Align Technology (NASDAQ:ALGN) Price Target Lowered to $272.00 at Morgan Stanley

Align Technology (NASDAQ:ALGN) had its target price lowered by stock analysts at Morgan Stanley from $280.00 to $272.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the medical equipment provider’s stock. Morgan Stanley’s price target would suggest a potential upside of 25.72% from the company’s current price.

A number of other equities research analysts also recently issued reports on the stock. Piper Sandler reduced their price objective on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a research report on Thursday. Jefferies Financial Group decreased their price target on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Stifel Nicolaus decreased their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. Finally, Evercore ISI cut their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Align Technology has a consensus rating of “Moderate Buy” and an average price target of $270.40.

Align Technology Stock Performance

ALGN stock opened at $216.36 on Thursday. The company has a market capitalization of $16.15 billion, a P/E ratio of 36.92, a price-to-earnings-growth ratio of 4.80 and a beta of 1.67. Align Technology has a 52-week low of $196.09 and a 52-week high of $335.40. The business has a 50-day simple moving average of $221.92 and a two-hundred day simple moving average of $226.15.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.43 by ($0.47). Align Technology had a return on equity of 13.99% and a net margin of 11.15%. As a group, sell-side analysts forecast that Align Technology will post 7.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Align Technology

Institutional investors have recently modified their holdings of the stock. Wellington Management Group LLP lifted its position in Align Technology by 49.0% in the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after acquiring an additional 866,663 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Align Technology by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,750,805 shares of the medical equipment provider’s stock worth $443,810,000 after purchasing an additional 21,605 shares in the last quarter. FMR LLC lifted its holdings in shares of Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after purchasing an additional 367,508 shares in the last quarter. Ninety One UK Ltd lifted its holdings in shares of Align Technology by 3.7% during the fourth quarter. Ninety One UK Ltd now owns 1,220,601 shares of the medical equipment provider’s stock valued at $254,508,000 after purchasing an additional 43,524 shares in the last quarter. Finally, Meridiem Investment Management Ltd. boosted its position in shares of Align Technology by 63.7% during the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after buying an additional 297,472 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

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.