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

Align Technology (NASDAQ:ALGN) announced its quarterly earnings data on Wednesday. The medical equipment provider reported $2.80 earnings per share for the quarter, beating analysts’ consensus estimates of $2.77 by $0.03, FiscalAI reports. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1 billion. Align Technology had a net margin of 9.99% and a return on equity of 15.86%.

Align Technology Price Performance

ALGN stock traded up $1.67 during mid-day trading on Wednesday, reaching $153.62. The company had a trading volume of 1,299,035 shares, compared to its average volume of 1,058,719. Align Technology has a 52 week low of $130.23 and a 52 week high of $200.43. The stock has a 50 day simple moving average of $151.11 and a two-hundred day simple moving average of $169.05. The company has a market capitalization of $11.00 billion, a price-to-earnings ratio of 26.72, a PEG ratio of 1.66 and a beta of 1.67.

Wall Street Analyst Weigh In

ALGN has been the subject of several recent analyst reports. Piper Sandler lowered their target price on shares of Align Technology from $235.00 to $205.00 and set an “overweight” rating for the company in a research note on Wednesday, October 21st. Raymond James Financial restated a “buy” rating on shares of Align Technology in a research note on Monday, October 5th. Mizuho decreased their price target on Align Technology from $220.00 to $200.00 and set an “outperform” rating for the company in a research note on Thursday, October 22nd. Weiss Ratings upgraded shares of Align Technology from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 9th. Finally, UBS Group reiterated a “neutral” rating and issued a $189.00 target price on shares of Align Technology in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Align Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $190.93.

About Align Technology

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.