Citigroup Inc. Purchases 197,317 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Citigroup Inc. grew its position in Align Technology, Inc. (NASDAQ:ALGN) by 333.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 256,492 shares of the medical equipment provider’s stock after acquiring an additional 197,317 shares during the period. Citigroup Inc.’s holdings in Align Technology were worth $40,746,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Ninety One UK Ltd increased its holdings in 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 valued at $307,800,000 after purchasing an additional 716,954 shares during the period. Federated Hermes Inc. increased its holdings in Align Technology by 510.3% in the first quarter. Federated Hermes Inc. now owns 707,514 shares of the medical equipment provider’s stock valued at $112,396,000 after purchasing an additional 591,588 shares during the period. Mackenzie Financial Corp increased its holdings in Align Technology by 4,217.3% in the first quarter. Mackenzie Financial Corp now owns 426,205 shares of the medical equipment provider’s stock valued at $67,707,000 after purchasing an additional 416,333 shares during the period. Senvest Management LLC increased its holdings in Align Technology by 58.1% in the fourth quarter. Senvest Management LLC now owns 726,243 shares of the medical equipment provider’s stock valued at $151,429,000 after purchasing an additional 267,000 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Align Technology in the fourth quarter valued at $42,243,000. 88.43% of the stock is currently owned by institutional investors.

Insider Activity at Align Technology

In related news, CEO Joseph M. Hogan purchased 7,576 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The stock was 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 approximately $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. Company insiders own 0.66% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on ALGN. Mizuho set a $210.00 price objective on Align Technology in a report on Thursday, July 31st. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a report on Thursday, May 1st. HSBC downgraded Align Technology from a “buy” rating to a “hold” rating and decreased their price target for the stock from $290.00 to $170.00 in a report on Friday, April 25th. Morgan Stanley reiterated an “equal weight” rating and set a $154.00 price target (down from $249.00) on shares of Align Technology in a report on Thursday, July 31st. Finally, Evercore ISI increased their price target on Align Technology from $200.00 to $220.00 and gave the stock an “outperform” rating in a report on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Align Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $215.00.

Align Technology Stock Down 3.6%

NASDAQ ALGN opened at $134.82 on Tuesday. The company has a 50-day simple moving average of $182.16 and a two-hundred day simple moving average of $181.32. Align Technology, Inc. has a 12-month low of $127.70 and a 12-month high of $262.87. The firm has a market cap of $9.77 billion, a price-to-earnings ratio of 22.74, a PEG ratio of 1.58 and a beta of 1.61.

Align Technology (NASDAQ:ALGN) last posted 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). The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Align Technology had a net margin of 11.04% and a return on equity of 13.36%. The business’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.41 earnings per share. Equities analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Align Technology declared that its board has initiated a stock buyback plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to purchase up to 7.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

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.