Align Technology, Inc. $ALGN Shares Bought by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC increased its stake in Align Technology, Inc. by 23.3% in the first quarter, owning approximately 0.11% of the company with a value of $12.9 million.
• CEO Joseph M. Hogan purchased 7,576 shares of Align Technology, increasing their ownership by 4.27% to around $24.3 million.
• Align Technology has initiated a $200 million stock buyback plan, indicating the board believes its shares are currently undervalued.

Voya Investment Management LLC lifted its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 23.3% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 81,297 shares of the medical equipment provider's stock after acquiring an additional 15,355 shares during the period. Voya Investment Management LLC owned 0.11% of Align Technology worth $12,915,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Compagnie Lombard Odier SCmA acquired a new position in Align Technology during the first quarter worth $32,000. Center for Financial Planning Inc. acquired a new position in Align Technology during the first quarter worth $35,000. SVB Wealth LLC acquired a new position in Align Technology during the first quarter worth $36,000. Orion Capital Management LLC acquired a new position in Align Technology during the fourth quarter worth $42,000. Finally, Mather Group LLC. raised its holdings in Align Technology by 375.0% during the first quarter. Mather Group LLC. now owns 437 shares of the medical equipment provider's stock worth $69,000 after buying an additional 345 shares during the last quarter. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Stock Down 0.9%

NASDAQ ALGN traded down $1.18 during trading hours on Friday, reaching $131.39. The company's stock had a trading volume of 2,284,308 shares, compared to its average volume of 1,175,171. The firm's 50-day moving average price is $153.82 and its 200-day moving average price is $168.44. Align Technology, Inc. has a 1 year low of $127.70 and a 1 year high of $260.35. The company has a market capitalization of $9.52 billion, a price-to-earnings ratio of 22.16, a PEG ratio of 1.49 and a beta of 1.65.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data 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 firm had revenue of $1.01 billion for the quarter, compared to analysts' expectations of $1.06 billion. Align Technology had a return on equity of 13.36% and a net margin of 11.04%.The firm's revenue was down 1.6% on a year-over-year basis. During the same period last year, the company earned $2.41 earnings per share. Align Technology has set its Q3 2025 guidance at EPS. Equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, August 5th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the medical equipment provider to purchase up to 2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

ALGN has been the subject of several recent analyst reports. Stifel Nicolaus reduced their target price on shares of Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. Zacks Research lowered shares of Align Technology from a "hold" rating to a "strong sell" rating in a research note on Monday, September 1st. Wells Fargo & Company reduced their target price on shares of Align Technology from $246.00 to $199.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Piper Sandler reduced their target price on shares of Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Finally, 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, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Align Technology has an average rating of "Moderate Buy" and a consensus price target of $215.00.

Insider Activity at Align Technology

In other Align Technology news, CEO Joseph M. Hogan purchased 7,576 shares of the firm's stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $131.49 per share, for a total transaction of $996,168.24. Following the completion of the purchase, the chief executive officer owned 184,945 shares in the company, valued at $24,318,418.05. This represents a 4.27% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.66% of the company's stock.

Align Technology Company Profile

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.