Align Technology sets $100 million accelerated share buyback program

Align Technology Inc.
ALGN,
-1.18%
disclosed Monday an agreement with Citibank on an accelerated repurchase of $100 million worth of the aesthetic dentistry company's stock. Based on Friday's stock closing price of $624.37, the accelerated share repurchase (ASR) agreement represents about 0.2% of Align's $49.33 billion market capitalization. In May, the company authorized the repurchase of $1 billion worth of its stock, and in the company's 10-Q quarterly filing it said that as of June 30, $900 million worth of that authorization was available. Align's stock was indicated up a little less than 1% in the premarket. It has declined 10.3% over the past three months, while the S&P 500
SPX,
+0.19%
has gained 4.8%.

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