Mackenzie Financial Corp Increases Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• Mackenzie Financial Corp significantly increased its stake in Align Technology by 4,217.3%, acquiring a total of 426,205 shares valued at approximately $67.71 million.
• Align Technology's Board of Directors approved a $1 billion stock repurchase plan, allowing the company to buy back up to 7.9% of its outstanding shares throughout the open market.
• Despite a slight decline in quarterly revenue compared to the previous year, Align Technology reported earnings per share of $2.13, exceeding analyst estimates by $0.13.

Mackenzie Financial Corp increased its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 4,217.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 426,205 shares of the medical equipment provider's stock after acquiring an additional 416,333 shares during the period. Mackenzie Financial Corp owned about 0.58% of Align Technology worth $67,707,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of ALGN. GKV Capital Management Co. Inc. bought a new stake in Align Technology during the 4th quarter worth $31,000. Compagnie Lombard Odier SCmA bought a new stake in Align Technology during the 1st quarter worth $32,000. Aster Capital Management DIFC Ltd bought a new stake in Align Technology during the 4th quarter worth $35,000. Center for Financial Planning Inc. bought a new stake in Align Technology during the 1st quarter worth $35,000. Finally, Orion Capital Management LLC bought a new stake in shares of Align Technology in the fourth quarter worth $42,000. Institutional investors own 88.43% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on ALGN. UBS Group reduced their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research note on Thursday, April 24th. Mizuho dropped their price target on shares of Align Technology from $250.00 to $245.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 29th. Piper Sandler restated an "overweight" rating and issued a $250.00 price target (up previously from $235.00) on shares of Align Technology in a research report on Thursday, May 1st. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. Finally, HSBC lowered Align Technology from a "buy" rating to a "hold" rating and dropped their price target for the company from $290.00 to $170.00 in a research note on Friday, April 25th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $242.92.

Align Technology Trading Down 1.1%

Shares of ALGN traded down $2.24 on Wednesday, reaching $203.57. The company's stock had a trading volume of 2,414,073 shares, compared to its average volume of 1,038,256. Align Technology, Inc. has a twelve month low of $141.74 and a twelve month high of $262.87. The stock has a market capitalization of $14.76 billion, a PE ratio of 37.08, a PEG ratio of 2.19 and a beta of 1.63. The firm has a fifty day moving average of $187.97 and a 200-day moving average of $186.58.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results on Wednesday, July 30th. The medical equipment provider reported $1.83 earnings per share for the quarter, missing analysts' consensus estimates of $2.57 by ($0.74). Align Technology had a return on equity of 13.52% and a net margin of 10.29%. As a group, equities analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology announced that its Board of Directors has approved a stock buyback plan on Tuesday, May 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical equipment provider to buy up to 7.9% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's board of directors believes its stock is 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.