Zacks: Brokerages Anticipate Align Technology, Inc. (NASDAQ:ALGN) Will Post Quarterly Sales of $595.61 Million

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Equities research analysts expect Align Technology, Inc. (NASDAQ:ALGN) to report sales of $595.61 million for the current quarter, Zacks reports. Seven analysts have issued estimates for Align Technology’s earnings, with estimates ranging from $590.70 million to $599.30 million. Align Technology posted sales of $490.26 million during the same quarter last year, which suggests a positive year-over-year growth rate of 21.5%. The company is scheduled to issue its next earnings report on Wednesday, July 24th.

On average, analysts expect that Align Technology will report full year sales of $2.44 billion for the current fiscal year, with estimates ranging from $2.42 billion to $2.46 billion. For the next year, analysts forecast that the company will post sales of $3.03 billion, with estimates ranging from $2.99 billion to $3.08 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Align Technology.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, April 24th. The medical equipment provider reported $0.89 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.83 by $0.06. The company had revenue of $549.00 million for the quarter, compared to analyst estimates of $532.16 million. Align Technology had a net margin of 18.10% and a return on equity of 30.58%. The business’s revenue for the quarter was up 25.7% compared to the same quarter last year. During the same period last year, the business posted $1.17 earnings per share.

Several research firms have weighed in on ALGN. BidaskClub upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a report on Friday, March 22nd. ValuEngine lowered shares of Align Technology from a “buy” rating to a “hold” rating in a report on Wednesday, May 29th. Piper Jaffray Companies increased their target price on shares of Align Technology from $250.00 to $300.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Wolfe Research started coverage on shares of Align Technology in a report on Thursday, May 30th. They issued a “peer perform” rating on the stock. Finally, Guggenheim started coverage on shares of Align Technology in a research report on Wednesday, April 17th. They set a “buy” rating and a $335.00 price objective for the company. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $339.31.

ALGN traded up $5.65 during mid-day trading on Wednesday, hitting $295.71. The stock had a trading volume of 20,326 shares, compared to its average volume of 916,231. The firm has a market cap of $23.20 billion, a PE ratio of 59.80, a price-to-earnings-growth ratio of 2.28 and a beta of 2.15. Align Technology has a 1-year low of $177.93 and a 1-year high of $398.88.

In other news, CMO Raphael Pascaud sold 15,000 shares of Align Technology stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $326.18, for a total value of $4,892,700.00. Following the completion of the transaction, the chief marketing officer now owns 34,092 shares of the company’s stock, valued at approximately $11,120,128.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Julie Tay sold 13,500 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $322.41, for a total transaction of $4,352,535.00. Following the sale, the senior vice president now owns 24,096 shares of the company’s stock, valued at approximately $7,768,791.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 55,283 shares of company stock valued at $17,483,871. 1.30% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of ALGN. Nicollet Investment Management Inc. raised its stake in Align Technology by 0.5% in the 1st quarter. Nicollet Investment Management Inc. now owns 7,095 shares of the medical equipment provider’s stock worth $2,017,000 after purchasing an additional 35 shares in the last quarter. Quantum Capital Management raised its position in shares of Align Technology by 3.0% in the 1st quarter. Quantum Capital Management now owns 1,545 shares of the medical equipment provider’s stock valued at $439,000 after buying an additional 45 shares in the last quarter. Courier Capital LLC raised its position in shares of Align Technology by 0.9% in the 4th quarter. Courier Capital LLC now owns 5,605 shares of the medical equipment provider’s stock valued at $1,174,000 after buying an additional 50 shares in the last quarter. Captrust Financial Advisors raised its position in shares of Align Technology by 67.6% in the 4th quarter. Captrust Financial Advisors now owns 124 shares of the medical equipment provider’s stock valued at $26,000 after buying an additional 50 shares in the last quarter. Finally, Cornerstone Advisors Inc. raised its position in shares of Align Technology by 9.0% in the 1st quarter. Cornerstone Advisors Inc. now owns 633 shares of the medical equipment provider’s stock valued at $180,000 after buying an additional 52 shares in the last quarter. Institutional investors own 82.62% of the company’s stock.

Align Technology Company Profile

Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.

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