Align Technology (NASDAQ:ALGN) Sees Strong Trading Volume Following Strong Earnings

Align Technology, Inc. (NASDAQ:ALGN) saw unusually-high trading volume on Thursday following a better than expected earnings announcement. Approximately 717,943 shares were traded 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, beating analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a net margin of 11.34% and a return on equity of 14.07%. The firm had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same quarter in the previous year, the firm posted $1.62 earnings per share. The business’s revenue was up 1.8% on a year-over-year basis.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ALGN. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Stifel Nicolaus dropped their target price on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday. Robert W. Baird reduced their price target on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday. Evercore ISI lowered their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday. Finally, Piper Sandler cut their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Align Technology presently has a consensus rating of “Hold” and an average target price of $276.38.

Insiders Place Their Bets

In other news, Director C Raymond Larkin, Jr. bought 6,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the purchase, the director now owns 28,247 shares of the company’s stock, valued at approximately $6,647,366.51. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed 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

Several hedge funds have recently added to or reduced their stakes in ALGN. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Align Technology by 12.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,294 shares of the medical equipment provider’s stock worth $2,064,000 after buying an additional 697 shares during the last quarter. SteelPeak Wealth LLC bought a new position in shares of Align Technology during the first quarter worth approximately $306,000. Azzad Asset Management Inc. ADV lifted its holdings in Align Technology by 9.2% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 13,622 shares of the medical equipment provider’s stock worth $4,467,000 after purchasing an additional 1,149 shares during the last quarter. Norden Group LLC boosted its stake in Align Technology by 3,647.7% in the 1st quarter. Norden Group LLC now owns 36,540 shares of the medical equipment provider’s stock valued at $11,982,000 after purchasing an additional 35,565 shares during the period. Finally, First Trust Direct Indexing L.P. grew its holdings in Align Technology by 43.4% in the 1st quarter. First Trust Direct Indexing L.P. now owns 2,010 shares of the medical equipment provider’s stock valued at $659,000 after buying an additional 608 shares in the last quarter. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Trading Up 1.3 %

The stock has a market cap of $16.51 billion, a P/E ratio of 36.24, a PEG ratio of 5.33 and a beta of 1.64. The firm has a 50-day simple moving average of $233.83 and a two-hundred day simple moving average of $250.72.

Align Technology Company Profile

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.