Align Technology (NASDAQ:ALGN) Announces Quarterly Earnings Results

Align Technology (NASDAQ:ALGN) issued its quarterly earnings data 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 net margin of 11.80% and a return on equity of 14.15%. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the company earned $1.73 earnings per share. Align Technology’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 Price Performance

ALGN traded down $18.75 during trading hours on Thursday, hitting $226.05. 2,100,163 shares of the stock were exchanged, compared to its average volume of 775,028. The stock has a 50-day simple moving average of $251.00 and a 200-day simple moving average of $281.32. Align Technology has a 12 month low of $176.34 and a 12 month high of $413.20. The stock has a market cap of $17.02 billion, a price-to-earnings ratio of 37.28, a price-to-earnings-growth ratio of 4.66 and a beta of 1.66.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ALGN shares. Evercore ISI reduced their target price on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. 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. Piper Sandler reduced their target price on Align Technology from $330.00 to $315.00 and set an “overweight” rating for the company in a research note on Thursday. OTR Global reiterated a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. Finally, UBS Group increased their target price on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $330.50.

Align Technology Company Profile

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.