Blueshift Asset Management LLC Invests $327,000 in Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• Blueshift Asset Management LLC has invested $327,000 in Align Technology, acquiring 2,060 shares in the first quarter.
• Multiple hedge funds, including Ninety One UK Ltd and Geode Capital Management LLC, have increased their stakes in Align Technology significantly during recent quarters.
• Align Technology has faced downgrades in price targets from several analysts, with Stifel Nicolaus lowering their target from $275 to $200, while maintaining a "buy" rating.

Blueshift Asset Management LLC purchased a new stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 2,060 shares of the medical equipment provider's stock, valued at approximately $327,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Jefferies Financial Group Inc. raised its position in shares of Align Technology by 25.1% during the 1st quarter. Jefferies Financial Group Inc. now owns 7,142 shares of the medical equipment provider's stock worth $1,135,000 after buying an additional 1,432 shares in the last quarter. Alberta Investment Management Corp purchased a new position in shares of Align Technology in the first quarter worth approximately $3,177,000. Modera Wealth Management LLC increased its position in shares of Align Technology by 3.2% in the first quarter. Modera Wealth Management LLC now owns 15,347 shares of the medical equipment provider's stock worth $2,438,000 after acquiring an additional 481 shares in the last quarter. Tredje AP fonden increased its position in shares of Align Technology by 21.0% in the first quarter. Tredje AP fonden now owns 115,198 shares of the medical equipment provider's stock worth $18,300,000 after acquiring an additional 20,000 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Align Technology during the first quarter valued at approximately $1,821,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Trading Down 0.1%

NASDAQ:ALGN traded down $0.21 during trading hours on Thursday, hitting $136.70. 136,506 shares of the company traded hands, compared to its average volume of 1,192,358. The stock has a market capitalization of $9.91 billion, a price-to-earnings ratio of 23.11, a P/E/G ratio of 1.57 and a beta of 1.61. Align Technology, Inc. has a twelve month low of $127.70 and a twelve month high of $262.87. The firm has a 50-day moving average of $184.74 and a 200 day moving average of $183.92.

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). The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.06 billion. Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The company's quarterly revenue was down 1.6% compared to the same quarter last year. During the same period last year, the firm earned $2.41 EPS. Equities research analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

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

Insider Transactions at Align Technology

In other Align Technology news, CEO Joseph M. Hogan purchased 7,576 shares of the stock in a transaction on Friday, August 1st. The shares were purchased at an average price of $131.49 per share, with a total value of $996,168.24. Following the acquisition, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.66% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on ALGN shares. Hsbc Global Res downgraded shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Evercore ISI boosted their price objective on shares of Align Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. Wells Fargo & Company reduced their price objective on shares of 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 reduced their price objective on shares of Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. Finally, Mizuho set a $210.00 price objective on shares of Align Technology in a research note on Thursday, July 31st. One 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 assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $215.00.

About Align Technology

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.