GSA Capital Partners LLP Grows Position in Align Technology, Inc. (NASDAQ:ALGN)

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 increased its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 121.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,120 shares of the medical equipment provider's stock after acquiring an additional 2,813 shares during the quarter. GSA Capital Partners LLP's holdings in Align Technology were worth $813,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ninety One UK Ltd grew its holdings in shares of Align Technology by 58.7% during the first quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider's stock worth $307,800,000 after buying an additional 716,954 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Align Technology by 2.2% during the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock worth $372,299,000 after buying an additional 39,209 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Align Technology by 17.1% during the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after buying an additional 158,312 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Align Technology by 13.3% during the fourth quarter. Northern Trust Corp now owns 736,936 shares of the medical equipment provider's stock worth $153,659,000 after buying an additional 86,493 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of Align Technology by 35.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 731,846 shares of the medical equipment provider's stock worth $152,597,000 after buying an additional 190,711 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Stock Performance

Shares of ALGN traded down $2.94 during mid-day trading on Wednesday, hitting $136.72. 1,309,582 shares of the company's stock were exchanged, compared to its average volume of 1,193,718. The company has a market cap of $9.91 billion, a price-to-earnings ratio of 23.01, a P/E/G ratio of 1.55 and a beta of 1.61. Align Technology, Inc. has a fifty-two week low of $127.70 and a fifty-two week high of $262.87. The stock's 50-day moving average is $185.60 and its 200-day moving average is $184.24.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued 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 for the quarter, compared to analyst estimates of $1.06 billion. Align Technology had a return on equity of 13.36% and a net margin of 11.04%. The firm's revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period in the prior year, the company posted $2.41 EPS. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its board has authorized a share 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 purchase up to 7.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Insider Activity

In other Align Technology news, CEO Joseph M. Hogan purchased 7,576 shares of Align Technology stock in a transaction dated Friday, August 1st. The shares were acquired at an average price of $131.49 per share, with a total value 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 trade represents a 4.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.66% of the company's stock.

Analyst Upgrades and Downgrades

ALGN has been the subject of a number of research reports. Piper Sandler dropped their target price on shares of Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a report on Thursday, July 31st. Wells Fargo & Company lowered their price target 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. Mizuho set a $210.00 price target on shares of Align Technology in a research report on Thursday, July 31st. Morgan Stanley reissued an "equal weight" rating and set a $154.00 price target (down previously from $249.00) on shares of Align Technology in a research report on Thursday, July 31st. Finally, Hsbc Global Res cut shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $215.00.

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.