Vanguard Group Inc. Buys 185,187 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Vanguard Group Inc. grew its stake in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 2.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 8,441,592 shares of the medical equipment provider's stock after purchasing an additional 185,187 shares during the quarter. Vanguard Group Inc. owned approximately 11.53% of Align Technology worth $1,341,031,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. GKV Capital Management Co. Inc. bought a new stake in Align Technology in the fourth quarter valued at $31,000. Compagnie Lombard Odier SCmA bought a new stake in Align Technology in the first quarter valued at $32,000. Center for Financial Planning Inc. bought a new stake in Align Technology in the first quarter valued at $35,000. Orion Capital Management LLC bought a new stake in Align Technology in the fourth quarter valued at $42,000. Finally, Mather Group LLC. boosted its holdings in Align Technology by 375.0% in the first quarter. Mather Group LLC. now owns 437 shares of the medical equipment provider's stock valued at $69,000 after acquiring an additional 345 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the company. Piper Sandler lowered their price objective on Align Technology from $250.00 to $190.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Wells Fargo & Company lowered their price target on Align Technology from $246.00 to $199.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Evercore ISI lifted their price objective on Align Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a report on Wednesday, July 9th. Mizuho set a $210.00 price target on Align Technology in a research note on Thursday, July 31st. Finally, Stifel Nicolaus cut their price target on Align Technology from $275.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $215.00.

Align Technology Stock Up 0.8%

NASDAQ ALGN traded up $1.14 during trading hours on Friday, reaching $144.02. The company's stock had a trading volume of 278,518 shares, compared to its average volume of 1,215,802. The firm's 50-day moving average price is $179.96 and its 200-day moving average price is $180.19. Align Technology, Inc. has a 1 year low of $127.70 and a 1 year high of $262.87. The company has a market capitalization of $10.44 billion, a price-to-earnings ratio of 24.31, a PEG ratio of 1.64 and a beta of 1.61.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing analysts' consensus estimates of $2.57 by ($0.08). Align Technology had a return on equity of 13.36% and a net margin of 11.04%. The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1.06 billion. During the same period in the prior year, the firm posted $2.41 earnings per share. The firm's revenue for the quarter was down 1.6% on a year-over-year basis. Equities research analysts anticipate that Align Technology, Inc. will post 7.98 EPS for the current fiscal year.

Align Technology declared that its board has authorized a stock buyback plan on Tuesday, May 6th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

Insider Activity

In other news, CEO Joseph M. Hogan acquired 7,576 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were acquired at an average cost of $131.49 per share, with a total value of $996,168.24. Following the acquisition, the chief executive officer directly owned 184,945 shares of the company's stock, valued at approximately $24,318,418.05. The trade was a 4.27% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.66% of the stock is owned by company insiders.

Align Technology 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.