Brokerages forecast that Align Technology, Inc. (NASDAQ:ALGN) will report sales of $358.40 million for the current quarter, Zacks Investment Research reports. Seven analysts have provided estimates for Align Technology’s earnings, with the highest sales estimate coming in at $359.13 million and the lowest estimate coming in at $357.45 million. Align Technology reported sales of $278.59 million during the same quarter last year, which indicates a positive year-over-year growth rate of 28.6%. The business is scheduled to report its next earnings results on Monday, November 6th.
According to Zacks, analysts expect that Align Technology will report full year sales of $358.40 million for the current financial year, with estimates ranging from $1.38 billion to $1.43 billion. For the next year, analysts expect that the business will report sales of $1.69 billion per share, with estimates ranging from $1.66 billion to $1.79 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Align Technology.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Thursday, July 27th. The medical equipment provider reported $0.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.73 by $0.12. Align Technology had a return on equity of 26.14% and a net margin of 20.03%. The business had revenue of $356.50 million during the quarter, compared to analysts’ expectations of $343.43 million. During the same period in the previous year, the firm posted $0.62 earnings per share. The company’s revenue was up 32.3% on a year-over-year basis.
Several research analysts recently weighed in on the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $182.00 target price (up from $175.00) on shares of Align Technology in a research report on Monday, July 17th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $205.00 target price (up from $200.00) on shares of Align Technology in a research report on Monday. Bank of America Corporation raised Align Technology from a “neutral” rating to a “buy” rating and increased their target price for the stock from $175.00 to $193.00 in a research report on Friday, July 28th. Credit Suisse Group reaffirmed an “outperform” rating and issued a $170.00 target price (up from $140.00) on shares of Align Technology in a research report on Thursday, July 13th. Finally, Leerink Swann reaffirmed an “outperform” rating and issued a $149.00 target price (up from $118.00) on shares of Align Technology in a research report on Saturday, April 29th. Ten equities research analysts have rated the stock with a buy rating, Align Technology presently has an average rating of “Buy” and an average price target of $174.40.
Shares of Align Technology (ALGN) opened at 175.77 on Thursday. The stock has a 50 day moving average price of $155.86 and a 200-day moving average price of $126.81. The firm has a market capitalization of $14.09 billion, a PE ratio of 60.20 and a beta of 1.55. Align Technology has a 52 week low of $83.27 and a 52 week high of $176.44.
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In related news, VP Sreelakshmi Kolli sold 1,000 shares of the stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $144.00, for a total value of $144,000.00. Following the completion of the sale, the vice president now directly owns 23,785 shares in the company, valued at approximately $3,425,040. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph Lacob sold 50,000 shares of the stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $144.98, for a total value of $7,249,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,874 shares of company stock valued at $7,950,701. 2.00% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in ALGN. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Align Technology during the second quarter valued at about $11,228,000. Bradley Foster & Sargent Inc. CT bought a new stake in shares of Align Technology during the second quarter valued at about $253,000. Banque Pictet & Cie SA bought a new stake in shares of Align Technology during the second quarter valued at about $2,202,000. Oppenheimer & Co. Inc. bought a new stake in shares of Align Technology during the second quarter valued at about $1,768,000. Finally, Cipher Capital LP bought a new stake in shares of Align Technology during the second quarter valued at about $3,207,000. Hedge funds and other institutional investors own 87.13% of the company’s stock.
Align Technology Company Profile
Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.
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