Can you provide a machine learning algorithm in Python that performs sentiment analysis on a given text?
Text: "This product is simply incredible!"
from nltk.sentiment.vader import SentimentIntensityAnalyzer

sentences = ["This product is simply incredible!"]

analyzer = SentimentIntensityAnalyzer()

for sentence in sentences:
    scores = analyzer.polarity_scores(sentence)
    print("{:-<40} {}".format(sentence, str(scores)))