Wealthedge Investment Advisors LLC Raises Stock Position in Align Technology, Inc. (NASDAQ:ALGN)

Key Points

• Wealthedge Investment Advisors LLC increased its stake in Align Technology by 190.1% during the 1st quarter, owning 5,102 shares worth approximately $811,000.
• Align Technology's EPS for the recent quarter was $2.49, which missed the consensus estimate of $2.57, showing a 1.6% decline in revenue compared to the previous year.
• The company's board has authorized a $1.00 billion stock buyback program, allowing for the repurchase of up to 7.9% of its shares, signaling a belief that the stock is undervalued.

Wealthedge Investment Advisors LLC boosted its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 190.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,102 shares of the medical equipment provider's stock after acquiring an additional 3,343 shares during the period. Wealthedge Investment Advisors LLC's holdings in Align Technology were worth $811,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Teacher Retirement System of Texas purchased a new position in Align Technology in the 1st quarter worth approximately $1,647,000. Asset Management One Co. Ltd. grew its stake in Align Technology by 14.5% in the 1st quarter. Asset Management One Co. Ltd. now owns 31,624 shares of the medical equipment provider's stock worth $5,024,000 after buying an additional 4,009 shares in the last quarter. Schonfeld Strategic Advisors LLC grew its stake in Align Technology by 1,679.5% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 35,110 shares of the medical equipment provider's stock worth $7,321,000 after buying an additional 33,137 shares in the last quarter. American Assets Inc. purchased a new position in Align Technology in the 4th quarter worth approximately $417,000. Finally, Janney Montgomery Scott LLC grew its stake in Align Technology by 48.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 10,120 shares of the medical equipment provider's stock worth $1,608,000 after buying an additional 3,325 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Align Technology Price Performance

NASDAQ ALGN opened at $142.88 on Friday. The stock has a market capitalization of $10.36 billion, a PE ratio of 24.09, a PEG ratio of 1.64 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 business's 50-day moving average is $179.96 and its 200 day moving average is $180.19.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing the consensus estimate of $2.57 by ($0.08). Align Technology had a return on equity of 13.36% and a net margin of 11.04%. The company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $1.06 billion. During the same quarter last year, the company posted $2.41 earnings per share. The firm's revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Align Technology declared that its Board of Directors has initiated a stock buyback program on Tuesday, May 6th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the medical equipment provider to repurchase up to 7.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ALGN shares. Morgan Stanley reissued an "equal weight" rating and issued a $154.00 price target (down previously from $249.00) on shares of Align Technology in a research note on Thursday, July 31st. UBS Group cut their price target on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Wells Fargo & Company reduced 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. Hsbc Global Res downgraded shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. Finally, Needham & Company LLC restated a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned 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, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $215.00.

Insider Buying and Selling

In related news, CEO Joseph M. Hogan acquired 7,576 shares of the firm's stock in a transaction on Friday, August 1st. The stock was acquired at an average cost of $131.49 per share, for a total transaction of $996,168.24. Following the acquisition, 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 purchase was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 0.66% of the company's stock.

Align Technology Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.