Align Technology (ALGN) to Post Q2 2018 Earnings of $1.11 Per Share, Northcoast Research Forecasts
Align Technology (NASDAQ:ALGN) – Equities researchers at Northcoast Research boosted their Q2 2018 earnings per share estimates for Align Technology in a research report issued on Thursday, April 26th. Northcoast Research analyst E. Snyder now forecasts that the medical equipment provider will earn $1.11 per share for the quarter, up from their prior estimate of $1.06. Northcoast Research also issued estimates for Align Technology’s Q3 2018 earnings at $1.26 EPS, Q4 2018 earnings at $1.37 EPS, FY2018 earnings at $4.92 EPS, Q2 2019 earnings at $1.38 EPS, Q3 2019 earnings at $1.66 EPS, Q4 2019 earnings at $1.79 EPS and FY2019 earnings at $6.31 EPS.
A number of other research firms have also recently commented on ALGN. Morgan Stanley upped their price target on Align Technology from $270.00 to $290.00 and gave the stock an “equal weight” rating in a research note on Thursday. Berenberg Bank initiated coverage on Align Technology in a research note on Friday, April 20th. They set a “buy” rating and a $305.00 price target on the stock. Credit Suisse Group upped their price target on Align Technology from $290.00 to $300.00 and gave the stock an “outperform” rating in a research note on Thursday. ValuEngine raised Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Finally, Zacks Investment Research lowered Align Technology from a “buy” rating to a “hold” rating in a research report on Friday, April 20th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Align Technology presently has a consensus rating of “Buy” and a consensus price target of $265.15.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, April 25th. The medical equipment provider reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.19. Align Technology had a return on equity of 30.30% and a net margin of 16.12%. The company had revenue of $436.92 million for the quarter, compared to analysts’ expectations of $408.27 million. During the same period in the prior year, the firm earned $0.59 earnings per share. The firm’s revenue was up 40.8% compared to the same quarter last year.
A number of large investors have recently bought and sold shares of ALGN. DnB Asset Management AS increased its holdings in Align Technology by 17.7% in the fourth quarter. DnB Asset Management AS now owns 18,600 shares of the medical equipment provider’s stock valued at $4,133,000 after buying an additional 2,800 shares during the last quarter. Bremer Trust National Association purchased a new position in Align Technology in the fourth quarter valued at $274,000. Ipswich Investment Management Co. Inc. purchased a new position in Align Technology in the fourth quarter valued at $226,000. National Pension Service increased its holdings in Align Technology by 98,968.3% in the fourth quarter. National Pension Service now owns 81,236 shares of the medical equipment provider’s stock valued at $18,050,000 after buying an additional 81,154 shares during the last quarter. Finally, HWG Holdings LP increased its holdings in Align Technology by 579.3% in the fourth quarter. HWG Holdings LP now owns 3,057 shares of the medical equipment provider’s stock valued at $679,000 after buying an additional 2,607 shares during the last quarter. 80.28% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Emory Wright sold 45,780 shares of the stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $260.08, for a total value of $11,906,462.40. Following the transaction, the vice president now owns 29,957 shares of the company’s stock, valued at $7,791,216.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph M. Hogan bought 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was acquired at an average cost of $233.63 per share, for a total transaction of $350,445.00. Following the acquisition, the insider now directly owns 42,984 shares of the company’s stock, valued at $10,042,351.92. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by corporate insiders.
About Align Technology
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
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