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

Align Technology (NASDAQ:ALGN) had its target price hoisted by equities research analysts at Morgan Stanley from $344.00 to $360.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the medical equipment provider’s stock. Morgan Stanley’s price target points to a potential upside of 20.00% from the stock’s previous close.

A number of other research firms have also recently weighed in on ALGN. The Goldman Sachs Group boosted their price objective 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 initiated coverage on shares of Align Technology in a research note on Monday, February 26th. They set a “market perform” rating and a $310.00 target price for the company. Stifel Nicolaus boosted their target price on shares of Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a research note on Thursday, April 18th. Leerink Partnrs reissued a “market perform” rating on shares of Align Technology in a research note on Monday, February 26th. Finally, UBS Group boosted their target price on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $341.36.

Align Technology Price Performance

Shares of ALGN traded down $13.78 on Thursday, reaching $300.00. The company’s stock 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 stock has a market capitalization of $22.58 billion, a P/E ratio of 51.51, a PEG ratio of 5.59 and a beta of 1.65. The stock’s 50 day simple moving average is $313.37 and its two-hundred day simple moving average is $270.52.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data 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 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 analysts’ expectations of $928.57 million. Analysts expect that Align Technology will post 7.69 earnings per share for the current year.

Insider Buying and Selling at Align Technology

In other Align Technology 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 sale, the director now owns 146,994 shares in the company, valued at approximately $46,010,591.94. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Emory Wright sold 2,524 shares of the stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction 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 legal filing with the Securities & Exchange Commission, which is available at 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 value of $3,130,100.00. Following the transaction, the director now owns 146,994 shares in the company, valued at approximately $46,010,591.94. The disclosure for this sale can be found here. Over the last ninety 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 Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in ALGN. Capital Investment Advisors LLC lifted its holdings in Align Technology by 22.3% in the 3rd quarter. Capital Investment Advisors LLC now owns 1,180 shares of the medical equipment provider’s stock valued at $360,000 after purchasing an additional 215 shares in the last quarter. DAVENPORT & Co LLC lifted its holdings in Align Technology by 3.1% in the 3rd quarter. DAVENPORT & Co LLC now owns 2,172 shares of the medical equipment provider’s stock valued at $663,000 after purchasing an additional 66 shares in the last quarter. Czech National Bank lifted its holdings in Align Technology by 47.7% in the 3rd quarter. Czech National Bank now owns 12,441 shares of the medical equipment provider’s stock valued at $3,798,000 after purchasing an additional 4,016 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in Align Technology by 1.3% in the 3rd quarter. Asset Management One Co. Ltd. now owns 30,319 shares of the medical equipment provider’s stock valued at $9,257,000 after purchasing an additional 387 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in Align Technology by 3.0% in the 3rd quarter. Handelsbanken Fonder AB now owns 32,348 shares of the medical equipment provider’s stock valued at $9,876,000 after purchasing an additional 936 shares in the last quarter. Hedge funds and other institutional investors 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.