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

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

Align Technology Price Performance

ALGN stock traded up $15.94 during midday trading on Thursday, reaching $223.60. 1,102,488 shares of the company’s stock traded hands, compared to its average volume of 774,312. The company has a market capitalization of $16.83 billion, a P/E ratio of 36.65, a PEG ratio of 5.33 and a beta of 1.64. Align Technology has a fifty-two week low of $176.34 and a fifty-two week high of $335.40. The business has a 50-day moving average price of $234.20 and a two-hundred day moving average price of $250.96.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on ALGN shares. Piper Sandler lowered their price target on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday. Morgan Stanley lowered their price target on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Evercore ISI lowered their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Stifel Nicolaus lowered their target price on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a report on Thursday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $280.13.

Insider Buying and Selling at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. purchased 6,500 shares of Align Technology stock in a transaction on Thursday, August 15th. The shares were purchased at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the completion of the transaction, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. This represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.62% of the stock is currently owned by corporate insiders.

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.