Align Technology (NASDAQ:ALGN) Releases Quarterly Earnings Results, Beats Estimates By $0.30 EPS

Align Technology (NASDAQ:ALGN) issued its quarterly earnings results on Wednesday. The medical equipment provider reported $3.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.99 by $0.30, FiscalAI reports. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion.

Align Technology Stock Up 2.7%

Shares of NASDAQ ALGN traded up $4.25 during midday trading on Wednesday, hitting $161.30. The stock had a trading volume of 2,932,848 shares, compared to its average volume of 988,071. Align Technology has a 1 year low of $122.00 and a 1 year high of $232.20. The company has a market capitalization of $11.57 billion, a PE ratio of 31.26, a P/E/G ratio of 1.84 and a beta of 1.84. The stock has a 50 day simple moving average of $161.60 and a 200-day simple moving average of $148.50.

Hedge Funds Weigh In On Align Technology

A number of institutional investors have recently added to or reduced their stakes in ALGN. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Align Technology by 4.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock valued at $1,624,000 after buying an additional 469 shares in the last quarter. Focus Partners Wealth grew its holdings in shares of Align Technology by 5.2% in the first quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock valued at $486,000 after purchasing an additional 151 shares during the period. Sivia Capital Partners LLC acquired a new stake in Align Technology during the second quarter worth about $204,000. EverSource Wealth Advisors LLC raised its stake in Align Technology by 55.7% during the second quarter. EverSource Wealth Advisors LLC now owns 531 shares of the medical equipment provider’s stock worth $101,000 after purchasing an additional 190 shares during the period. Finally, First Trust Advisors LP boosted its holdings in Align Technology by 201.7% in the 2nd quarter. First Trust Advisors LP now owns 88,270 shares of the medical equipment provider’s stock valued at $16,712,000 after purchasing an additional 59,010 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several research reports. Evercore ISI decreased their price objective on shares of Align Technology from $220.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, November 25th. Piper Sandler reaffirmed an “overweight” rating and issued a $200.00 price target (up from $190.00) on shares of Align Technology in a report on Thursday, October 30th. Stifel Nicolaus set a $200.00 price objective on Align Technology in a research note on Thursday, October 30th. Barclays assumed coverage on Align Technology in a report on Monday, December 8th. They issued an “equal weight” rating and a $170.00 price objective for the company. Finally, Wells Fargo & Company dropped their price objective on shares of Align Technology from $199.00 to $181.00 and set an “overweight” rating on the stock in a research note on Thursday, October 30th. Six investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $176.82.

About Align Technology

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.