Align Technology (NASDAQ:ALGN) Price Target Cut to $280.00

Align Technology (NASDAQ:ALGN) had its price objective reduced by equities research analysts at Morgan Stanley from $310.00 to $280.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the medical equipment provider’s stock. Morgan Stanley’s target price would suggest a potential upside of 27.68% from the stock’s current price.

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

Align Technology Price Performance

ALGN opened at $219.30 on Thursday. The business has a 50 day simple moving average of $233.83 and a 200-day simple moving average of $250.72. The stock has a market capitalization of $16.51 billion, a P/E ratio of 36.24, a P/E/G ratio of 5.33 and a beta of 1.64. Align Technology has a 12 month low of $176.34 and a 12 month high of $335.40.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 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 company’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period last year, the firm earned $1.62 EPS. Research analysts anticipate that Align Technology will post 7.61 EPS for the current year.

Insider Activity

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of Align Technology stock in a transaction dated 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 transaction, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.62% of the company’s stock.

Institutional Trading of Align Technology

Several institutional investors and hedge funds have recently made changes to their positions in the stock. LRI Investments LLC acquired a new position in Align Technology in the first quarter valued at $29,000. Cullen Frost Bankers Inc. increased its stake in Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 94 shares during the last quarter. Rothschild Investment LLC acquired a new position in Align Technology in the second quarter valued at $26,000. Innealta Capital LLC acquired a new position in Align Technology in the second quarter valued at $26,000. Finally, Versant Capital Management Inc increased its stake in Align Technology by 547.1% in the second 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 during the last quarter. 88.43% of the stock is currently owned by hedge funds and other 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.