Align Technology (NASDAQ:ALGN) PT Raised to $360.00

Align Technology (NASDAQ:ALGN) had its price objective raised by equities researchers at Morgan Stanley from $344.00 to $360.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the medical equipment provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 20.00% from the company’s current price.

ALGN has been the topic of a number of other research reports. UBS Group boosted their price objective on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a research report on Monday, April 15th. Leerink Partnrs reissued a “market perform” rating on shares of Align Technology in a research report on Monday, February 26th. Piper Sandler reissued an “overweight” rating and issued a $375.00 price objective (up previously from $355.00) on shares of Align Technology in a research report on Thursday. The Goldman Sachs Group boosted their price objective on shares of Align Technology from $197.00 to $225.00 and gave the stock a “sell” rating in a research report on Friday, February 2nd. Finally, Robert W. Baird boosted their price objective on shares of Align Technology from $333.00 to $370.00 and gave the stock an “outperform” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and an average price target of $341.36.

Align Technology Price Performance

ALGN traded down $13.78 during trading on Thursday, reaching $300.00. The company had a trading volume of 995,961 shares, compared to its average volume of 748,107. Align Technology has a 12 month low of $176.34 and a 12 month high of $413.20. The business’s fifty day moving average price is $313.37 and its 200 day moving average price is $270.52. The company has a market cap of $22.58 billion, a P/E ratio of 51.51, a PEG ratio of 5.59 and a beta of 1.65.

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

Insider Transactions at Align Technology

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

Institutional Trading of Align Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Align Technology by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 8,349,785 shares of the medical equipment provider’s stock worth $2,287,841,000 after buying an additional 104,132 shares during the period. Brown Advisory Inc. raised its stake in shares of Align Technology by 41.4% during the 4th quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock worth $413,488,000 after purchasing an additional 441,754 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Align Technology by 2.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,228,875 shares of the medical equipment provider’s stock worth $375,200,000 after purchasing an additional 29,497 shares during the period. Morgan Stanley raised its stake in shares of Align Technology by 9.8% during the 3rd quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock worth $310,866,000 after purchasing an additional 90,581 shares during the period. Finally, Rhenman & Partners Asset Management AB bought a new stake in shares of Align Technology during the 3rd quarter worth $305,000. Institutional investors and hedge funds own 88.43% of the company’s stock.

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.