Align Technology (NASDAQ:ALGN) Shares Gap Up on Analyst Upgrade

Align Technology, Inc. (NASDAQ:ALGN) shares gapped up prior to trading on Thursday after Morgan Stanley raised their price target on the stock from $344.00 to $360.00. The stock had previously closed at $313.78, but opened at $325.00. Morgan Stanley currently has an overweight rating on the stock. Align Technology shares last traded at $301.46, with a volume of 543,779 shares changing hands.

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus upped their price target on Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday, April 18th. The Goldman Sachs Group raised their target price on shares of Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a research report on Friday, February 2nd. SVB Leerink started coverage on shares of Align Technology in a research report on Monday, February 26th. They set a “market perform” rating and a $310.00 price target on the stock. Piper Sandler restated an “overweight” rating and issued a $375.00 price objective (up previously from $355.00) on shares of Align Technology in a report on Thursday. Finally, Leerink Partnrs reaffirmed a “market perform” rating on shares of Align Technology in a research report on Monday, February 26th. One 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, the company has an average rating of “Moderate Buy” and a consensus price target of $341.36.

Insider Buying and Selling at Align Technology

In other news, Director Joseph Lacob sold 15,000 shares of Align Technology stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the completion of the transaction, the director now directly owns 131,994 shares in the company, valued at approximately $40,023,220.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, EVP Emory Wright sold 2,524 shares of the company’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the transaction, the executive vice president now owns 709 shares in the company, valued at approximately $203,802.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Joseph Lacob sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the sale, the director now owns 131,994 shares of the company’s stock, valued at $40,023,220.68. The disclosure for this sale can be found here. Insiders have sold 27,524 shares of company stock worth $8,403,924 over the last 90 days. Company insiders own 0.64% of the company’s stock.

Hedge Funds Weigh In On Align Technology

A number of large investors have recently made changes to their positions in ALGN. Moody National Bank Trust Division boosted its stake in 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 purchasing an additional 38 shares during the period. EFG Asset Management Americas Corp. grew its stake in shares of Align Technology by 3.6% in the fourth 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 in the last quarter. Dfpg Investments LLC increased its position in Align Technology by 3.3% during the fourth quarter. Dfpg Investments LLC now owns 1,327 shares of the medical equipment provider’s stock worth $340,000 after acquiring an additional 42 shares during the period. Richard W. Paul & Associates LLC raised its stake in 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 worth $457,000 after purchasing an additional 45 shares in the last quarter. Finally, Valley National Advisers Inc. boosted its holdings in 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 purchasing an additional 49 shares during the period. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

The stock’s fifty day simple moving average is $313.38 and its 200-day simple moving average is $270.80. The stock has a market cap of $23.37 billion, a P/E ratio of 53.35, a P/E/G ratio of 5.59 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last issued its quarterly 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 analysts’ expectations of $928.57 million. As a group, equities research analysts forecast that Align Technology, Inc. will post 7.69 earnings per share for the current year.

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.