Align Technology (NASDAQ:ALGN) Issues Earnings Results, Beats Expectations By $0.03 EPS

Align Technology (NASDAQ:ALGN) issued its earnings results on Wednesday. The medical equipment provider reported $2.80 EPS for the quarter, beating the consensus estimate of $2.77 by $0.03, FiscalAI reports. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%.

Align Technology Stock Performance

Shares of NASDAQ ALGN traded up $1.67 during midday trading on Wednesday, reaching $153.62. The stock had a trading volume of 1,296,120 shares, compared to its average volume of 1,058,652. Align Technology has a twelve month low of $130.23 and a twelve month high of $200.43. The company’s 50 day moving average price is $151.11 and its 200 day moving average price is $169.05. The firm has a market cap of $11.00 billion, a price-to-earnings ratio of 26.72, a price-to-earnings-growth ratio of 1.66 and a beta of 1.67.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ALGN. Leerink Partners decreased their price target on shares of Align Technology from $235.00 to $215.00 and set an “outperform” rating for the company in a report on Wednesday, October 14th. Stifel Nicolaus reduced their price target on Align Technology from $210.00 to $175.00 and set a “buy” rating for the company in a research report on Friday, October 9th. UBS Group reiterated a “neutral” rating and issued a $189.00 target price on shares of Align Technology in a research note on Thursday, July 23rd. Zacks Research cut shares of Align Technology from a “hold” rating to a “strong sell” rating in a research report on Thursday, October 15th. Finally, Raymond James Financial reaffirmed a “buy” rating on shares of Align Technology in a research report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $190.93.

Align Technology Company Profile

Align Technology, Inc is a global medical device company focused on digital orthodontics and restorative dentistry. Founded in 1997, the company is best known for the Invisalign system, a series of clear, removable aligners designed to gradually move teeth and treat a range of orthodontic conditions.

Align’s products and services also include digital scanning and dental practice solutions. Its iTero intraoral scanners create digital impressions for orthodontic and restorative procedures, while its exocad business develops computer-aided design and computer-aided manufacturing software used by dental laboratories, clinicians and other dental professionals.

The company serves orthodontists, dentists, dental laboratories and patients in numerous markets worldwide.