Align Technology (NASDAQ:ALGN) Announces Quarterly Earnings Results

Align Technology (NASDAQ:ALGN) posted its quarterly earnings data on Wednesday. The medical equipment provider reported $2.41 EPS for the quarter, beating analysts’ consensus estimates of $2.32 by $0.09, Briefing.com reports. Align Technology had a net margin of 11.34% and a return on equity of 14.10%. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the firm earned $1.73 earnings per share. The business’s quarterly revenue was up 2.6% on a year-over-year basis. Align Technology updated its Q3 2024 guidance to EPS and its FY 2024 guidance to EPS.

Align Technology Stock Performance

Shares of NASDAQ ALGN traded down $5.60 during trading hours on Friday, hitting $220.45. The stock had a trading volume of 1,185,592 shares, compared to its average volume of 778,069. The firm’s 50-day moving average price is $250.05 and its two-hundred day moving average price is $280.94. Align Technology has a 52 week low of $176.34 and a 52 week high of $413.20. The company has a market capitalization of $16.60 billion, a P/E ratio of 36.89, a P/E/G ratio of 4.55 and a beta of 1.66.

Analysts Set New Price Targets

ALGN has been the topic of several recent analyst reports. Evercore ISI cut their target price on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research note on Monday, June 10th. UBS Group upped their price target on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research report on Monday, April 15th. Stifel Nicolaus reduced their price objective on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a research note on Thursday. StockNews.com cut Align Technology from a “buy” rating to a “hold” rating in a research note on Thursday. Finally, OTR Global reissued a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $330.50.

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.