Zacks Research Analysts Increase Earnings Estimates for Align Technology, Inc. (NASDAQ:ALGN)

Posted by on Oct 25th, 2023

Align Technology, Inc. (NASDAQ:ALGN – Free Report) – Investment analysts at Zacks Research boosted their Q3 2023 earnings per share estimates for Align Technology in a research note issued on Sunday, October 22nd. Zacks Research analyst M. Mondal now anticipates that the medical equipment provider will earn $1.80 per share for the quarter, up from their previous estimate of $1.78. The consensus estimate for Align Technology’s current full-year earnings is $7.19 per share. Zacks Research also issued estimates for Align Technology’s Q4 2023 earnings at $1.93 EPS, FY2023 earnings at $6.99 EPS, Q4 2024 earnings at $2.07 EPS and FY2024 earnings at $8.21 EPS.

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

Several other brokerages have also commented on ALGN. StockNews.com initiated coverage on Align Technology in a research note on Thursday, October 5th. They set a “buy” rating for the company. Piper Sandler upped their price target on Align Technology from $370.00 to $415.00 in a research note on Thursday, July 27th. Evercore ISI dropped their price target on Align Technology from $400.00 to $320.00 in a research note on Wednesday, October 11th. HSBC assumed coverage on Align Technology in a research report on Wednesday, August 30th. They issued a “buy” rating and a $450.00 target price for the company. Finally, OTR Global raised Align Technology from a “mixed” rating to a “positive” rating in a research report on Thursday, September 14th. Two analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Align Technology currently has a consensus rating of “Moderate Buy” and an average target price of $369.78.

Get Our Latest Report on Align Technology

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $265.46 on Tuesday. The firm has a market capitalization of $20.32 billion, a PE ratio of 65.22, a P/E/G ratio of 2.14 and a beta of 1.66. The business has a 50-day moving average of $317.54 and a two-hundred day moving average of $325.88. Align Technology has a 12 month low of $172.05 and a 12 month high of $413.20.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ALGN. AdvisorNet Financial Inc boosted its holdings in Align Technology by 140.0% in the second quarter. AdvisorNet Financial Inc now owns 72 shares of the medical equipment provider’s stock valued at $25,000 after purchasing an additional 42 shares during the last quarter. Manchester Capital Management LLC acquired a new position in shares of Align Technology in the 1st quarter worth approximately $26,000. KB Financial Partners LLC acquired a new position in shares of Align Technology in the 1st quarter worth approximately $26,000. Optiver Holding B.V. acquired a new position in shares of Align Technology in the 2nd quarter worth approximately $27,000. Finally, Ronald Blue Trust Inc. grew its position in shares of Align Technology by 42.6% in the 1st quarter. Ronald Blue Trust Inc. now owns 134 shares of the medical equipment provider’s stock worth $28,000 after acquiring an additional 40 shares in the last quarter. Hedge funds and other institutional investors own 87.07% of the company’s stock.

About Align Technology

(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).

Featured Articles

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

Receive News & Ratings for Align Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Align Technology and related companies with MarketBeat.com's FREE daily email newsletter.