$826.24 Million in Sales Expected for Align Technology, Inc. (NASDAQ:ALGN) This Quarter


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Equities analysts expect that Align Technology, Inc. (NASDAQ:ALGN) will announce sales of $826.24 million for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for Align Technology’s earnings, with estimates ranging from $787.85 million to $860.90 million. Align Technology reported sales of $550.96 million during the same quarter last year, which indicates a positive year-over-year growth rate of 50%. The business is expected to announce its next earnings results after the market closes on Wednesday, April 28th.

On average, analysts expect that Align Technology will report full year sales of $3.52 billion for the current financial year, with estimates ranging from $3.34 billion to $3.68 billion. For the next year, analysts anticipate that the company will post sales of $4.28 billion, with estimates ranging from $3.98 billion to $4.49 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that cover Align Technology.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Tuesday, February 2nd. The medical equipment provider reported $2.61 EPS for the quarter, topping the consensus estimate of $2.14 by $0.47. The firm had revenue of $834.50 million during the quarter, compared to analysts’ expectations of $793.56 million. Align Technology had a return on equity of 68.99% and a net margin of 76.00%. Align Technology’s quarterly revenue was up 28.4% compared to the same quarter last year. During the same period last year, the business earned $1.53 earnings per share.

ALGN has been the subject of several research reports. SVB Leerink raised their target price on Align Technology from $680.00 to $690.00 and gave the stock an “outperform” rating in a research report on Thursday, April 15th. Credit Suisse Group lifted their price objective on Align Technology from $618.00 to $630.00 and gave the company an “outperform” rating in a report on Thursday, February 4th. Evercore ISI lifted their price objective on Align Technology from $625.00 to $680.00 and gave the company an “outperform” rating in a report on Thursday, February 4th. They noted that the move was a valuation call. Piper Sandler lifted their price objective on Align Technology from $525.00 to $610.00 and gave the company an “overweight” rating in a report on Tuesday, February 2nd. Finally, Zacks Investment Research cut Align Technology from a “strong-buy” rating to a “hold” rating and set a $575.00 price objective for the company. in a report on Tuesday, April 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company. Align Technology currently has an average rating of “Buy” and an average target price of $507.77.

In related news, SVP Stuart A. Hockridge sold 5,602 shares of Align Technology stock in a transaction dated Wednesday, February 24th. The stock was sold at an average price of $573.27, for a total value of $3,211,458.54. Also, Director George J. Morrow sold 15,000 shares of Align Technology stock in a transaction dated Monday, February 8th. The stock was sold at an average price of $624.60, for a total value of $9,369,000.00. Following the completion of the sale, the director now owns 26,680 shares of the company’s stock, valued at $16,664,328. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,102 shares of company stock valued at $15,920,924. 1.20% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in ALGN. FormulaFolio Investments LLC bought a new position in Align Technology during the fourth quarter worth about $7,210,000. Stratos Wealth Partners LTD. bought a new position in Align Technology during the fourth quarter worth about $1,057,000. Price T Rowe Associates Inc. MD boosted its holdings in Align Technology by 3.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,559,797 shares of the medical equipment provider’s stock worth $833,524,000 after buying an additional 48,077 shares during the last quarter. PGGM Investments bought a new position in Align Technology during the fourth quarter worth about $13,296,000. Finally, Maryland State Retirement & Pension System bought a new position in Align Technology during the fourth quarter worth about $652,000. Hedge funds and other institutional investors own 85.84% of the company’s stock.

ALGN stock traded down $7.52 during midday trading on Tuesday, hitting $596.20. The stock had a trading volume of 371,606 shares, compared to its average volume of 617,693. The firm has a market capitalization of $47.18 billion, a price-to-earnings ratio of 27.12, a P/E/G ratio of 4.07 and a beta of 1.68. Align Technology has a 52 week low of $184.67 and a 52 week high of $634.46. The stock has a 50-day simple moving average of $549.11 and a 200 day simple moving average of $511.49.

About Align Technology

Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services.

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

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