Align Technology (NASDAQ:ALGN) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday, Marketbeat reports. They currently have a $270.00 price target on the medical equipment provider’s stock, down from their prior price target of $300.00. Morgan Stanley’s price objective points to a potential upside of 6.81% from the stock’s current price.
Several other brokerages have also issued reports on ALGN. Stifel Nicolaus increased their target price on Align Technology from $265.00 to $295.00 and gave the stock a “buy” rating in a research report on Tuesday, January 30th. Zacks Investment Research raised Align Technology from a “hold” rating to a “buy” rating and set a $318.00 target price for the company in a research report on Monday, January 29th. BidaskClub raised Align Technology from a “hold” rating to a “buy” rating in a research report on Saturday, March 10th. Vetr lowered Align Technology from a “strong-buy” rating to a “buy” rating and set a $302.42 target price for the company. in a research report on Monday, March 12th. Finally, Stephens lowered Align Technology from an “overweight” rating to an “equal weight” rating and set a $230.00 target price for the company. in a research report on Friday, January 19th. Three research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Align Technology currently has an average rating of “Buy” and a consensus price target of $255.16.
Shares of NASDAQ:ALGN opened at $252.78 on Wednesday. Align Technology has a 52-week low of $116.32 and a 52-week high of $287.32. The company has a market capitalization of $22,203.89, a PE ratio of 64.98, a PEG ratio of 2.09 and a beta of 1.47.
Align Technology (NASDAQ:ALGN) last announced its earnings results on Tuesday, January 30th. The medical equipment provider reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.23. Align Technology had a return on equity of 28.55% and a net margin of 15.71%. The firm had revenue of $421.30 million during the quarter, compared to analyst estimates of $395.88 million. During the same quarter in the prior year, the company earned $0.59 EPS. The business’s revenue was up 43.7% compared to the same quarter last year. research analysts expect that Align Technology will post 4.53 earnings per share for the current fiscal year.
In related news, insider Joseph M. Hogan purchased 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The shares were bought at an average price of $233.63 per share, for a total transaction of $350,445.00. Following the purchase, the insider now directly owns 42,984 shares of the company’s stock, valued at approximately $10,042,351.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Emory Wright sold 45,780 shares of the company’s stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $260.08, for a total value of $11,906,462.40. Following the completion of the sale, the vice president now owns 29,957 shares in the company, valued at approximately $7,791,216.56. The disclosure for this sale can be found here. Corporate insiders own 1.40% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. National Pension Service boosted its stake in Align Technology by 98,968.3% during the 4th quarter. National Pension Service now owns 81,236 shares of the medical equipment provider’s stock valued at $18,050,000 after purchasing an additional 81,154 shares during the last quarter. APG Asset Management N.V. boosted its stake in Align Technology by 113.1% during the 4th quarter. APG Asset Management N.V. now owns 107,400 shares of the medical equipment provider’s stock valued at $19,873,000 after purchasing an additional 57,000 shares during the last quarter. HWG Holdings LP boosted its stake in Align Technology by 579.3% during the 4th quarter. HWG Holdings LP now owns 3,057 shares of the medical equipment provider’s stock valued at $679,000 after purchasing an additional 2,607 shares during the last quarter. Neuberger Berman Group LLC boosted its stake in Align Technology by 1,899.1% during the 3rd quarter. Neuberger Berman Group LLC now owns 101,435 shares of the medical equipment provider’s stock valued at $18,894,000 after purchasing an additional 96,361 shares during the last quarter. Finally, Stone Ridge Asset Management LLC purchased a new stake in Align Technology during the 4th quarter valued at $2,479,000. Institutional investors and hedge funds own 80.45% of the company’s stock.
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About Align Technology
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
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