Align Technology (NASDAQ:ALGN) Price Target Raised to $188.00

Key Points

• Morgan Stanley raised its price target on Align to $188 (from $169) while keeping an "equal weight" rating, even as several other brokers lifted targets (Piper Sandler $235, Leerink $225); the consensus rating is a Moderate Buy with an average target of $203.92.
• Q4 results beat expectations—EPS $3.29 vs. $2.99 forecast and revenue $1.05B (up 5.3% YoY)—but the stock opened around $190.67 and was down about 2.7% on the day.
• EVP John Morici sold 7,969 shares (~$1.51M), cutting his stake by ~49%; insiders own 0.75% of the company while institutional investors hold roughly 88.4% of shares.

Align Technology (NASDAQ:ALGN - Get Free Report) had its price objective hoisted by research analysts at Morgan Stanley from $169.00 to $188.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an "equal weight" rating on the medical equipment provider's stock. Morgan Stanley's price objective would suggest a potential downside of 1.40% from the company's current price.

A number of other analysts also recently issued reports on the company. Piper Sandler raised their target price on Align Technology from $220.00 to $235.00 and gave the stock an "overweight" rating in a research note on Tuesday. Leerink Partners raised their target price on Align Technology from $210.00 to $225.00 and gave the stock an "outperform" rating in a research note on Thursday, February 5th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Align Technology in a research note on Wednesday, April 15th. Robert W. Baird set a $218.00 target price on Align Technology in a research note on Thursday, February 5th. Finally, Barclays raised Align Technology from an "equal weight" rating to an "overweight" rating and set a $200.00 target price for the company in a research note on Tuesday, March 17th. Eight analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, Align Technology has a consensus rating of "Moderate Buy" and an average target price of $203.92.

Align Technology Stock Down 2.7%

Shares of NASDAQ ALGN opened at $190.67 on Friday. The firm has a 50-day simple moving average of $179.72 and a 200-day simple moving average of $162.24. The stock has a market capitalization of $13.66 billion, a price-to-earnings ratio of 33.69, a price-to-earnings-growth ratio of 2.13 and a beta of 1.81. Align Technology has a 52 week low of $122.00 and a 52 week high of $208.30.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 EPS for the quarter, beating analysts' consensus estimates of $2.99 by $0.30. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The business had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the prior year, the business earned $2.44 earnings per share. The company's quarterly revenue was up 5.3% compared to the same quarter last year. As a group, equities research analysts expect that Align Technology will post 9.15 EPS for the current year.

Insider Activity

In other news, EVP John Morici sold 7,969 shares of the business's stock in a transaction that occurred on 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 sale, the executive vice president directly owned 8,237 shares of the company's stock, valued at approximately $1,559,346.47. The trade was a 49.17% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.75% of the company's stock.

Institutional Investors Weigh In On Align Technology

A number of institutional investors and hedge funds have recently made changes to their positions in ALGN. Banco Bilbao Vizcaya Argentaria S.A. increased its stake in Align Technology by 3.7% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 1,896 shares of the medical equipment provider's stock worth $296,000 after purchasing an additional 68 shares during the period. Blue Trust Inc. increased its stake in Align Technology by 77.5% during the first quarter. Blue Trust Inc. now owns 158 shares of the medical equipment provider's stock worth $27,000 after purchasing an additional 69 shares during the period. Comerica Bank increased its stake in Align Technology by 0.6% during the fourth quarter. Comerica Bank now owns 13,656 shares of the medical equipment provider's stock worth $2,132,000 after purchasing an additional 76 shares during the period. Arizona State Retirement System increased its stake in Align Technology by 0.4% during the third quarter. Arizona State Retirement System now owns 20,387 shares of the medical equipment provider's stock worth $2,553,000 after purchasing an additional 79 shares during the period. Finally, Sentry Investment Management LLC increased its stake in Align Technology by 73.1% during the third quarter. Sentry Investment Management LLC now owns 187 shares of the medical equipment provider's stock worth $25,000 after purchasing an additional 79 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

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.

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