11,460 Shares in Align Technology, Inc. (NASDAQ:ALGN) Acquired by XTX Topco Ltd

Key Points

• XTX Topco Ltd acquired 11,460 shares of Align Technology, Inc. (NASDAQ:ALGN) valued at approximately $1.82 million during the first quarter.
• The company has announced a stock repurchase program authorizing $1 billion to buy back up to 7.9% of its outstanding shares, indicating a belief that the stock is undervalued.
• Align Technology reported quarterly earnings of $2.49 per share, missing estimates, with revenue of $1.01 billion, a 1.6% decline year-over-year.

XTX Topco Ltd acquired a new position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 11,460 shares of the medical equipment provider's stock, valued at approximately $1,821,000.

Several other large investors have also recently added to or reduced their stakes in ALGN. Ninety One UK Ltd increased its position in shares of Align Technology by 58.7% in the first 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 period. Geode Capital Management LLC increased its position in shares of Align Technology by 2.2% in the fourth quarter. Geode Capital Management LLC now owns 1,790,014 shares of the medical equipment provider's stock worth $372,299,000 after purchasing an additional 39,209 shares during the period. Invesco Ltd. increased its position in shares of Align Technology by 17.1% in the fourth quarter. Invesco Ltd. now owns 1,082,162 shares of the medical equipment provider's stock worth $225,642,000 after purchasing an additional 158,312 shares during the period. Northern Trust Corp increased its position in shares of Align Technology by 13.3% in the fourth 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 period. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Align Technology by 35.2% in the fourth 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 period. Institutional investors own 88.43% of the company's stock.

Align Technology Stock Up 5.8%

Shares of ALGN stock traded up $7.51 during mid-day trading on Friday, reaching $136.52. 7,974,235 shares of the stock traded hands, compared to its average volume of 1,575,058. The stock's fifty day simple moving average is $187.04 and its two-hundred day simple moving average is $185.60. Align Technology, Inc. has a 1-year low of $127.70 and a 1-year high of $262.87. The company has a market cap of $9.90 billion, a price-to-earnings ratio of 23.02, a price-to-earnings-growth ratio of 1.36 and a beta of 1.61.

Align Technology (NASDAQ:ALGN - Get Free Report) last announced its quarterly 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). 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 analyst estimates of $1.06 billion. During the same period in the previous year, the business posted $2.41 earnings per share. The business's revenue for the quarter was down 1.6% compared to the same quarter last year. On average, equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has approved a share buyback program on Tuesday, May 6th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the medical equipment provider to purchase up to 7.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

ALGN has been the topic of a number of recent analyst reports. Stifel Nicolaus decreased their price target on Align Technology from $275.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday. Hsbc Global Res cut Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Mizuho set a $210.00 price target on Align Technology in a research report on Thursday. HSBC cut Align Technology from a "buy" rating to a "hold" rating and decreased their target price for the company from $290.00 to $170.00 in a research report on Friday, April 25th. Finally, Morgan Stanley reiterated an "equal weight" rating and issued a $154.00 target price (down previously from $249.00) on shares of Align Technology in a research report on Thursday. One research analyst has rated the stock with a sell rating, five have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $215.00.

Insider Activity at Align Technology

In related news, CEO Joseph M. Hogan acquired 7,576 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were bought at an average cost of $131.49 per share, with a total value 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. The trade was a 4.27% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 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.