AQR Capital Management LLC Buys 206,308 Shares of Align Technology, Inc. $ALGN

Key Points

• AQR Capital Management significantly increased its stake in Align Technology by 104.2%, acquiring 206,308 additional shares, bringing their total holdings to approximately $63 million.
• Align Technology's CEO, Joseph M. Hogan, purchased 7,576 shares at around $131.49 each, increasing his position by 4.27% and indicating executive confidence in the stock.
• Align Technology's recent earnings report showed a miss on earnings per share estimates, with a reported $2.49 EPS, down from the previous year's $2.41, alongside revenue that fell short of projections.

AQR Capital Management LLC lifted its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 104.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 404,310 shares of the medical equipment provider's stock after buying an additional 206,308 shares during the quarter. AQR Capital Management LLC owned about 0.56% of Align Technology worth $63,133,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Redmond Asset Management LLC increased its holdings in shares of Align Technology by 2.0% in the 1st quarter. Redmond Asset Management LLC now owns 2,769 shares of the medical equipment provider's stock worth $440,000 after buying an additional 54 shares during the last quarter. Horizon Investments LLC increased its holdings in shares of Align Technology by 6.2% in the 1st quarter. Horizon Investments LLC now owns 1,018 shares of the medical equipment provider's stock worth $162,000 after buying an additional 59 shares during the last quarter. Washington Trust Advisors Inc. increased its holdings in shares of 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 buying an additional 60 shares during the last quarter. Fulcrum Capital LLC grew 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 valued at $1,475,000 after purchasing an additional 70 shares during the last quarter. Finally, Covestor Ltd raised its position in Align Technology by 18.8% in the 1st quarter. Covestor Ltd now owns 493 shares of the medical equipment provider's stock worth $78,000 after purchasing an additional 78 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Trading Down 1.6%

Shares of ALGN stock traded down $2.26 during mid-day trading on Monday, reaching $136.86. The stock had a trading volume of 1,408,549 shares, compared to its average volume of 1,316,050. The stock's 50-day moving average price is $165.60 and its two-hundred day moving average price is $171.45. Align Technology, Inc. has a 52-week low of $127.70 and a 52-week high of $262.87. The firm has a market capitalization of $9.92 billion, a PE ratio of 23.08, a price-to-earnings-growth ratio of 1.57 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced 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 net margin of 11.04% and a return on equity of 13.36%. The company had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter in the prior year, the firm earned $2.41 EPS. Align Technology's quarterly revenue was down 1.6% compared to the same quarter last year. Align Technology has set its Q3 2025 guidance at EPS. On average, equities research analysts forecast that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has initiated a share repurchase plan on Tuesday, August 5th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the medical equipment provider to repurchase up to 2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

ALGN has been the subject of several analyst reports. Mizuho set a $210.00 price target on shares of Align Technology in a research report on Thursday, July 31st. Wells Fargo & Company lowered 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. Evercore ISI increased their target price on Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Stifel Nicolaus decreased their price target on Align Technology from $275.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, July 31st. Finally, Piper Sandler lowered their price objective on Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $215.00.

Insider Activity

In related news, CEO Joseph M. Hogan purchased 7,576 shares of Align Technology stock in a transaction that occurred on Friday, August 1st. The shares were 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 of the company's stock, valued at $24,318,418.05. This represents a 4.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.66% of the stock is owned by corporate insiders.

Align Technology 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.