Morgan Stanley reiterated their overweight rating on shares of Align Technology, Inc. (NASDAQ:ALGN) in a report issued on Friday, October 6th. The brokerage currently has a $220.00 target price on the medical equipment provider’s stock, up from their previous target price of $195.00.
A number of other research analysts have also weighed in on ALGN. Northcoast Research reaffirmed a buy rating and issued a $186.00 price target (up from $164.00) on shares of Align Technology in a research note on Wednesday, June 21st. Stifel Nicolaus reissued a buy rating and issued a $200.00 target price (up from $145.00) on shares of Align Technology in a research note on Friday, June 23rd. Leerink Swann raised their target price on shares of Align Technology from $149.00 to $194.00 and gave the stock an outperform rating in a research note on Monday, June 26th. Credit Suisse Group reissued an outperform rating and issued a $170.00 target price (up from $140.00) on shares of Align Technology in a research note on Thursday, July 13th. Finally, Bank of America Corporation raised shares of Align Technology from a neutral rating to a buy rating and raised their target price for the stock from $175.00 to $193.00 in a research note on Friday, July 28th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Align Technology presently has a consensus rating of Buy and an average price target of $198.50.
Align Technology (NASDAQ ALGN) opened at 194.23 on Friday. The stock’s 50 day moving average price is $185.70 and its 200-day moving average price is $156.83. The stock has a market cap of $15.57 billion, a PE ratio of 66.52 and a beta of 1.54. Align Technology has a 12 month low of $83.27 and a 12 month high of $196.00.
Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.12. Align Technology had a return on equity of 23.87% and a net margin of 19.18%. The company had revenue of $356.50 million for the quarter, compared to the consensus estimate of $343.43 million. During the same period last year, the firm earned $0.62 EPS. The firm’s revenue for the quarter was up 32.3% compared to the same quarter last year. Analysts anticipate that Align Technology will post $3.41 EPS for the current fiscal year.
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A number of institutional investors have recently bought and sold shares of ALGN. Schroder Investment Management Group acquired a new position in shares of Align Technology in the second quarter worth $104,000. CENTRAL TRUST Co grew its stake in shares of Align Technology by 128.5% in the second quarter. CENTRAL TRUST Co now owns 697 shares of the medical equipment provider’s stock worth $105,000 after acquiring an additional 392 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Align Technology by 6.9% in the first quarter. Van ECK Associates Corp now owns 1,057 shares of the medical equipment provider’s stock worth $121,000 after acquiring an additional 68 shares in the last quarter. Bronfman E.L. Rothschild L.P. grew its stake in shares of Align Technology by 13.0% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 912 shares of the medical equipment provider’s stock worth $137,000 after acquiring an additional 105 shares in the last quarter. Finally, BlueMountain Capital Management LLC acquired a new position in shares of Align Technology in the second quarter worth $148,000. Hedge funds and other institutional investors own 81.53% of the company’s stock.
About Align Technology
Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.
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