Leerink Partnrs Has Pessimistic View of ALGN FY2024 Earnings

Align Technology, Inc. (NASDAQ:ALGN - Free Report) - Analysts at Leerink Partnrs lowered their FY2024 EPS estimates for shares of Align Technology in a research note issued on Monday, October 14th. Leerink Partnrs analyst M. Cherny now expects that the medical equipment provider will post earnings per share of $7.59 for the year, down from their previous estimate of $7.61. The consensus estimate for Align Technology's current full-year earnings is $7.61 per share. Leerink Partnrs also issued estimates for Align Technology's Q4 2024 earnings at $2.08 EPS, Q2 2025 earnings at $2.04 EPS, FY2025 earnings at $8.25 EPS, FY2026 earnings at $10.38 EPS and FY2027 earnings at $11.90 EPS.

A number of other equities analysts have also recently issued reports on ALGN. Stifel Nicolaus cut their price target on Align Technology from $350.00 to $285.00 and set a "buy" rating on the stock in a report on Friday, October 11th. StockNews.com upgraded shares of Align Technology from a "hold" rating to a "buy" rating in a report on Thursday, September 19th. Piper Sandler decreased their price target on shares of Align Technology from $315.00 to $285.00 and set an "overweight" rating for the company in a research note on Thursday. Evercore ISI cut their price objective on shares of Align Technology from $280.00 to $270.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 8th. Finally, Robert W. Baird reduced their target price on Align Technology from $370.00 to $325.00 and set an "outperform" rating for the company in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $291.25.

Align Technology Trading Down 0.0 %

NASDAQ ALGN traded down $0.03 during trading hours on Thursday, hitting $216.02. 840,639 shares of the company's stock were exchanged, compared to its average volume of 767,812. The firm has a market cap of $16.26 billion, a price-to-earnings ratio of 35.59, a PEG ratio of 5.33 and a beta of 1.64. The stock has a 50-day simple moving average of $234.44 and a 200 day simple moving average of $254.48. Align Technology has a 1-year low of $176.34 and a 1-year high of $335.40.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.09. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the business earned $1.73 earnings per share. Align Technology's revenue for the quarter was up 2.6% on a year-over-year basis.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. boosted its stake in shares of Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider's stock worth $25,000 after buying an additional 94 shares during the last quarter. Mather Group LLC. bought a new stake in Align Technology during the first quarter worth $26,000. Innealta Capital LLC bought a new stake in Align Technology during the second quarter worth $26,000. Rothschild Investment LLC purchased a new position in Align Technology in the second quarter worth $26,000. Finally, Versant Capital Management Inc grew its stake in Align Technology by 547.1% in the 2nd quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider's stock valued at $27,000 after purchasing an additional 93 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Align Technology

In related news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the firm's stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares of the company's stock, valued at $6,647,366.51. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.62% of the company's stock.

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.