Align Technology Inc. (NASDAQ:ALGN) has been assigned a $114.00 target price by Morgan Stanley in a report issued on Wednesday. The firm currently has a a “buy” rating on the stock. Morgan Stanley’s target price would indicate a potential upside of 26.09% from the company’s previous close.
Other equities research analysts have also issued research reports about the company. Stifel Nicolaus lifted their price objective on Align Technology from $82.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, July 28th. Zacks Investment Research lowered Align Technology from a “buy” rating to a “hold” rating in a report on Wednesday, October 12th. Finally, Robert W. Baird lowered Align Technology from an “outperform” rating to a “neutral” rating and set a $96.00 price objective on the stock. in a report on Monday, October 3rd. Two research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Align Technology has a consensus rating of “Buy” and an average target price of $87.82.
Align Technology (NASDAQ:ALGN) traded up 0.50% during midday trading on Wednesday, hitting $90.86. The stock had a trading volume of 324,579 shares. The firm has a market cap of $7.27 billion, a P/E ratio of 44.32 and a beta of 1.87. Align Technology has a 12-month low of $57.31 and a 12-month high of $96.90. The stock has a 50-day moving average price of $92.60 and a 200 day moving average price of $84.10.
Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Thursday, July 28th. The company reported $0.62 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.14. Align Technology had a return on equity of 19.40% and a net margin of 17.67%. The company had revenue of $269.40 million for the quarter, compared to analyst estimates of $259.29 million. During the same quarter in the previous year, the company earned $0.39 EPS. The firm’s revenue for the quarter was up 28.6% compared to the same quarter last year. On average, equities analysts anticipate that Align Technology will post $2.28 earnings per share for the current fiscal year.
In related news, VP Zelko Relic sold 13,577 shares of Align Technology stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $95.91, for a total transaction of $1,302,170.07. Following the completion of the transaction, the vice president now directly owns 1,375 shares in the company, valued at approximately $131,876.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jennifer Olson sold 799 shares of Align Technology stock in a transaction that occurred on Monday, August 29th. The stock was sold at an average price of $93.30, for a total value of $74,546.70. Following the transaction, the vice president now owns 4,483 shares of the company’s stock, valued at $418,263.90. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of ALGN. Wellington Management Group LLP boosted its stake in Align Technology by 7,138.7% in the first quarter. Wellington Management Group LLP now owns 939,946 shares of the company’s stock valued at $68,325,000 after buying an additional 926,961 shares during the last quarter. Fiera Capital Corp purchased a new stake in Align Technology during the second quarter valued at approximately $61,823,000. Emerald Acquisition Ltd. purchased a new stake in Align Technology during the second quarter valued at approximately $40,582,000. Vanguard Group Inc. boosted its stake in Align Technology by 7.8% in the second quarter. Vanguard Group Inc. now owns 5,552,971 shares of the company’s stock valued at $447,292,000 after buying an additional 401,560 shares during the last quarter. Finally, Frontier Capital Management Co. LLC purchased a new stake in Align Technology during the second quarter valued at approximately $31,296,000. Hedge funds and other institutional investors own 87.00% of the company’s stock.
Align Technology Company Profile
Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.
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