Align Technology (NASDAQ:ALGN) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Align Technology (NASDAQ:ALGN) announced its earnings results on Wednesday. The medical equipment provider reported $2.41 EPS for the quarter, topping the consensus estimate of $2.32 by $0.09, Briefing.com reports. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. Align Technology had a return on equity of 14.10% and a net margin of 11.34%. Align Technology’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.73 EPS. Align Technology updated its Q3 2024 guidance to EPS and its FY 2024 guidance to EPS.

Align Technology Price Performance

ALGN stock traded down $5.60 during trading hours on Friday, reaching $220.45. 1,185,645 shares of the stock were exchanged, compared to its average volume of 778,070. The firm’s 50-day moving average is $250.05 and its 200-day moving average is $280.94. The company has a market cap of $16.60 billion, a price-to-earnings ratio of 36.89, a PEG ratio of 4.55 and a beta of 1.66. Align Technology has a 12 month low of $176.34 and a 12 month high of $413.20.

Analyst Upgrades and Downgrades

ALGN has been the topic of several recent analyst reports. Robert W. Baird reduced their target price on Align Technology from $370.00 to $325.00 and set an “outperform” rating on the stock in a report on Monday. UBS Group upped their price objective on Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. Stifel Nicolaus reduced their price objective on Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a report on Thursday. Piper Sandler reduced their price objective on Align Technology from $330.00 to $315.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, StockNews.com downgraded Align Technology from a “buy” rating to a “hold” rating in a report on Thursday. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus 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.