Align Technology, Inc. (NASDAQ:ALGN) CEO Joseph M. Hogan Acquires 7,576 Shares

Key Points

• CEO Purchase: Align Technology's CEO Joseph M. Hogan bought 7,576 shares at an average price of $131.49, totaling approximately $996,168, increasing his ownership stake by 4.27%.
• Stock Performance: Align Technology's stock rose 5.8% to $136.52, with a notable trading volume of 7,974,235 shares, significantly higher than the average volume of 1,176,566.
• Analyst Ratings: Analysts have revised Align Technology's price targets, with an average target of $215, and a mix of ratings indicating a "Moderate Buy" sentiment among financial analysts.

Align Technology, Inc. (NASDAQ:ALGN - Get Free Report) CEO Joseph M. Hogan purchased 7,576 shares of the company's stock in a transaction on Friday, August 1st. The shares were purchased at an average price 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 of the company's stock, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Align Technology Price Performance

Shares of NASDAQ ALGN traded up $7.51 during mid-day trading on Friday, hitting $136.52. The company had a trading volume of 7,974,235 shares, compared to its average volume of 1,575,058. Align Technology, Inc. has a 12 month low of $127.70 and a 12 month high of $262.87. The stock has a market cap of $9.90 billion, a price-to-earnings ratio of 23.02, a PEG ratio of 1.44 and a beta of 1.61. The firm's 50 day simple moving average is $187.04 and its two-hundred day simple moving average is $185.39.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its earnings results 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 net margin of 11.04% and a return on equity of 13.36%. The business had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.06 billion. During the same quarter in the prior year, the business earned $2.41 earnings per share. The firm's revenue was down 1.6% compared to the same quarter last year. Equities analysts forecast 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 repurchase plan on Tuesday, May 6th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the medical equipment provider to purchase up to 7.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ALGN. 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 note on Thursday. Piper Sandler lowered their target price on Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a research note on Thursday. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a report on Thursday, May 1st. Mizuho set a $210.00 target price on Align Technology in a report on Thursday. Finally, Stifel Nicolaus reduced their target price on Align Technology from $275.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday. One analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $215.00.

Hedge Funds Weigh In On Align Technology

Several hedge funds have recently modified their holdings of ALGN. GKV Capital Management Co. Inc. acquired a new position in shares of Align Technology in the 4th quarter worth $31,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Align Technology in the first quarter worth $32,000. Cromwell Holdings LLC boosted its position in shares of Align Technology by 2,900.0% in the second quarter. Cromwell Holdings LLC now owns 180 shares of the medical equipment provider's stock worth $34,000 after buying an additional 174 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in shares of Align Technology in the fourth quarter worth $35,000. Finally, Center for Financial Planning Inc. acquired a new stake in shares of Align Technology in the first quarter worth $35,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

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.