Align Technology, Inc. (NASDAQ:ALGN) Expected to Announce Quarterly Sales of $595.61 Million
Equities research analysts predict that Align Technology, Inc. (NASDAQ:ALGN) will report $595.61 million in sales for the current fiscal quarter, according to Zacks Investment Research. Seven analysts have made estimates for Align Technology’s earnings. The lowest sales estimate is $590.70 million and the highest is $599.30 million. Align Technology reported sales of $490.26 million in the same quarter last year, which indicates a positive year over year growth rate of 21.5%. The company is expected to issue its next quarterly earnings report on Wednesday, July 24th.
According to Zacks, analysts expect that Align Technology will report full year sales of $2.44 billion for the current fiscal year, with estimates ranging from $2.42 billion to $2.46 billion. For the next financial year, analysts expect that the firm will report sales of $3.03 billion, with estimates ranging from $2.99 billion to $3.08 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Align Technology.
Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.06. The firm had revenue of $549.00 million during the quarter, compared to analysts’ expectations of $532.16 million. Align Technology had a net margin of 18.10% and a return on equity of 30.58%. The firm’s revenue for the quarter was up 25.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.17 earnings per share.
NASDAQ ALGN opened at $308.88 on Wednesday. The stock has a market cap of $25.03 billion, a P/E ratio of 62.78, a PEG ratio of 2.43 and a beta of 2.14. Align Technology has a 52-week low of $177.93 and a 52-week high of $398.88.
In other Align Technology news, CFO John Morici sold 2,374 shares of the stock in a transaction dated Friday, May 31st. The shares were sold at an average price of $286.91, for a total value of $681,124.34. Following the completion of the transaction, the chief financial officer now directly owns 2,913 shares of the company’s stock, valued at $835,768.83. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director C Raymond Larkin, Jr. sold 9,734 shares of the stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $296.65, for a total transaction of $2,887,591.10. Following the completion of the transaction, the director now directly owns 50,257 shares of the company’s stock, valued at $14,908,739.05. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,283 shares of company stock valued at $17,483,871. 1.30% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of ALGN. BlackRock Inc. increased its holdings in Align Technology by 31.7% in the fourth quarter. BlackRock Inc. now owns 6,935,085 shares of the medical equipment provider’s stock valued at $1,452,414,000 after buying an additional 1,670,441 shares in the last quarter. Viking Global Investors LP grew its position in shares of Align Technology by 220.1% in the first quarter. Viking Global Investors LP now owns 1,795,990 shares of the medical equipment provider’s stock valued at $510,654,000 after purchasing an additional 1,234,890 shares during the last quarter. Norges Bank acquired a new stake in shares of Align Technology in the fourth quarter valued at approximately $180,162,000. Goldman Sachs Group Inc. grew its position in shares of Align Technology by 68.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,173,060 shares of the medical equipment provider’s stock valued at $333,537,000 after purchasing an additional 478,597 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Align Technology by 22.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,334,677 shares of the medical equipment provider’s stock valued at $279,521,000 after purchasing an additional 244,095 shares during the last quarter. 82.63% of the stock is owned by institutional investors.
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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