Bank of Nova Scotia Buys 19,227 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• Bank of Nova Scotia increased its stake in Align Technology by 257.7%, acquiring 19,227 shares to own a total of 26,689 shares valued at approximately $4.24 million.
• CEO Joseph M. Hogan purchased 7,576 shares of Align Technology stock, raising his ownership to 184,945 shares, valued at around $24.32 million.
• Align Technology is facing analyst rating changes, with some brokers downgrading their ratings and adjusting target prices; currently, there is a consensus rating of “Moderate Buy” with an average target price of $215.00.

Bank of Nova Scotia increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 257.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 26,689 shares of the medical equipment provider's stock after buying an additional 19,227 shares during the quarter. Bank of Nova Scotia's holdings in Align Technology were worth $4,240,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. GKV Capital Management Co. Inc. acquired a new position in Align Technology during the 4th quarter worth approximately $31,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Align Technology in the first quarter worth approximately $32,000. Aster Capital Management DIFC Ltd purchased a new stake in shares of Align Technology in the fourth quarter worth approximately $35,000. Center for Financial Planning Inc. purchased a new stake in shares of Align Technology in the first quarter worth approximately $35,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Align Technology in the fourth quarter worth approximately $42,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Joseph M. Hogan acquired 7,576 shares of Align Technology stock in a transaction on Friday, August 1st. The stock was acquired at an average cost of $131.49 per share, with a total value of $996,168.24. Following the completion of the acquisition, the chief executive officer owned 184,945 shares in the company, valued at approximately $24,318,418.05. This trade represents a 4.27% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.66% of the company's stock.

Wall Street Analyst Weigh In

ALGN has been the subject of several analyst reports. UBS Group lowered their price objective on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company lowered their price objective 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. Stifel Nicolaus lowered their price objective on Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. Hsbc Global Res downgraded Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. 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 note on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $215.00.

Align Technology Trading Up 0.8%

Shares of ALGN traded up $1.11 on Friday, reaching $139.88. 1,727,978 shares of the company's stock traded hands, compared to its average volume of 2,215,649. The stock has a market cap of $10.14 billion, a PE ratio of 23.59, a PEG ratio of 1.58 and a beta of 1.61. The stock's 50 day simple moving average is $183.04 and its two-hundred day simple moving average is $182.38. 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 announced its quarterly earnings data on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share 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 firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period last year, the company posted $2.41 earnings per share. Align Technology's revenue for the quarter was down 1.6% on a year-over-year basis. 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 authorized a stock repurchase plan on Tuesday, May 6th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

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.