Align Technology (NASDAQ:ALGN) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

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

Align Technology Stock Performance

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

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of research reports. BMO Capital Markets initiated coverage on Align Technology in a report on Wednesday, July 8th. They set an “outperform” rating and a $209.00 price target on the stock. Stifel Nicolaus decreased their price objective on shares of Align Technology from $210.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday, October 9th. Zacks Research cut Align Technology from a “hold” rating to a “strong sell” rating in a report on Thursday, October 15th. UBS Group restated a “neutral” rating and set a $189.00 price objective on shares of Align Technology in a report on Thursday, July 23rd. Finally, Evercore cut shares of Align Technology from an “outperform” rating to an “in-line” rating and set a $155.00 target price on the stock. in a research report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price 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.