Align Technology (ALGN) Set to Announce Earnings on Wednesday

Align Technology (NASDAQ:ALGN) will be issuing its quarterly earnings data after the market closes on Wednesday, April 24th. Analysts expect the company to announce earnings of $1.98 per share for the quarter. Align Technology has set its Q1 2024 guidance at EPS.Investors that are interested in registering for the company’s conference call can do so using this link.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.13. The business had revenue of $956.73 million during the quarter, compared to the consensus estimate of $928.57 million. Align Technology had a net margin of 11.52% and a return on equity of 13.88%. On average, analysts expect Align Technology to post $8 EPS for the current fiscal year and $9 EPS for the next fiscal year.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $298.98 on Monday. The company’s 50 day moving average price is $312.79 and its 200-day moving average price is $269.88. Align Technology has a 52-week low of $176.34 and a 52-week high of $413.20. The company has a market capitalization of $22.50 billion, a P/E ratio of 51.37, a price-to-earnings-growth ratio of 5.35 and a beta of 1.65.

Insider Buying and Selling

In other Align Technology news, EVP Emory Wright sold 2,524 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total transaction of $725,523.80. Following the completion of the sale, the executive vice president now owns 709 shares in the company, valued at approximately $203,802.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Joseph Lacob sold 15,000 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total value of $4,548,300.00. Following the completion of the sale, the director now directly owns 131,994 shares of the company’s stock, valued at $40,023,220.68. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Emory Wright sold 2,524 shares of Align Technology stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total value of $725,523.80. Following the transaction, the executive vice president now directly owns 709 shares in the company, valued at approximately $203,802.05. The disclosure for this sale can be found here. Insiders have sold a total of 27,524 shares of company stock worth $8,403,924 in the last ninety days. Corporate insiders own 0.64% of the company’s stock.

Institutional Investors Weigh In On Align Technology

A number of institutional investors and hedge funds have recently bought and sold shares of ALGN. Metropolitan Life Insurance Co NY boosted its holdings in Align Technology by 0.7% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 4,202 shares of the medical equipment provider’s stock worth $886,000 after acquiring an additional 31 shares during the last quarter. EFG Asset Management Americas Corp. boosted its holdings in Align Technology by 3.8% during the second quarter. EFG Asset Management Americas Corp. now owns 1,174 shares of the medical equipment provider’s stock worth $415,000 after purchasing an additional 43 shares during the last quarter. KB Financial Partners LLC grew its position in Align Technology by 61.0% in the 2nd quarter. KB Financial Partners LLC now owns 124 shares of the medical equipment provider’s stock worth $44,000 after purchasing an additional 47 shares in the last quarter. Captrust Financial Advisors grew its position in Align Technology by 2.7% in the 1st quarter. Captrust Financial Advisors now owns 1,938 shares of the medical equipment provider’s stock worth $845,000 after purchasing an additional 51 shares in the last quarter. Finally, Belpointe Asset Management LLC increased its stake in Align Technology by 22.2% in the 1st quarter. Belpointe Asset Management LLC now owns 297 shares of the medical equipment provider’s stock valued at $99,000 after buying an additional 54 shares during the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ALGN has been the topic of several recent analyst reports. Leerink Partnrs restated a “market perform” rating on shares of Align Technology in a report on Monday, February 26th. Piper Sandler upped their target price on Align Technology from $335.00 to $355.00 and gave the company an “overweight” rating in a research report on Thursday, March 14th. The Goldman Sachs Group lifted their target price on Align Technology from $197.00 to $225.00 and gave the stock a “sell” rating in a report on Friday, February 2nd. UBS Group boosted their price target on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. Finally, Stifel Nicolaus raised their price objective on shares of Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a research report on Thursday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $344.45.

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.