Align Technology (NASDAQ:ALGN) PT Lowered to $402.00 at Morgan Stanley

Align Technology (NASDAQ:ALGNGet Rating) had its price objective cut by Morgan Stanley from $438.00 to $402.00 in a research note published on Thursday morning, MarketBeat Ratings reports. They currently have an overweight rating on the medical equipment provider’s stock.

A number of other analysts have also issued reports on the company. Evercore ISI lowered their price target on Align Technology from $310.00 to $285.00 in a research note on Thursday. UBS Group lowered their price objective on Align Technology from $410.00 to $380.00 in a research note on Monday, July 18th. Robert W. Baird lowered their price objective on Align Technology from $450.00 to $410.00 and set an outperform rating on the stock in a research note on Thursday. Stifel Nicolaus lowered their price objective on Align Technology from $425.00 to $375.00 and set a buy rating on the stock in a research note on Thursday, July 14th. Finally, The Goldman Sachs Group lowered Align Technology from a buy rating to a sell rating and lowered their price objective for the stock from $380.00 to $250.00 in a research note on Thursday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $361.67.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $280.97 on Thursday. The business’s 50 day moving average price is $258.45 and its 200-day moving average price is $365.69. The firm has a market capitalization of $22.14 billion, a PE ratio of 31.61, a P/E/G ratio of 4.15 and a beta of 1.77. Align Technology has a 1 year low of $225.86 and a 1 year high of $737.45.

Align Technology (NASDAQ:ALGNGet Rating) last issued its quarterly earnings results on Wednesday, July 27th. The medical equipment provider reported $2.00 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.23 by ($0.23). The firm had revenue of $969.60 million during the quarter, compared to analyst estimates of $986.05 million. Align Technology had a return on equity of 19.90% and a net margin of 17.51%. The business’s revenue was down 3.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.51 earnings per share. As a group, analysts expect that Align Technology will post 8.37 earnings per share for the current year.

Insider Activity at Align Technology

In other news, CEO Joseph M. Hogan acquired 6,700 shares of the business’s stock in a transaction that occurred on Wednesday, May 4th. The shares were purchased at an average price of $298.48 per share, for a total transaction of $1,999,816.00. Following the acquisition, the chief executive officer now owns 174,801 shares of the company’s stock, valued at $52,174,602.48. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CEO Joseph M. Hogan purchased 6,700 shares of the business’s stock in a transaction on Wednesday, May 4th. The shares were bought at an average price of $298.48 per share, for a total transaction of $1,999,816.00. Following the acquisition, the chief executive officer now directly owns 174,801 shares in the company, valued at $52,174,602.48. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director C Raymond Larkin, Jr. purchased 1,000 shares of the business’s stock in a transaction on Friday, May 13th. The shares were bought at an average price of $264.42 per share, for a total transaction of $264,420.00. Following the acquisition, the director now owns 18,190 shares in the company, valued at $4,809,799.80. The disclosure for this purchase can be found here. Company insiders own 0.64% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ALGN. Amplius Wealth Advisors LLC purchased a new position in shares of Align Technology in the 4th quarter valued at about $70,000. National Asset Management Inc. increased its holdings in shares of Align Technology by 13.8% in the 4th quarter. National Asset Management Inc. now owns 1,588 shares of the medical equipment provider’s stock valued at $1,044,000 after acquiring an additional 192 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in shares of Align Technology in the 4th quarter valued at about $73,853,000. Grove Bank & Trust increased its holdings in shares of Align Technology by 4.7% in the 4th quarter. Grove Bank & Trust now owns 1,890 shares of the medical equipment provider’s stock valued at $1,242,000 after acquiring an additional 85 shares during the last quarter. Finally, Graypoint LLC increased its holdings in shares of Align Technology by 46.0% in the 4th quarter. Graypoint LLC now owns 505 shares of the medical equipment provider’s stock valued at $332,000 after acquiring an additional 159 shares during the last quarter. Hedge funds and other institutional investors own 88.17% of the company’s stock.

About Align Technology

(Get Rating)

Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services.

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