Morgan Stanley Increases Align Technology (NASDAQ:ALGN) Price Target to $188.00

Align Technology (NASDAQ:ALGN) had its price objective increased by equities research analysts at Morgan Stanley from $169.00 to $188.00 in a research note issued to investors on Friday, Marketbeat reports. The firm presently has an “equal weight” rating on the medical equipment provider’s stock. Morgan Stanley’s target price indicates a potential downside of 0.85% from the company’s current price.

ALGN has been the subject of several other research reports. Leerink Partners raised their price objective on shares of Align Technology from $210.00 to $225.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. UBS Group raised their price objective on shares of Align Technology from $175.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 5th. Piper Sandler raised their price objective on shares of Align Technology from $220.00 to $235.00 and gave the company an “overweight” rating in a research report on Tuesday. Mizuho raised their price objective on shares of Align Technology from $200.00 to $215.00 and gave the company an “outperform” rating in a research report on Thursday, February 5th. Finally, Barclays upgraded shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective for the company in a research report on Tuesday, March 17th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $203.92.

Align Technology Stock Down 0.6%

Shares of Align Technology stock opened at $189.61 on Friday. The stock has a market capitalization of $13.58 billion, a P/E ratio of 33.50, a price-to-earnings-growth ratio of 2.07 and a beta of 1.81. The company has a 50-day simple moving average of $179.78 and a 200 day simple moving average of $162.87. Align Technology has a 12-month low of $122.00 and a 12-month high of $208.30.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.99 by $0.30. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter last year, the company posted $2.44 EPS. On average, equities analysts anticipate that Align Technology will post 9.15 earnings per share for the current year.

Insider Activity

In other news, EVP John Morici sold 7,969 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total value of $1,508,611.39. Following the transaction, the executive vice president owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. This trade represents a 49.17% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.75% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ALGN. Vanguard Group Inc. boosted its stake in Align Technology by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 8,301,611 shares of the medical equipment provider’s stock worth $1,039,528,000 after acquiring an additional 58,546 shares during the last quarter. Capital International Investors boosted its stake in Align Technology by 52.2% during the 4th quarter. Capital International Investors now owns 4,643,221 shares of the medical equipment provider’s stock worth $725,039,000 after acquiring an additional 1,592,848 shares during the last quarter. Ninety One UK Ltd boosted its stake in Align Technology by 18.3% during the 3rd quarter. Ninety One UK Ltd now owns 2,267,192 shares of the medical equipment provider’s stock worth $283,898,000 after acquiring an additional 350,883 shares during the last quarter. Invesco Ltd. boosted its stake in Align Technology by 37.4% during the 3rd quarter. Invesco Ltd. now owns 1,497,535 shares of the medical equipment provider’s stock worth $187,521,000 after acquiring an additional 407,559 shares during the last quarter. Finally, Capital World Investors boosted its stake in Align Technology by 13.2% during the 4th quarter. Capital World Investors now owns 1,490,503 shares of the medical equipment provider’s stock worth $232,742,000 after acquiring an additional 173,641 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.