Brokerages Expect Align Technology, Inc. (NASDAQ:ALGN) Will Post Quarterly Sales of $592.46 Million

Equities analysts forecast that Align Technology, Inc. (NASDAQ:ALGN) will report sales of $592.46 million for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Align Technology’s earnings, with the lowest sales estimate coming in at $585.00 million and the highest estimate coming in at $596.60 million. Align Technology posted sales of $505.29 million in the same quarter last year, which suggests a positive year-over-year growth rate of 17.3%. The firm is scheduled to issue its next earnings results after the market closes on Wednesday, October 23rd.

According to Zacks, analysts expect that Align Technology will report full-year sales of $2.39 billion for the current fiscal year, with estimates ranging from $2.37 billion to $2.42 billion. For the next financial year, analysts forecast that the company will post sales of $2.91 billion, with estimates ranging from $2.84 billion to $2.97 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that cover Align Technology.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.13 by $0.13. The business had revenue of $600.70 million for the quarter, compared to analysts’ expectations of $599.86 million. Align Technology had a return on equity of 29.26% and a net margin of 19.06%. The firm’s quarterly revenue was up 22.5% on a year-over-year basis. During the same period in the prior year, the firm posted $1.30 EPS.

Several research firms recently issued reports on ALGN. Barclays lowered their price objective on Align Technology from $300.00 to $272.00 and set an “overweight” rating on the stock in a research report on Monday. Robert W. Baird decreased their target price on shares of Align Technology from $336.00 to $259.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. Piper Jaffray Companies set a $240.00 target price on shares of Align Technology and gave the company a “buy” rating in a research note on Wednesday, July 31st. UBS Group set a $230.00 target price on shares of Align Technology and gave the company a “hold” rating in a research note on Friday, July 26th. Finally, Credit Suisse Group decreased their target price on shares of Align Technology from $340.00 to $320.00 and set an “outperform” rating for the company in a research note on Thursday, July 25th. Two analysts have rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $265.27.

ALGN stock traded up $6.67 during midday trading on Friday, hitting $190.97. The company’s stock had a trading volume of 422,771 shares, compared to its average volume of 1,301,372. The company has a market cap of $14.50 billion, a PE ratio of 38.82, a P/E/G ratio of 1.49 and a beta of 2.00. Align Technology has a 12 month low of $169.84 and a 12 month high of $346.77. The company has a current ratio of 1.85, a quick ratio of 1.74 and a debt-to-equity ratio of 0.04. The firm’s 50-day moving average is $179.18 and its 200-day moving average is $252.94.

In related news, VP Vamsi Mohan Raj Pudipeddi acquired 1,100 shares of Align Technology stock in a transaction dated Tuesday, August 6th. The stock was purchased at an average cost of $188.11 per share, for a total transaction of $206,921.00. Following the purchase, the vice president now directly owns 1,100 shares of the company’s stock, valued at approximately $206,921. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph M. Hogan acquired 4,995 shares of Align Technology stock in a transaction dated Friday, August 2nd. The stock was bought at an average price of $199.83 per share, with a total value of $998,150.85. Following the completion of the purchase, the insider now directly owns 165,440 shares in the company, valued at $33,059,875.20. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 44,157 shares of company stock valued at $7,976,448. Company insiders own 1.30% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Private Advisor Group LLC increased its stake in shares of Align Technology by 138,704.5% in the 2nd quarter. Private Advisor Group LLC now owns 3,786,588 shares of the medical equipment provider’s stock worth $4,704,000 after purchasing an additional 3,783,860 shares in the last quarter. Edgewood Management LLC increased its stake in shares of Align Technology by 52.9% in the 2nd quarter. Edgewood Management LLC now owns 3,080,611 shares of the medical equipment provider’s stock worth $843,163,000 after purchasing an additional 1,066,376 shares in the last quarter. Polen Capital Management LLC increased its stake in shares of Align Technology by 4.5% in the 2nd quarter. Polen Capital Management LLC now owns 2,603,337 shares of the medical equipment provider’s stock worth $712,533,000 after purchasing an additional 111,291 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Align Technology by 12.3% in the 2nd quarter. Renaissance Technologies LLC now owns 2,537,681 shares of the medical equipment provider’s stock worth $694,563,000 after purchasing an additional 277,681 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Align Technology by 24.9% in the 2nd quarter. Invesco Ltd. now owns 1,507,453 shares of the medical equipment provider’s stock worth $412,590,000 after purchasing an additional 300,590 shares in the last quarter. Hedge funds and other institutional investors own 88.26% of the company’s stock.

About Align Technology

Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontics, and restorative and aesthetic dentistry worldwide. It operates in two segments, Clear Aligner; and Scanners and Services. The Clear Aligner segment consists of comprehensive products, including Invisalign Comprehensive treatment that addresses the orthodontic needs of teenage patients, such as compliance indicators and compensation for tooth eruption; Invisalign Assist treatment, which offers support to dental practitioners throughout the treatment process, including progress tracking; and Invisalign First Phase I and Invisalign First Comprehensive Phase II package for younger patients with early mixed dentition with a mixture of primary/baby and permanent teeth.

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