ING Groep NV Boosts Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• ING Groep NV significantly increased its stake in Align Technology by 397.2% in the first quarter, ending with 44,560 shares valued at approximately $7.08 million.
• Several other institutional investors also boosted their holdings in Align Technology, with 88.43% of the company's stock now owned by institutional investors.
• Align Technology reported earnings of $2.49 per share for the last quarter, falling short of analysts' expectations, while announcing a $1 billion stock buyback program to repurchase up to 7.9% of its shares.

ING Groep NV increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 397.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,560 shares of the medical equipment provider's stock after purchasing an additional 35,597 shares during the period. ING Groep NV owned 0.06% of Align Technology worth $7,079,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Covestor Ltd grew its stake in shares of Align Technology by 14.6% in the fourth quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock worth $87,000 after purchasing an additional 53 shares in the last quarter. Washington Trust Advisors Inc. lifted its holdings in shares of Align Technology by 5.2% during the first quarter. Washington Trust Advisors Inc. now owns 1,205 shares of the medical equipment provider's stock valued at $191,000 after acquiring an additional 60 shares during the period. Fulcrum Capital LLC increased its holdings in shares of Align Technology by 0.8% in the first quarter. Fulcrum Capital LLC now owns 9,282 shares of the medical equipment provider's stock valued at $1,475,000 after purchasing an additional 70 shares in the last quarter. Wahed Invest LLC increased its holdings in Align Technology by 5.8% in the fourth quarter. Wahed Invest LLC now owns 1,924 shares of the medical equipment provider's stock valued at $401,000 after purchasing an additional 105 shares during the last quarter. Finally, Empirical Finance LLC boosted its holdings in shares of Align Technology by 4.5% in the first quarter. Empirical Finance LLC now owns 2,569 shares of the medical equipment provider's stock valued at $408,000 after buying an additional 110 shares during the period. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analysts Set New Price Targets

ALGN has been the topic of several recent research reports. Wells Fargo & Company lowered their target price on shares of Align Technology from $246.00 to $199.00 and set an "overweight" rating on the stock in a report on Thursday, July 31st. Stifel Nicolaus decreased their price objective on shares of Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, July 31st. Morgan Stanley reaffirmed an "equal weight" rating and set a $154.00 price target (down previously from $249.00) on shares of Align Technology in a research note on Thursday, July 31st. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Finally, Evercore ISI lifted their price target 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. One investment 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 data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $215.00.

Insider Buying and Selling

In other news, CEO Joseph M. Hogan bought 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 purchase, the chief executive officer owned 184,945 shares in the company, valued at $24,318,418.05. The trade was a 4.27% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.66% of the company's stock.

Align Technology Price Performance

Shares of NASDAQ:ALGN traded up $1.87 during mid-day trading on Thursday, hitting $138.77. The company had a trading volume of 1,419,987 shares, compared to its average volume of 2,179,466. Align Technology, Inc. has a one year low of $127.70 and a one year high of $262.87. The firm has a fifty day moving average price of $183.85 and a 200 day moving average price of $183.33. The company has a market capitalization of $10.06 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 1.54 and a beta of 1.61.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing analysts' consensus estimates of $2.57 by ($0.08). The firm 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 firm's revenue was down 1.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.41 EPS. Research analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its board has authorized a stock 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 repurchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

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.