Align Technology (NASDAQ:ALGN) Given New $310.00 Price Target at Morgan Stanley

Align Technology (NASDAQ:ALGN) had its price target reduced by Morgan Stanley from $328.00 to $310.00 in a research note released on Thursday morning, Benzinga reports. Morgan Stanley currently has an overweight rating on the medical equipment provider’s stock.

ALGN has been the topic of several other research reports. Evercore ISI decreased their price target on Align Technology from $370.00 to $300.00 and set an outperform rating on the stock in a research note on Monday, June 10th. Stifel Nicolaus lowered their target price on Align Technology from $400.00 to $350.00 and set a buy rating for the company in a report on Thursday. OTR Global reaffirmed a mixed rating on shares of Align Technology in a report on Tuesday, June 4th. Piper Sandler lowered their target price on Align Technology from $330.00 to $315.00 and set an overweight rating for the company in a report on Thursday. Finally, Robert W. Baird lowered their target price on Align Technology from $370.00 to $325.00 and set an outperform rating for the company in a report on Monday. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target of $330.50.

Align Technology Stock Performance

Shares of ALGN opened at $226.05 on Thursday. Align Technology has a 52-week low of $176.34 and a 52-week high of $413.20. The business’s fifty day moving average is $250.05 and its 200-day moving average is $280.94. The firm has a market cap of $17.02 billion, a price-to-earnings ratio of 37.24, a PEG ratio of 4.55 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.09. Align Technology had a return on equity of 14.10% and a net margin of 11.34%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the company posted $1.73 EPS. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, research analysts forecast that Align Technology will post 7.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Align Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. Parnassus Investments LLC boosted its position in shares of Align Technology by 11.3% during the 4th quarter. Parnassus Investments LLC now owns 396,603 shares of the medical equipment provider’s stock valued at $108,669,000 after purchasing an additional 40,406 shares in the last quarter. London & Capital Asset Management Ltd boosted its position in shares of Align Technology by 7.1% during the 4th quarter. London & Capital Asset Management Ltd now owns 58,025 shares of the medical equipment provider’s stock valued at $15,899,000 after purchasing an additional 3,843 shares in the last quarter. Truist Financial Corp boosted its holdings in Align Technology by 24.8% in the fourth quarter. Truist Financial Corp now owns 11,165 shares of the medical equipment provider’s stock worth $3,059,000 after acquiring an additional 2,220 shares in the last quarter. Nomura Holdings Inc. bought a new position in Align Technology in the fourth quarter worth approximately $1,197,000. Finally, Norden Group LLC boosted its holdings in Align Technology by 3,647.7% in the first quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock worth $11,982,000 after acquiring an additional 35,565 shares in the last quarter. 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.