Invesco Ltd. Has $193.76 Million Position in Align Technology, Inc. (NASDAQ:ALGN)

Invesco Ltd. grew its position in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 12.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,219,715 shares of the medical equipment provider's stock after purchasing an additional 137,553 shares during the quarter. Invesco Ltd. owned approximately 1.67% of Align Technology worth $193,764,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. GKV Capital Management Co. Inc. acquired a new stake in shares of Align Technology in the fourth quarter worth $31,000. Orion Capital Management LLC acquired a new stake in shares of Align Technology in the fourth quarter worth $42,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Align Technology in the first quarter worth $32,000. Center for Financial Planning Inc. acquired a new stake in shares of Align Technology in the first quarter worth $35,000. Finally, Mather Group LLC. grew its stake in shares of Align Technology by 375.0% in the first quarter. Mather Group LLC. now owns 437 shares of the medical equipment provider's stock worth $69,000 after acquiring an additional 345 shares during the last quarter. Institutional investors own 88.43% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on ALGN. Stifel Nicolaus lowered their price objective on shares of Align Technology from $275.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, July 31st. Hsbc Global Res downgraded shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 25th. HSBC downgraded shares of 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 research note on Friday, April 25th. Mizuho set a $210.00 price target on shares of Align Technology in a research note on Thursday, July 31st. Finally, Evercore ISI lifted their price target on shares of Align Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a research note on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Align Technology currently has an average rating of "Moderate Buy" and an average target price of $215.00.

Insiders Place Their Bets

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

Align Technology Stock Performance

Shares of NASDAQ ALGN traded down $0.45 during midday trading on Friday, reaching $142.43. 1,110,144 shares of the company traded hands, compared to its average volume of 2,439,051. The firm has a market cap of $10.32 billion, a PE ratio of 24.02, a PEG ratio of 1.61 and a beta of 1.61. The stock's 50-day simple moving average is $179.19 and its 200-day simple moving average is $179.62. Align Technology, Inc. has a 12 month low of $127.70 and a 12 month high of $262.87.

Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.57 by ($0.08). The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.41 earnings per share. On average, equities research analysts expect that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its Board of Directors has authorized a stock buyback program on Tuesday, May 6th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the medical equipment provider to repurchase up to 7.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is 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.