Align Technology (ALGN) Stock Rating Reaffirmed by Morgan Stanley
Align Technology (NASDAQ:ALGN)‘s stock had its “equal weight” rating reaffirmed by investment analysts at Morgan Stanley in a research note issued on Thursday. They presently have a $220.00 price objective on the medical equipment provider’s stock. Morgan Stanley’s price target points to a potential downside of 10.96% from the company’s current price.
Other equities research analysts also recently issued reports about the stock. Credit Suisse Group upgraded shares of Align Technology to a “buy” rating and set a $276.00 price objective for the company in a research note on Thursday, January 4th. ValuEngine upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. BidaskClub downgraded shares of Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, January 31st. Piper Jaffray reiterated a “buy” rating and set a $300.00 price objective on shares of Align Technology in a research note on Wednesday, January 31st. Finally, Stifel Nicolaus raised their target price on shares of Align Technology from $265.00 to $295.00 and gave the stock a “buy” rating in a report on Tuesday, January 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $258.28.
NASDAQ:ALGN opened at $247.07 on Thursday. Align Technology has a 12 month low of $118.08 and a 12 month high of $287.32. The firm has a market cap of $20,258.79, a PE ratio of 63.51, a P/E/G ratio of 1.91 and a beta of 1.47.
In related news, VP Emory Wright sold 45,780 shares of the firm’s stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $260.08, for a total transaction of $11,906,462.40. Following the completion of the transaction, the vice president now owns 29,957 shares of the company’s stock, valued at $7,791,216.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Joseph M. Hogan bought 1,500 shares of Align Technology stock in a transaction that occurred on Tuesday, February 13th. The shares were acquired at an average cost of $233.63 per share, with a total value of $350,445.00. Following the acquisition, the insider now owns 42,984 shares of the company’s stock, valued at $10,042,351.92. The disclosure for this purchase can be found here. Company insiders own 1.40% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. National Pension Service increased its holdings in Align Technology by 98,968.3% in the fourth quarter. National Pension Service now owns 81,236 shares of the medical equipment provider’s stock valued at $18,050,000 after buying an additional 81,154 shares in the last quarter. APG Asset Management N.V. increased its holdings in Align Technology by 113.1% in the fourth quarter. APG Asset Management N.V. now owns 107,400 shares of the medical equipment provider’s stock valued at $19,873,000 after buying an additional 57,000 shares in the last quarter. HWG Holdings LP increased its holdings in Align Technology by 579.3% in the fourth quarter. HWG Holdings LP now owns 3,057 shares of the medical equipment provider’s stock valued at $679,000 after buying an additional 2,607 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in Align Technology by 1,899.1% in the third quarter. Neuberger Berman Group LLC now owns 101,435 shares of the medical equipment provider’s stock valued at $18,894,000 after buying an additional 96,361 shares in the last quarter. Finally, Stone Ridge Asset Management LLC purchased a new position in Align Technology in the fourth quarter valued at $2,479,000. 80.45% of the stock is owned by institutional investors.
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Align Technology Company Profile
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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