Invesco Ltd. Buys 158,312 Shares of Align Technology, Inc. (NASDAQ:ALGN)

Invesco Ltd. lifted its stake in Align Technology, Inc. (NASDAQ:ALGN) by 17.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,082,162 shares of the medical equipment provider’s stock after acquiring an additional 158,312 shares during the period. Invesco Ltd.’s holdings in Align Technology were worth $225,642,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management lifted its position in Align Technology by 69.9% during the 4th quarter. Picton Mahoney Asset Management now owns 141 shares of the medical equipment provider’s stock worth $30,000 after acquiring an additional 58 shares during the last quarter. Neo Ivy Capital Management bought a new position in shares of Align Technology in the third quarter worth about $32,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Align Technology during the 4th quarter worth about $35,000. Private Trust Co. NA boosted its stake in Align Technology by 113.4% during the 4th quarter. Private Trust Co. NA now owns 175 shares of the medical equipment provider’s stock valued at $36,000 after purchasing an additional 93 shares during the period. Finally, Versant Capital Management Inc grew its holdings in Align Technology by 212.2% in the 4th quarter. Versant Capital Management Inc now owns 231 shares of the medical equipment provider’s stock valued at $48,000 after buying an additional 157 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on ALGN. Leerink Partnrs raised Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Leerink Partners upgraded shares of Align Technology from a “market perform” rating to an “outperform” rating and increased their target price for the company from $235.00 to $280.00 in a research note on Monday, January 6th. Mizuho lowered their price target on Align Technology from $295.00 to $250.00 and set an “outperform” rating on the stock in a research note on Tuesday, March 25th. Wells Fargo & Company initiated coverage on Align Technology in a report on Friday, February 14th. They issued an “overweight” rating and a $255.00 price target for the company. Finally, Evercore ISI lifted their price objective on Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $262.64.

Align Technology Price Performance

Align Technology stock opened at $164.14 on Friday. The business has a 50 day simple moving average of $177.26 and a 200 day simple moving average of $207.35. The company has a market capitalization of $12.02 billion, a PE ratio of 29.26, a price-to-earnings-growth ratio of 2.24 and a beta of 1.73. Align Technology, Inc. has a one year low of $141.74 and a one year high of $327.49.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. Equities analysts anticipate that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

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.