Align Technology (NASDAQ:ALGN) Announces Quarterly Earnings Results

Align Technology (NASDAQ:ALGN) announced its earnings results on Wednesday. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.09, Briefing.com reports. Align Technology had a return on equity of 14.10% and a net margin of 11.34%. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the firm earned $1.73 EPS. The business’s revenue for the quarter 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 Down 0.7 %

Shares of ALGN traded down $1.69 during mid-day trading on Friday, reaching $224.36. 76,814 shares of the company’s stock were exchanged, compared to its average volume of 770,315. The company has a market cap of $16.89 billion, a price-to-earnings ratio of 37.24, a PEG ratio of 4.55 and a beta of 1.66. Align Technology has a 52-week low of $176.34 and a 52-week high of $413.20. The company has a 50-day simple moving average of $250.05 and a two-hundred day simple moving average of $280.94.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ALGN. Morgan Stanley reduced their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research note on Thursday. Stifel Nicolaus dropped their target price on Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research report on Thursday. Evercore ISI dropped their target price on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research report on Monday, June 10th. OTR Global restated a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, Piper Sandler dropped their target price on Align Technology from $330.00 to $315.00 and set an “overweight” rating on the stock in a research report on Thursday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus 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.