Align Technology (NASDAQ:ALGN) Posts Quarterly Earnings Results, Misses Estimates By $0.47 EPS

Align Technology (NASDAQ:ALGN) released its quarterly earnings results on Wednesday. The medical equipment provider reported $1.96 earnings per share for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47), Zacks reports. Align Technology had a net margin of 11.15% and a return on equity of 13.99%.

Align Technology Price Performance

Shares of NASDAQ ALGN traded up $1.61 during mid-day trading on Wednesday, hitting $216.36. 1,219,592 shares of the stock traded hands, compared to its average volume of 706,047. Align Technology has a twelve month low of $196.09 and a twelve month high of $335.40. The firm has a 50 day simple moving average of $222.19 and a two-hundred day simple moving average of $226.22. The company has a market cap of $16.15 billion, a PE ratio of 36.92, a price-to-earnings-growth ratio of 4.80 and a beta of 1.67.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ALGN shares. Morgan Stanley dropped their price objective on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Jefferies Financial Group cut their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday, January 23rd. Bank of America raised their target price on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a report on Friday, December 13th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Finally, Robert W. Baird reduced their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $271.70.

About Align Technology

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, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.