Giverny Capital Inc. Acquires 2,129 Shares of Align Technology, Inc. $ALGN

Key Points

• Giverny Capital Inc. increased its holdings in Align Technology, Inc. by 5.0%, acquiring an additional 2,129 shares, which brings its total ownership to 45,135 shares valued at approximately $7.17 million.
• A mix of institutional investors have also boosted their stakes in Align Technology, with Algert Global LLC raising its position by 581.3% during the first quarter.
• Align Technology's stock has experienced several downward price target revisions by analysts, with Piper Sandler and Wells Fargo decreasing their price objectives significantly to $190.00 and $199.00, respectively.

Giverny Capital Inc. raised its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 5.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 45,135 shares of the medical equipment provider's stock after purchasing an additional 2,129 shares during the quarter. Giverny Capital Inc. owned 0.06% of Align Technology worth $7,170,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quantbot Technologies LP increased its stake in Align Technology by 49.8% in the 1st quarter. Quantbot Technologies LP now owns 56,711 shares of the medical equipment provider's stock worth $9,009,000 after buying an additional 18,862 shares during the period. Korea Investment CORP grew its stake in Align Technology by 33.1% in the 1st quarter. Korea Investment CORP now owns 17,304 shares of the medical equipment provider's stock worth $2,749,000 after acquiring an additional 4,300 shares in the last quarter. Versor Investments LP increased its position in shares of Align Technology by 247.9% during the first quarter. Versor Investments LP now owns 6,597 shares of the medical equipment provider's stock worth $1,048,000 after acquiring an additional 4,701 shares during the period. Algert Global LLC raised its stake in shares of Align Technology by 581.3% during the first quarter. Algert Global LLC now owns 49,477 shares of the medical equipment provider's stock valued at $7,860,000 after acquiring an additional 42,215 shares in the last quarter. Finally, Raymond James Financial Inc. raised its stake in shares of Align Technology by 8.4% during the first quarter. Raymond James Financial Inc. now owns 219,678 shares of the medical equipment provider's stock valued at $34,898,000 after acquiring an additional 17,085 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

ALGN has been the topic of several research reports. Piper Sandler reduced their price objective on Align Technology from $250.00 to $190.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Wells Fargo & Company cut their target price on shares of Align Technology from $246.00 to $199.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. Needham & Company LLC reaffirmed a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Stifel Nicolaus dropped their price objective on shares of 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, Morgan Stanley reissued an "equal weight" rating and issued a $154.00 price objective (down previously from $249.00) 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 given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $215.00.

Insiders Place Their Bets

In other news, CEO Joseph M. Hogan acquired 7,576 shares of Align Technology stock in a transaction dated Friday, August 1st. The stock was purchased at an average cost of $131.49 per share, for a total transaction of $996,168.24. Following the completion of the purchase, the chief executive officer directly owned 184,945 shares in the company, valued at $24,318,418.05. This trade represents a 4.27% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.66% of the company's stock.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $142.43 on Monday. Align Technology, Inc. has a fifty-two week low of $127.70 and a fifty-two week high of $262.87. The company has a market cap of $10.32 billion, a PE ratio of 24.02, a P/E/G ratio of 1.61 and a beta of 1.61. The business has a 50-day simple moving average of $179.19 and a two-hundred day simple moving average of $178.98.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.06 billion. During the same period in the prior year, the business posted $2.41 EPS. The company's quarterly revenue was down 1.6% on a year-over-year basis. On average, sell-side 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 share buyback program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

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.

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