Alapocas Investment Partners Inc. Has $5.69 Million Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• Alapocas Investment Partners Inc. increased its position in Align Technology by 38.8% in Q1, holding 35,809 shares worth $5.69 million.
• Align Technology reported Q2 earnings of $2.49 per share, missing estimates, and observed a 1.6% revenue decline year-over-year.
• Align's Board approved a $1 billion stock repurchase program, indicating confidence in the company's valuation.

Alapocas Investment Partners Inc. raised its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 38.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,809 shares of the medical equipment provider's stock after purchasing an additional 10,011 shares during the quarter. Align Technology makes up approximately 3.5% of Alapocas Investment Partners Inc.'s holdings, making the stock its 14th biggest position. Alapocas Investment Partners Inc.'s holdings in Align Technology were worth $5,689,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of ALGN. Covestor Ltd increased its position in Align Technology by 14.6% during the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock worth $87,000 after acquiring an additional 53 shares during the period. Washington Trust Advisors Inc. grew its position in Align Technology by 5.2% in the 1st quarter. Washington Trust Advisors Inc. now owns 1,205 shares of the medical equipment provider's stock worth $191,000 after purchasing an additional 60 shares during the last quarter. Fulcrum Capital LLC increased its holdings in shares of Align Technology by 0.8% during the 1st quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider's stock worth $1,475,000 after purchasing an additional 70 shares during the period. Wahed Invest LLC raised its position in shares of Align Technology by 5.8% during the fourth quarter. Wahed Invest LLC now owns 1,924 shares of the medical equipment provider's stock valued at $401,000 after buying an additional 105 shares during the last quarter. Finally, Empirical Finance LLC lifted its stake in shares of Align Technology by 4.5% in the first quarter. Empirical Finance LLC now owns 2,569 shares of the medical equipment provider's stock valued at $408,000 after buying an additional 110 shares during the period. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of ALGN opened at $136.90 on Thursday. The company has a market cap of $9.92 billion, a price-to-earnings ratio of 23.09, a PEG ratio of 1.57 and a beta of 1.61. The stock has a fifty day moving average price of $184.74 and a two-hundred day moving average price of $183.92. Align Technology, Inc. has a 52-week low of $127.70 and a 52-week high of $262.87.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.57 by ($0.08). Align Technology had a return on equity of 13.36% and a net margin of 11.04%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $1.06 billion. During the same quarter last year, the company earned $2.41 EPS. The firm's quarterly revenue was down 1.6% on a year-over-year basis. As a group, research analysts predict that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has approved a stock repurchase program on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ALGN has been the subject of several recent research reports. Piper Sandler cut their price target on Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Wells Fargo & Company cut their target price on Align Technology from $246.00 to $199.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and decreased their price target for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. UBS Group dropped their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Finally, Evercore ISI lifted their target price on shares of Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a research report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $215.00.

Insider Transactions at Align Technology

In other news, CEO Joseph M. Hogan bought 7,576 shares of the company's stock in a transaction dated Friday, August 1st. The stock was bought at an average price of $131.49 per share, for a total transaction of $996,168.24. Following the completion of the transaction, the chief executive officer directly owned 184,945 shares in the company, valued at $24,318,418.05. The trade was a 4.27% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.66% of the company's stock.

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.

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