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

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

Align Technology Stock Performance

Align Technology stock traded up $14.81 during trading on Thursday, reaching $222.47. 1,065,876 shares of the company’s stock were exchanged, compared to its average volume of 774,134. The company’s 50-day moving average is $234.20 and its two-hundred day moving average is $250.96. Align Technology has a 52-week low of $176.34 and a 52-week high of $335.40. The firm has a market cap of $16.75 billion, a price-to-earnings ratio of 36.65, a PEG ratio of 5.33 and a beta of 1.64.

Analyst Ratings Changes

A number of analysts have issued reports on ALGN shares. 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 note on Thursday. Stifel Nicolaus lowered their target price on shares of Align Technology from $350.00 to $285.00 and set a “buy” rating for the company in a report on Friday, October 11th. Evercore ISI cut their price target on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday. Morgan Stanley lowered their price objective on shares of Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday, July 25th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Align Technology 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 assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $281.38.

Insiders Place Their Bets

In related news, Director C Raymond Larkin, Jr. bought 6,500 shares of the stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the purchase, the director now owns 28,247 shares in the company, valued at $6,647,366.51. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.62% of the stock is currently owned by 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.