$343.25 Million in Sales Expected for Align Technology, Inc. (ALGN) This Quarter
Wall Street brokerages predict that Align Technology, Inc. (NASDAQ:ALGN) will announce $343.25 million in sales for the current fiscal quarter, Zacks Investment Research reports. Seven analysts have issued estimates for Align Technology’s earnings, with the lowest sales estimate coming in at $340.80 million and the highest estimate coming in at $346.10 million. Align Technology posted sales of $269.36 million during the same quarter last year, which suggests a positive year-over-year growth rate of 27.4%. The company is expected to announce its next quarterly earnings results after the market closes on Thursday, July 27th.
On average, analysts expect that Align Technology will report full year sales of $343.25 million for the current fiscal year, with estimates ranging from $1.34 billion to $1.41 billion. For the next financial year, analysts forecast that the business will report sales of $1.64 billion per share, with estimates ranging from $1.59 billion to $1.74 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Align Technology.
Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Thursday, April 27th. The medical equipment provider reported $0.85 EPS for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.18. The business had revenue of $310.34 million for the quarter, compared to analysts’ expectations of $297.46 million. Align Technology had a net margin of 18.98% and a return on equity of 22.95%. The business’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.50 earnings per share.
A number of equities analysts have issued reports on the stock. Morgan Stanley restated an “overweight” rating and issued a $182.00 price objective (up previously from $175.00) on shares of Align Technology in a research report on Monday. Credit Suisse Group restated an “outperform” rating and issued a $170.00 price objective (up previously from $140.00) on shares of Align Technology in a research report on Thursday, July 13th. Stifel Nicolaus restated a “buy” rating and issued a $200.00 price objective (up previously from $145.00) on shares of Align Technology in a research report on Friday, June 23rd. Leerink Swann boosted their price objective on shares of Align Technology from $149.00 to $194.00 and gave the company an “outperform” rating in a research report on Monday, June 26th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $150.00 price objective (up previously from $110.00) on shares of Align Technology in a research report on Saturday, April 29th. Eight equities research analysts have rated the stock with a buy rating, The stock presently has an average rating of “Buy” and an average price target of $170.63.
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In other news, VP Sreelakshmi Kolli sold 1,000 shares of Align Technology stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $144.00, for a total transaction of $144,000.00. Following the sale, the vice president now owns 23,785 shares of the company’s stock, valued at approximately $3,425,040. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph Lacob sold 3,874 shares of Align Technology stock in a transaction dated Tuesday, May 30th. The shares were sold at an average price of $143.96, for a total transaction of $557,701.04. The disclosure for this sale can be found here. Insiders sold 54,874 shares of company stock worth $7,950,701 in the last 90 days. Corporate insiders own 2.00% of the company’s stock.
Several large investors have recently made changes to their positions in the stock. Stifel Financial Corp raised its stake in shares of Align Technology by 11.6% in the first quarter. Stifel Financial Corp now owns 75,393 shares of the medical equipment provider’s stock worth $8,643,000 after buying an additional 7,834 shares during the last quarter. Karp Capital Management Corp bought a new stake in shares of Align Technology during the first quarter worth $2,620,000. Profund Advisors LLC raised its stake in shares of Align Technology by 6.8% in the first quarter. Profund Advisors LLC now owns 11,547 shares of the medical equipment provider’s stock worth $1,325,000 after buying an additional 738 shares during the last quarter. 1st Global Advisors Inc. bought a new stake in shares of Align Technology during the first quarter worth $205,000. Finally, Quantum Capital Management raised its stake in shares of Align Technology by 21.9% in the first quarter. Quantum Capital Management now owns 63,510 shares of the medical equipment provider’s stock worth $7,285,000 after buying an additional 11,394 shares during the last quarter. 87.81% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Align Technology (ALGN) traded down 0.17% during mid-day trading on Friday, reaching $159.89. 579,918 shares of the company’s stock were exchanged. Align Technology has a one year low of $82.60 and a one year high of $160.93. The company has a 50 day moving average price of $150.34 and a 200-day moving average price of $121.76. The stock has a market cap of $12.84 billion, a PE ratio of 59.66 and a beta of 1.53.
About Align Technology
Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.
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