Align Technology, Inc. (NASDAQ:ALGN) Expected to Earn Q3 2023 Earnings of $1.78 Per Share

Posted by on Sep 23rd, 2023

Align Technology, Inc. (NASDAQ:ALGN – Free Report) – Equities research analysts at Zacks Research lifted their Q3 2023 earnings estimates for Align Technology in a report issued on Thursday, September 21st. Zacks Research analyst M. Mondal now anticipates that the medical equipment provider will post earnings of $1.78 per share for the quarter, up from their previous estimate of $1.75. The consensus estimate for Align Technology’s current full-year earnings is $7.20 per share. Zacks Research also issued estimates for Align Technology’s FY2023 earnings at $6.96 EPS, Q3 2024 earnings at $2.17 EPS, Q4 2024 earnings at $2.04 EPS and Q2 2025 earnings at $2.81 EPS.

Align Technology (NASDAQ:ALGN – Get Free Report) last posted its quarterly earnings results on Wednesday, July 26th. The medical equipment provider reported $1.73 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.09. Align Technology had a net margin of 8.40% and a return on equity of 11.42%. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $985.87 million.

Several other equities research analysts also recently commented on ALGN. Morgan Stanley boosted their target price on shares of Align Technology from $383.00 to $415.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. Stifel Nicolaus boosted their target price on shares of Align Technology from $390.00 to $430.00 and gave the stock a “buy” rating in a research report on Thursday, August 24th. StockNews.com began coverage on shares of Align Technology in a report on Thursday, August 17th. They set a “buy” rating on the stock. OTR Global upgraded shares of Align Technology from a “mixed” rating to a “positive” rating in a report on Thursday, September 14th. Finally, Jefferies Financial Group boosted their price target on shares of Align Technology from $367.00 to $400.00 in a report on Thursday, July 27th. Two research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $380.33.

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Align Technology Price Performance

NASDAQ:ALGN opened at $298.56 on Friday. The firm has a 50-day moving average of $350.10 and a 200-day moving average of $331.25. The company has a market cap of $22.85 billion, a PE ratio of 73.36, a PEG ratio of 2.45 and a beta of 1.63. Align Technology has a one year low of $172.05 and a one year high of $413.20.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ALGN. Raymond James Trust N.A. boosted its stake in Align Technology by 39.4% in the first quarter. Raymond James Trust N.A. now owns 934 shares of the medical equipment provider’s stock valued at $407,000 after acquiring an additional 264 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Align Technology by 11.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 180,978 shares of the medical equipment provider’s stock valued at $78,911,000 after buying an additional 18,153 shares in the last quarter. Prudential PLC purchased a new stake in shares of Align Technology during the 1st quarter valued at approximately $955,000. Cetera Investment Advisers lifted its stake in shares of Align Technology by 4.9% during the 1st quarter. Cetera Investment Advisers now owns 1,713 shares of the medical equipment provider’s stock valued at $747,000 after buying an additional 80 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its stake in shares of Align Technology by 17.1% during the 1st quarter. Sequoia Financial Advisors LLC now owns 526 shares of the medical equipment provider’s stock valued at $229,000 after buying an additional 77 shares in the last quarter. 87.07% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Company Profile

(Get Free Report)

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, China, and internationally. It operates in two segments, Clear Aligner; and Imaging Systems and CAD/CAM Services (Systems and Services).

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Earnings History and Estimates for Align Technology (NASDAQ:ALGN)

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