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

Align Technology (NASDAQ:ALGN) had its price target reduced by research analysts at Morgan Stanley from $280.00 to $272.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the medical equipment provider’s stock. Morgan Stanley’s price target would indicate a potential upside of 25.72% from the company’s previous close.

A number of other analysts also recently issued reports on ALGN. Mizuho assumed coverage on shares of Align Technology in a report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective for the company. Jefferies Financial Group cut their price target on Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research note on Thursday, January 23rd. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Thursday. Leerink Partners upgraded Align Technology from a “market perform” rating to an “outperform” rating and upped their target price for the company from $235.00 to $280.00 in a research report on Monday, January 6th. Finally, Robert W. Baird decreased their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Align Technology currently has an average rating of “Moderate Buy” and an average price target of $270.40.

Align Technology Stock Performance

Shares of ALGN opened at $216.36 on Thursday. The firm has a market cap 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 firm’s 50-day simple moving average is $221.92 and its 200 day simple moving average is $226.15.

Align Technology (NASDAQ:ALGN) last released 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 net margin of 11.15% and a return on equity of 13.99%. As a group, equities analysts forecast that Align Technology will post 7.47 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Baker Avenue Asset Management LP bought a new stake in Align Technology in the third quarter valued at $4,250,000. Swedbank AB grew its stake in shares of Align Technology by 30.1% in the 3rd quarter. Swedbank AB now owns 389,115 shares of the medical equipment provider’s stock valued at $98,960,000 after buying an additional 90,000 shares during the period. KBC Group NV increased its position in Align Technology by 11.8% in the 3rd quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider’s stock valued at $13,595,000 after buying an additional 5,663 shares in the last quarter. Nordea Investment Management AB raised its stake in Align Technology by 3.5% during the 4th quarter. Nordea Investment Management AB now owns 273,664 shares of the medical equipment provider’s stock worth $56,870,000 after buying an additional 9,139 shares during the period. Finally, Fisher Asset Management LLC boosted its holdings in Align Technology by 2.6% in the third quarter. Fisher Asset Management LLC now owns 105,770 shares of the medical equipment provider’s stock worth $26,900,000 after acquiring an additional 2,717 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

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.