Wall Street analysts expect Align Technology, Inc. (NASDAQ:ALGN) to post $500.87 million in sales for the current fiscal quarter, according to Zacks. Eight analysts have made estimates for Align Technology’s earnings, with the highest sales estimate coming in at $503.80 million and the lowest estimate coming in at $497.77 million. Align Technology posted sales of $385.27 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 30%. The company is scheduled to report its next earnings report after the market closes on Wednesday, October 24th.
On average, analysts expect that Align Technology will report full year sales of $1.97 billion for the current year, with estimates ranging from $1.95 billion to $1.99 billion. For the next year, analysts forecast that the firm will post sales of $2.46 billion, with estimates ranging from $2.41 billion to $2.53 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that follow Align Technology.
Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, July 25th. The medical equipment provider reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.21. The firm had revenue of $490.26 million for the quarter, compared to the consensus estimate of $472.10 million. Align Technology had a net margin of 17.00% and a return on equity of 32.61%. The business’s revenue was up 37.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.85 earnings per share.
Several brokerages have recently issued reports on ALGN. BidaskClub upgraded shares of Align Technology from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 28th. Robert W. Baird upped their target price on shares of Align Technology from $351.00 to $425.00 and gave the stock an “outperform” rating in a research note on Thursday, July 26th. Barclays reiterated a “buy” rating on shares of Align Technology in a research note on Thursday, July 26th. Stifel Nicolaus upped their target price on shares of Align Technology from $375.00 to $425.00 and gave the stock a “buy” rating in a research note on Thursday, July 26th. Finally, Piper Jaffray Companies upped their target price on shares of Align Technology to $425.00 and gave the stock an “overweight” rating in a research note on Friday, July 20th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $363.09.
In other Align Technology news, Director Warren S. Thaler sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $363.62, for a total transaction of $1,272,670.00. Following the completion of the sale, the director now directly owns 47,015 shares of the company’s stock, valued at $17,095,594.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Stuart A. Hockridge sold 2,753 shares of the company’s stock in a transaction that occurred on Wednesday, August 15th. The shares were sold at an average price of $366.73, for a total transaction of $1,009,607.69. The disclosure for this sale can be found here. Insiders have sold 55,648 shares of company stock valued at $20,577,327 over the last three months. 1.40% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in ALGN. Stelac Advisory Services LLC purchased a new stake in Align Technology during the second quarter valued at approximately $103,000. Centaurus Financial Inc. purchased a new stake in Align Technology during the second quarter valued at approximately $137,000. Verition Fund Management LLC purchased a new stake in Align Technology during the first quarter valued at approximately $221,000. Nicolet Bankshares Inc. purchased a new stake in Align Technology during the second quarter valued at approximately $222,000. Finally, Windsor Group LTD purchased a new stake in Align Technology during the third quarter valued at approximately $223,000. 78.56% of the stock is owned by institutional investors and hedge funds.
Shares of NASDAQ ALGN traded up $14.64 during midday trading on Friday, hitting $327.50. The stock had a trading volume of 1,448,382 shares, compared to its average volume of 966,935. The company has a market cap of $31.42 billion, a PE ratio of 84.19, a P/E/G ratio of 2.61 and a beta of 1.52. Align Technology has a 52 week low of $191.35 and a 52 week high of $398.88.
Align Technology Company Profile
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
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