Align Technology, Inc. (NASDAQ:ALGN) Shares Acquired by Raiffeisen Bank International AG

Key Points

• Raiffeisen Bank International AG increased its stake in Align Technology by 12.6%, acquiring an additional 2,522 shares to reach a total of 22,522 shares valued at $3,586,000.
• Align Technology reported a quarterly EPS of $2.49, missing the consensus estimate of $2.57, while its revenue of $1.01 billion fell short of expectations.
• The company's Board of Directors has authorized a $1.00 billion stock repurchase program, indicating a belief that their shares may be undervalued.

Raiffeisen Bank International AG boosted its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 12.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,522 shares of the medical equipment provider's stock after acquiring an additional 2,522 shares during the quarter. Raiffeisen Bank International AG's holdings in Align Technology were worth $3,586,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. GKV Capital Management Co. Inc. acquired a new position in shares of Align Technology during the 4th quarter worth about $31,000. Compagnie Lombard Odier SCmA purchased a new position in Align Technology in the first quarter valued at approximately $32,000. Aster Capital Management DIFC Ltd purchased a new position in Align Technology in the fourth quarter valued at approximately $35,000. Center for Financial Planning Inc. acquired a new stake in Align Technology during the first quarter worth approximately $35,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Align Technology during the 4th quarter worth approximately $42,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Insider Buying and Selling at Align Technology

In other Align Technology news, CEO Joseph M. Hogan acquired 7,576 shares of the firm's stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $131.49 per share, for a total transaction of $996,168.24. Following the completion of the purchase, the chief executive officer directly owned 184,945 shares in the company, valued at $24,318,418.05. This represents a 4.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.66% of the stock is currently owned by company insiders.

Align Technology Price Performance

Shares of ALGN stock traded up $1.87 during midday trading on Thursday, reaching $138.77. 1,416,129 shares of the company traded hands, compared to its average volume of 1,197,731. The firm has a market cap of $10.06 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 1.57 and a beta of 1.61. Align Technology, Inc. has a 1-year low of $127.70 and a 1-year high of $262.87. The firm's 50 day simple moving average is $184.74 and its two-hundred day simple moving average is $183.92.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter in the prior year, the company earned $2.41 earnings per share. The firm's revenue was down 1.6% compared to the same quarter last year. As a group, research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology announced that its Board of Directors has authorized a share 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 purchase 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 shares are undervalued.

Analysts Set New Price Targets

ALGN has been the topic of several research analyst reports. HSBC lowered shares of Align Technology from a "buy" rating to a "hold" rating and cut their price target for the stock from $290.00 to $170.00 in a research note on Friday, April 25th. Morgan Stanley reissued an "equal weight" rating and issued a $154.00 target price (down from $249.00) on shares of Align Technology in a research report on Thursday, July 31st. Evercore ISI lifted their price target on Align Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a research note on Thursday, May 1st. Finally, Piper Sandler lowered their target price on shares of Align Technology from $250.00 to $190.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Align Technology has an average 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.