Align Technology’s (ALGN) “Equal Weight” Rating Reiterated at Morgan Stanley

Morgan Stanley reaffirmed their equal weight rating on shares of Align Technology (NASDAQ:ALGN) in a research report report published on Thursday morning, MarketBeat reports. The brokerage currently has a $154.00 target price on the medical equipment provider’s stock, down from their previous target price of $249.00.

Several other equities research analysts have also commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Thursday, May 1st. Hsbc Global Res cut Align Technology from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 25th. Piper Sandler restated an “overweight” rating and issued a $250.00 price target (up previously from $235.00) on shares of Align Technology in a research note on Thursday, May 1st. Evercore ISI raised their price objective on Align Technology from $200.00 to $220.00 and gave the company an “outperform” rating in a research report on Wednesday, July 9th. Finally, Wells Fargo & Company dropped their target price on Align Technology from $255.00 to $246.00 and set an “overweight” rating on the stock in a report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Align Technology has an average rating of “Moderate Buy” and a consensus target price of $215.00.

Align Technology Stock Up 5.8%

NASDAQ ALGN opened at $136.52 on Thursday. The firm has a market capitalization of $9.90 billion, a PE ratio of 23.02, a P/E/G ratio of 1.44 and a beta of 1.61. The stock’s 50 day moving average is $187.04 and its 200 day moving average is $185.39. Align Technology has a twelve month low of $127.70 and a twelve month high of $262.87.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing analysts’ consensus estimates of $2.57 by ($0.08). The business had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.06 billion. Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.41 EPS. On average, research analysts anticipate that Align Technology will post 7.98 earnings per share for the current year.

Align Technology announced that its board has approved a stock repurchase program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the medical equipment provider to purchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Joseph M. Hogan bought 7,576 shares of the stock in a transaction on Friday, August 1st. The shares were acquired at an average price of $131.49 per share, for a total transaction of $996,168.24. Following the purchase, the chief executive officer owned 184,945 shares of the company’s stock, valued at approximately $24,318,418.05. The trade was a 4.27% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.66% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. GKV Capital Management Co. Inc. bought a new stake in shares of Align Technology during the 4th quarter valued at about $31,000. Aster Capital Management DIFC Ltd bought a new stake in Align Technology during the fourth quarter valued at approximately $35,000. Cromwell Holdings LLC increased its holdings in Align Technology by 2,900.0% during the second quarter. Cromwell Holdings LLC now owns 180 shares of the medical equipment provider’s stock valued at $34,000 after buying an additional 174 shares during the last quarter. Orion Capital Management LLC purchased a new stake in Align Technology during the fourth quarter valued at approximately $42,000. Finally, Compagnie Lombard Odier SCmA bought a new position in Align Technology in the first quarter worth approximately $32,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

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.