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock worth $276,950,000 after acquiring an additional 10,919 shares during the last quarter. Bares Capital Management Inc. boosted its holdings in Align Technology by 44.4% in the first quarter. Bares Capital Management Inc. now owns 819,930 shares of the medical equipment provider’s stock valued at $268,871,000 after acquiring an additional 252,220 shares during the last quarter. Finally, Disciplined Growth Investors Inc. MN boosted its holdings in shares of Align Technology by 0.5% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider’s stock worth $170,822,000 after buying an additional 3,600 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Company Profile

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.