Align Technology (NASDAQ:ALGN) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

Align Technology (NASDAQ:ALGN) released its earnings results on Wednesday. The medical equipment provider reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04, Briefing.com reports. The firm had revenue of $977.87 million for the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.62 EPS. Align Technology updated its Q4 2024 guidance to EPS.

Align Technology Stock Up 1.3 %

Shares of NASDAQ ALGN traded up $2.88 during mid-day trading on Friday, reaching $219.30. 1,145,076 shares of the company were exchanged, compared to its average volume of 780,594. The stock has a market cap of $16.51 billion, a price-to-earnings ratio of 36.24, a P/E/G ratio of 5.33 and a beta of 1.64. Align Technology has a 1 year low of $176.34 and a 1 year high of $335.40. The firm has a 50-day moving average of $233.83 and a 200 day moving average of $250.72.

Analyst Ratings Changes

A number of equities analysts recently issued reports on ALGN shares. Stifel Nicolaus dropped their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday. Robert W. Baird dropped their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a report on Thursday. Evercore ISI dropped their price objective on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Piper Sandler lowered their target price on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday. One equities 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $276.38.

Insider Buying and Selling

In related news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 0.62% of the stock is currently owned by company insiders.

Align Technology Company Profile

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.