Align Technology (NASDAQ:ALGN) Issues Quarterly Earnings Results

Align Technology (NASDAQ:ALGN – Get Rating) announced its quarterly earnings results on Wednesday. The medical equipment provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $1.99 by $0.14, MarketWatch Earnings reports. Align Technology had a net margin of 19.53% and a return on equity of 22.19%. During the same quarter in the previous year, the business posted $2.51 EPS.

Shares of Align Technology stock opened at $310.33 on Friday. Align Technology has a twelve month low of $270.37 and a twelve month high of $737.45. The stock has a market capitalization of $24.46 billion, a P/E ratio of 31.41, a PEG ratio of 2.76 and a beta of 1.61. The business’s fifty day moving average price is $431.29 and its 200 day moving average price is $538.85.

Several institutional investors and hedge funds have recently modified their holdings of ALGN. California State Teachers Retirement System lifted its stake in shares of Align Technology by 2.2% during the fourth quarter. California State Teachers Retirement System now owns 137,372 shares of the medical equipment provider’s stock worth $90,278,000 after purchasing an additional 2,931 shares in the last quarter. NewEdge Advisors LLC lifted its stake in shares of Align Technology by 187.4% in the fourth quarter. NewEdge Advisors LLC now owns 1,322 shares of the medical equipment provider’s stock worth $869,000 after acquiring an additional 862 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of Align Technology in the fourth quarter worth about $295,000. Toroso Investments LLC lifted its stake in shares of Align Technology by 26.8% in the fourth quarter. Toroso Investments LLC now owns 1,964 shares of the medical equipment provider’s stock worth $1,291,000 after acquiring an additional 415 shares in the last quarter. Finally, Forum Financial Management LP acquired a new position in shares of Align Technology in the fourth quarter worth about $250,000. Institutional investors own 86.76% of the company’s stock.

A number of equities analysts have recently commented on ALGN shares. UBS Group lowered their price objective on Align Technology from $620.00 to $500.00 and set a “buy” rating for the company in a research report on Tuesday. Piper Sandler dropped their price objective on shares of Align Technology from $600.00 to $440.00 in a research note on Thursday. Stifel Nicolaus dropped their price target on shares of Align Technology from $575.00 to $425.00 in a research note on Thursday. StockNews.com initiated coverage on shares of Align Technology in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Finally, Zacks Investment Research upgraded shares of Align Technology from a “sell” rating to a “hold” rating and set a $454.00 price target on the stock in a research note on Tuesday, March 22nd. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, Align Technology presently has a consensus rating of “Buy” and an average target price of $619.58.

About Align Technology (Get Rating)

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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