Founded in 1997, Align Technology, Inc (ALGN:US) is a pioneering force in the field of dental technology and recently experienced a noteworthy insider investment. With a focus on orthodontic, restorative, and aesthetic dentistry products, Align Technology is committed to shaping the future of dental care.
Headquartered in Tempe, Arizona, Align Technology boasts a Market Cap of $14.3 billion, underscoring its substantial presence in the dental technology sector.
On October 31, Align’s President and CEO Joseph M. Hogan acquired 5,319 ALGN shares at $188 per share, totaling nearly $1 million. This increased his holdings to 203,470 shares.
With Hogan's successful track record, this investment signals a positive outlook.
Institutional investors have also shown their support, with The Vanguard Group Inc. significantly increasing its holdings by 173,172 shares. They now own 10.55% of the company, equivalent to 8,080,224 shares. This strong institutional backing underlines Align Technology's promising future.
Align Technology, Inc. is leading in dental technology with innovative products and solid leadership. The recent insider investment by CEO Joseph M. Hogan, combined with strong institutional support, positions the company for future success, making it an attractive choice for investors in the orthodontics sector.
Quarterly Report & Share Buyback
In addition to the above substantial investments, the company also announced impressive results for its Q3 2023.
During the third quarter, the company reported total revenues of $960.2 million, which represents a 7.8% increase compared to the previous year. Diluted net income per share was $1.58, and non-GAAP diluted net income per share was $2.14. The operating income for the quarter was $166.3 million, and Clear Aligner revenues reached $794.9 million, showing an 8.5% year-over-year increase.
In another development, the company has initiated a plan to repurchase $250 million of Align's common stock as part of Align's $1.0 billion stock repurchase program, which received approval from Align's Board of Directors in January 2023.
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