Align Technology (NASDAQ:ALGN) Announces Quarterly Earnings Results, Misses Expectations By $0.47 EPS

Align Technology (NASDAQ:ALGN) posted its earnings results on Wednesday. The medical equipment provider reported $1.96 EPS for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47), Zacks reports. Align Technology had a net margin of 11.15% and a return on equity of 13.99%.

Align Technology Stock Performance

Shares of NASDAQ ALGN traded up $1.61 during midday trading on Wednesday, reaching $216.36. 1,205,647 shares of the company’s stock were exchanged, compared to its average volume of 704,516. The business’s fifty day moving average price is $222.19 and its two-hundred day moving average price is $226.22. The stock has a market capitalization of $16.15 billion, a PE ratio of 36.92, a price-to-earnings-growth ratio of 4.80 and a beta of 1.67. Align Technology has a 52-week low of $196.09 and a 52-week high of $335.40.

Analyst Ratings Changes

A number of research firms recently weighed in on ALGN. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $235.00 to $280.00 in a research report on Monday, January 6th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Evercore ISI lowered their target price on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Piper Sandler lowered their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Finally, Leerink Partnrs upgraded Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $271.70.

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.