Align Technology (NASDAQ:ALGN) Price Target Cut to $272.00 by Analysts at Morgan Stanley

Align Technology (NASDAQ:ALGN) had its target price lowered by research analysts at Morgan Stanley from $280.00 to $272.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the medical equipment provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 29.19% from the stock’s previous close.

Several other brokerages also recently commented on ALGN. Robert W. Baird lowered their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Stifel Nicolaus lowered their price objective on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and raised their target price for the company from $235.00 to $280.00 in a research report on Monday, January 6th. Bank of America upped their price target on shares of Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a report on Friday, December 13th. Finally, Mizuho began coverage on Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $271.40.

Align Technology Trading Down 3.6 %

NASDAQ ALGN opened at $210.55 on Thursday. The firm’s 50 day simple moving average is $221.70 and its 200 day simple moving average is $226.10. The firm has a market capitalization of $15.72 billion, a price-to-earnings ratio of 35.93, a P/E/G ratio of 4.80 and a beta of 1.67. Align Technology has a 1 year low of $196.09 and a 1 year high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 11.15% and a return on equity of 13.99%. On average, equities research analysts forecast that Align Technology will post 7.47 earnings per share for the current year.

Hedge Funds Weigh In On Align Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. True Wealth Design LLC raised its position in shares of Align Technology by 10,700.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 107 shares in the last quarter. Neo Ivy Capital Management acquired a new stake in Align Technology during the third quarter worth approximately $32,000. CVA Family Office LLC increased its holdings in Align Technology by 85.2% in the third quarter. CVA Family Office LLC now owns 150 shares of the medical equipment provider’s stock worth $38,000 after purchasing an additional 69 shares in the last quarter. Private Trust Co. NA lifted its stake in Align Technology by 113.4% in the fourth quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock valued at $36,000 after buying an additional 93 shares during the period. Finally, Mather Group LLC. boosted its holdings in shares of Align Technology by 51.6% during the 3rd quarter. Mather Group LLC. now owns 185 shares of the medical equipment provider’s stock worth $47,000 after buying an additional 63 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

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.