Quantbot Technologies LP Purchases 18,862 Shares of Align Technology, Inc. $ALGN

Key Points

• Quantbot Technologies LP increased its stake in Align Technology by 49.8% after purchasing an additional 18,862 shares, raising its total holdings to 56,711 shares valued at approximately $9 million.
• Align Technology reported quarterly earnings of $2.49 EPS, falling short of the consensus estimate by $0.08 and experiencing a 1.6% decline in revenue year-over-year.
• The company's board has authorized a $1 billion stock repurchase plan, indicating a belief that the company's stock is currently undervalued.

Quantbot Technologies LP lifted its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 49.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 56,711 shares of the medical equipment provider's stock after buying an additional 18,862 shares during the quarter. Quantbot Technologies LP owned about 0.08% of Align Technology worth $9,009,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in ALGN. Vanguard Group Inc. increased its stake in shares of Align Technology by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 8,441,592 shares of the medical equipment provider's stock worth $1,341,031,000 after purchasing an additional 185,187 shares during the last quarter. Ninety One UK Ltd increased its stake in shares of Align Technology by 58.7% during the 1st quarter. Ninety One UK Ltd now owns 1,937,555 shares of the medical equipment provider's stock worth $307,800,000 after purchasing an additional 716,954 shares during the last quarter. Invesco Ltd. increased its stake in shares of Align Technology by 12.7% during the 1st quarter. Invesco Ltd. now owns 1,219,715 shares of the medical equipment provider's stock worth $193,764,000 after purchasing an additional 137,553 shares during the last quarter. Northern Trust Corp increased its stake in shares of Align Technology by 13.3% during the 4th quarter. Northern Trust Corp now owns 736,936 shares of the medical equipment provider's stock worth $153,659,000 after purchasing an additional 86,493 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its stake in shares of Align Technology by 35.2% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 731,846 shares of the medical equipment provider's stock worth $152,597,000 after purchasing an additional 190,711 shares during the last quarter. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Performance

Shares of NASDAQ ALGN opened at $142.43 on Monday. Align Technology, Inc. has a 52-week low of $127.70 and a 52-week high of $262.87. The stock has a market cap of $10.32 billion, a PE ratio of 24.02, a PEG ratio of 1.61 and a beta of 1.61. The business has a fifty day moving average of $179.19 and a two-hundred day moving average of $178.98.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced 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). Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.06 billion. During the same period in the prior year, the business earned $2.41 earnings per share. The company's revenue for the quarter was down 1.6% on a year-over-year basis. Analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology announced that its board has authorized a stock repurchase plan on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical equipment provider to reacquire up to 7.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

ALGN has been the topic of several analyst reports. Hsbc Global Res lowered shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Stifel Nicolaus decreased their target price on Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, July 31st. UBS Group decreased their target price on Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Wells Fargo & Company decreased their target price on Align Technology from $246.00 to $199.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Finally, Piper Sandler decreased their target price on Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. One analyst has rated the stock with a sell rating, five have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Align Technology currently has an average rating of "Moderate Buy" and an average target price of $215.00.

Insider Transactions at Align Technology

In other news, CEO Joseph M. Hogan purchased 7,576 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average cost of $131.49 per share, with a total value of $996,168.24. Following the acquisition, the chief executive officer directly owned 184,945 shares of the company's stock, valued at approximately $24,318,418.05. This trade represents a 4.27% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.66% of the stock is owned by corporate insiders.

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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