Align Technology, Inc. (NASDAQ:ALGN) Holdings Lifted by GSA Capital Partners LLP

Key Points

• GSA Capital Partners LLP increased its stake in Align Technology, Inc. by 121.9% in the first quarter, now holding 5,120 shares worth approximately $813,000.
• Align Technology's CEO, Joseph M. Hogan, purchased 7,576 shares for nearly $1 million, raising his total ownership to around $24.3 million.
• Wall Street analysts have mixed ratings on Align Technology, with a consensus target price of $215.00 and one analyst issuing a strong buy rating while others have lowered their price targets.

GSA Capital Partners LLP lifted its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 121.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,120 shares of the medical equipment provider's stock after buying an additional 2,813 shares during the period. GSA Capital Partners LLP's holdings in Align Technology were worth $813,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. GKV Capital Management Co. Inc. acquired a new stake in Align Technology in the fourth quarter valued at approximately $31,000. Compagnie Lombard Odier SCmA acquired a new position in Align Technology during the 1st quarter valued at about $32,000. Aster Capital Management DIFC Ltd purchased a new stake in Align Technology in the fourth quarter valued at about $35,000. Center for Financial Planning Inc. purchased a new stake in shares of Align Technology during the first quarter worth about $35,000. Finally, Orion Capital Management LLC acquired a new position in shares of Align Technology during the fourth quarter valued at about $42,000. Hedge funds and other institutional investors own 88.43% of the company's stock.

Insiders Place Their Bets

In related news, CEO Joseph M. Hogan bought 7,576 shares of the stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $131.49 per share, for a total transaction of $996,168.24. Following the completion of the transaction, the chief executive officer 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.66% of the stock is currently owned by corporate insiders.

Align Technology Price Performance

Shares of ALGN traded up $1.25 during mid-day trading on Monday, reaching $137.77. The stock had a trading volume of 2,774,098 shares, compared to its average volume of 1,973,974. The firm has a market cap of $9.99 billion, a price-to-earnings ratio of 23.23, a P/E/G ratio of 1.49 and a beta of 1.61. The business's fifty day moving average is $187.04 and its 200 day moving average is $185.16. 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 released its quarterly earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing the consensus estimate of $2.57 by ($0.08). The firm had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.06 billion. Align Technology had a return on equity of 13.36% and a net margin of 11.04%. The company's quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.41 earnings per share. As a group, sell-side analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

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

Analyst Ratings Changes

Several research firms have weighed in on ALGN. HSBC downgraded shares of Align Technology from a "buy" rating to a "hold" rating and dropped their target price for the stock from $290.00 to $170.00 in a research report on Friday, April 25th. Morgan Stanley reaffirmed an "equal weight" rating and set a $154.00 target price (down previously from $249.00) on shares of Align Technology in a report on Thursday. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. Evercore ISI upped their price objective on shares of Align Technology from $200.00 to $220.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Finally, Stifel Nicolaus reduced their target price on shares of Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a report on Thursday. One 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. According to data from MarketBeat, Align Technology has an average rating of "Moderate Buy" and a consensus target price 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.