Align Technology (NASDAQ:ALGN) Price Target Raised to $360.00 at Morgan Stanley

Align Technology (NASDAQ:ALGN) had its target price lifted by Morgan Stanley from $344.00 to $360.00 in a report issued on Thursday, Benzinga reports. They currently have an overweight rating on the medical equipment provider’s stock.

Several other research analysts have also recently issued reports on ALGN. Robert W. Baird increased their price target on shares of Align Technology from $333.00 to $370.00 and gave the stock an outperform rating in a report on Thursday. SVB Leerink assumed coverage on shares of Align Technology in a report on Monday, February 26th. They set a market perform rating and a $310.00 price target for the company. The Goldman Sachs Group increased their price target on shares of Align Technology from $197.00 to $225.00 and gave the stock a sell rating in a report on Friday, February 2nd. Piper Sandler reissued an overweight rating and set a $375.00 price target (up from $355.00) on shares of Align Technology in a report on Thursday. Finally, UBS Group upped their target price 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average target price of $341.36.

Align Technology Stock Performance

Shares of NASDAQ:ALGN opened at $310.50 on Thursday. The company has a 50-day simple moving average of $313.38 and a 200-day simple moving average of $270.80. Align Technology has a one year low of $176.34 and a one year high of $413.20. The stock has a market capitalization of $23.37 billion, a price-to-earnings ratio of 53.35, a PEG ratio of 5.59 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 EPS 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 business had revenue of $956.73 million during the quarter, compared to analysts’ expectations of $928.57 million. As a group, research analysts forecast that Align Technology will post 7.69 EPS for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Align Technology

A number of hedge funds have recently made changes to their positions in ALGN. Capital Investment Advisors LLC raised its stake in shares of 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 acquiring an additional 215 shares during the period. DAVENPORT & Co LLC raised its stake in shares of 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 acquiring an additional 66 shares during the period. Czech National Bank grew its holdings in Align Technology by 47.7% during 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. grew its holdings in Align Technology by 1.3% during 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 grew its holdings in Align Technology by 3.0% during 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.

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.