Here's Why Align Technology Stock Is Soaring

Align Technology Inc ALGN shares are ripping higher Thursday after the company reported better-than-expected financial results and announced a buyback. Multiple analysts are out with positive coverage following the print.

• Q4 Revenue: $901.5 million beat estimates of $892.82 billion
• Q4 EPS: $1.73 beat estimates of $1.56

Align ended the quarter with over $1 billion in cash and equivalents. The company’s board also approved a new $1 billion share repurchase program.

"Overall, I’m pleased to report fourth quarter results that reflect a more stable environment for doctors and their patients than recent quarters, especially in the Americas and EMEA regions, as well as most APAC markets outside of China. Throughout Q4, trends in consumer interest for orthodontic treatment, patient traffic in doctor’s practices, and iTero scanner demos continued to improve," said Joe Hogan, CEO of Align.

"We are cautiously optimistic for continued stability and improving trends as we move through the year. However, the macroeconomic environment remains fragile and given continued global challenges and uncertainty, we are not providing full year revenue guidance," the company added.

Analyst Assessment: Several analysts adjusted ratings or price targets on the stock following the company's quarterly results.

• Piper Sandler analyst Jason Bednar maintained Align with an Overweight and raised the price target from $255 to $360.
• Baird analyst Jeff Johnson maintained Align with an Outperform and raised the price target from $260 to $335.
• Goldman Sachs analyst Nathan Rice upgraded Align from Sell to Neutral and announced a $307 price target.

See Also: Apple Likely To Report Drop In Earnings, Here's A Look At Recent Price Target Changes By The Most Accurate Analysts

ALGN Price Action: Align has a 52-week high of $551.99 and a 52-week low of $172.05.

The stock was up 17.9% at $332.94 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Align.