Align Technology (NASDAQ:ALGN) Shares Gap Up on Analyst Upgrade

Shares of Align Technology, Inc. (NASDAQ:ALGN) gapped up prior to trading on Thursday after Morgan Stanley raised their price target on the stock from $344.00 to $360.00. The stock had previously closed at $313.78, but opened at $325.00. Morgan Stanley currently has an overweight rating on the stock. Align Technology shares last traded at $301.46, with a volume of 543,779 shares.

A number of other brokerages have also weighed in on ALGN. Piper Sandler reissued an “overweight” rating and issued a $375.00 target price (up previously from $355.00) on shares of Align Technology in a research report on Thursday. UBS Group increased their price objective on shares of Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday, April 15th. SVB Leerink started coverage on shares of Align Technology in a report on Monday, February 26th. They issued a “market perform” rating and a $310.00 target price on the stock. 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. Finally, Robert W. Baird raised their price target on Align Technology from $333.00 to $370.00 and gave the stock an “outperform” rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $341.36.

Insider Activity at Align Technology

In other Align Technology news, Director Joseph Lacob sold 10,000 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the completion of the sale, the director now owns 146,994 shares of the company’s stock, valued at $46,010,591.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Align Technology news, EVP Emory Wright sold 2,524 shares of the firm’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the sale, the executive vice president now directly owns 709 shares of the company’s stock, valued at $203,802.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Joseph Lacob sold 10,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 146,994 shares of the company’s stock, valued at approximately $46,010,591.94. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,524 shares of company stock worth $8,403,924. Corporate insiders own 0.64% of the company’s stock.

Institutional Trading of Align Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Moody National Bank Trust Division grew its holdings in Align Technology by 1.8% during the 1st quarter. Moody National Bank Trust Division now owns 2,107 shares of the medical equipment provider’s stock valued at $691,000 after buying an additional 38 shares in the last quarter. EFG Asset Management Americas Corp. grew its stake in Align Technology by 3.6% during the fourth quarter. EFG Asset Management Americas Corp. now owns 1,167 shares of the medical equipment provider’s stock valued at $320,000 after acquiring an additional 41 shares in the last quarter. Dfpg Investments LLC increased its holdings in Align Technology by 3.3% in the 4th quarter. Dfpg Investments LLC now owns 1,327 shares of the medical equipment provider’s stock valued at $340,000 after acquiring an additional 42 shares during the last quarter. Richard W. Paul & Associates LLC increased its holdings in Align Technology by 2.8% in the 4th quarter. Richard W. Paul & Associates LLC now owns 1,669 shares of the medical equipment provider’s stock valued at $457,000 after acquiring an additional 45 shares during the last quarter. Finally, Valley National Advisers Inc. boosted its holdings in shares of Align Technology by 29.7% during the 3rd quarter. Valley National Advisers Inc. now owns 214 shares of the medical equipment provider’s stock valued at $65,000 after purchasing an additional 49 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Stock Down 1.0 %

The stock has a market capitalization of $23.37 billion, a P/E ratio of 53.35, a PEG ratio of 5.59 and a beta of 1.65. The company has a fifty day moving average price of $313.38 and a 200-day moving average price of $270.80.

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, topping analysts’ consensus estimates of $1.78 by $0.13. The business had revenue of $956.73 million for the quarter, compared to the consensus estimate of $928.57 million. Align Technology had a return on equity of 13.88% and a net margin of 11.52%. As a group, research analysts expect that Align Technology, Inc. will post 7.69 earnings per share for the current fiscal year.

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.