Align Technology (NASDAQ:ALGN) Sees Unusually-High Trading Volume Following Earnings Beat

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) saw an uptick in trading volume on Thursday after the company announced better than expected quarterly earnings. 717,943 shares changed hands during mid-day trading, a decline of 7% from the previous session's volume of 770,532 shares.The stock last traded at $224.19 and had previously closed at $207.66.

The medical equipment provider reported $2.35 earnings per share for the quarter, topping analysts' consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The company had revenue of $977.87 million during the quarter, compared to analysts' expectations of $990.05 million. During the same quarter in the previous year, the firm earned $1.62 earnings per share. The business's quarterly revenue was up 1.8% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ALGN. StockNews.com raised Align Technology from a "hold" rating to a "buy" rating in a research report on Thursday, September 19th. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday. Evercore ISI cut their price objective on Align Technology from $270.00 to $250.00 and set an "outperform" rating for the company in a research report on Thursday. Stifel Nicolaus cut their price objective on Align Technology from $285.00 to $275.00 and set a "buy" rating for the company in a research report on Thursday. Finally, Piper Sandler cut their price objective on Align Technology from $285.00 to $275.00 and set an "overweight" rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, Align Technology presently has a consensus rating of "Hold" and a consensus target price of $276.38.

Insider Buying and Selling at Align Technology

In other news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the business's stock in a transaction on Thursday, August 15th. The stock was purchased at an average price of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now directly owns 28,247 shares in the company, valued at approximately $6,647,366.51. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.62% of the company's stock.

Institutional Investors Weigh In On Align Technology

Large investors have recently modified their holdings of the stock. Cullen Frost Bankers Inc. grew 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 valued at $25,000 after purchasing an additional 94 shares during the period. Mather Group LLC. bought a new stake in shares of Align Technology in the 1st quarter valued at approximately $26,000. Innealta Capital LLC bought a new stake in shares of Align Technology in the 2nd quarter valued at approximately $26,000. Rothschild Investment LLC bought a new stake in shares of Align Technology in the 2nd quarter valued at approximately $26,000. Finally, Versant Capital Management Inc grew its stake in shares of 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 institutional investors.

Align Technology Stock Performance

The company has a market capitalization of $16.29 billion, a P/E ratio of 35.65, a price-to-earnings-growth ratio of 5.33 and a beta of 1.64. The firm has a 50 day moving average price of $234.20 and a two-hundred day moving average price of $250.96.

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.