Align Technology (ALGN) to Release Earnings on Wednesday

Align Technology (NASDAQ:ALGN - Get Free Report) is set to post its quarterly earnings results after the market closes on Wednesday, April 24th. Analysts expect Align Technology to post earnings of $1.98 per share for the quarter. Align Technology has set its Q1 2024 guidance at EPS.Persons interested in registering for the company's earnings conference call can do so using this link.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 EPS for the quarter, beating the consensus estimate of $1.78 by $0.13. The firm 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 Down 1.6 %

NASDAQ:ALGN traded down $4.96 during trading hours on Wednesday, reaching $300.14. 574,887 shares of the company's stock were exchanged, compared to its average volume of 753,498. The firm has a market capitalization of $22.59 billion, a price-to-earnings ratio of 51.77, a P/E/G ratio of 5.49 and a beta of 1.65. Align Technology has a 1-year low of $176.34 and a 1-year high of $413.20. The company has a 50-day moving average of $312.30 and a 200 day moving average of $269.75.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of research reports. SVB Leerink began coverage on Align Technology in a report on Monday, February 26th. They set a "market perform" rating and a $310.00 price target on the stock. UBS Group boosted their target price on Align Technology from $280.00 to $320.00 and gave the company a "neutral" rating in a report on Monday. Leerink Partnrs reaffirmed a "market perform" rating on shares of Align Technology in a report on Monday, February 26th. The Goldman Sachs Group boosted their price objective on shares of Align Technology from $197.00 to $225.00 and gave the company a "sell" rating in a research note on Friday, February 2nd. Finally, Stifel Nicolaus raised their target price on shares of Align Technology from $340.00 to $350.00 and gave the stock a "buy" rating in a research note on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $339.91.

Insider Buying and Selling

In related news, Director Joseph Lacob sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total value of $3,130,100.00. Following the completion of the transaction, the director now directly owns 146,994 shares of the company's stock, valued at approximately $46,010,591.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Align Technology news, EVP Emory Wright sold 2,524 shares of Align Technology stock in a transaction dated 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 transaction, the executive vice president now owns 709 shares in the company, valued at $203,802.05. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joseph Lacob sold 10,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the transaction, the director now directly owns 146,994 shares of the company's stock, valued at $46,010,591.94. 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 quarter. Company insiders own 0.72% 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 the stock. KB Financial Partners LLC acquired a new stake in shares of Align Technology during the first quarter valued at $26,000. Cornerstone Planning Group LLC acquired a new stake in shares of Align Technology during the 2nd quarter worth about $29,000. First Manhattan CO. LLC. grew its holdings in shares of Align Technology by 593.8% during the first quarter. First Manhattan CO. LLC. now owns 111 shares of the medical equipment provider's stock worth $37,000 after buying an additional 95 shares in the last quarter. Belpointe Asset Management LLC raised its position in shares of Align Technology by 22.2% in the first 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. Finally, Chilton Capital Management LLC acquired a new position in shares of Align Technology in the first quarter valued at approximately $106,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

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.