Morgan Stanley Cuts Align Technology (NASDAQ:ALGN) Price Target to $280.00

Align Technology (NASDAQ:ALGN) had its price objective cut by Morgan Stanley from $310.00 to $280.00 in a research note issued to investors on Thursday, Benzinga reports. They currently have an overweight rating on the medical equipment provider’s stock.

ALGN has been the topic of several other reports. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research report on Thursday. Robert W. Baird decreased their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Piper Sandler decreased their target price on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday. Finally, Stifel Nicolaus lowered their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Align Technology currently has an average rating of “Hold” and a consensus target price of $276.38.

Align Technology Price Performance

Shares of ALGN opened at $219.30 on Thursday. The company has a market cap of $16.51 billion, a PE ratio of 36.13, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64. The firm has a 50-day moving average of $233.41 and a 200-day moving average of $250.02. Align Technology has a one year low of $176.34 and a one year high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 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 company had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. During the same period in the previous year, the company posted $1.62 EPS. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. Analysts expect that Align Technology will post 7.61 earnings per share for the current year.

Insider Buying and Selling

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were purchased at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.62% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Align Technology

A number of large investors have recently modified their holdings of ALGN. Cullen Frost Bankers Inc. raised its holdings in shares of Align Technology by 854.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after buying an additional 94 shares in the last quarter. Innealta Capital LLC acquired a new position in Align Technology during the second quarter worth about $26,000. Rothschild Investment LLC bought a new position in shares of Align Technology in the second quarter worth about $26,000. Versant Capital Management Inc boosted its stake in shares of Align Technology by 547.1% in the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 93 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in shares of Align Technology during the 1st quarter valued at approximately $29,000. 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.