Align Technology, Inc. (NASDAQ:ALGN) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 15.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,071 shares of the medical equipment provider’s stock after selling 2,238 shares during the period. PNC Financial Services Group Inc.’s holdings in Align Technology were worth $2,517,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ALGN. Wellington Management Group LLP lifted its position in Align Technology by 49.0% during the third quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock valued at $670,031,000 after purchasing an additional 866,663 shares during the period. Holocene Advisors LP acquired a new position in Align Technology during the third quarter valued at $137,287,000. FMR LLC lifted its position in Align Technology by 43.0% during the third quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock valued at $310,736,000 after purchasing an additional 367,508 shares during the period. Point72 Asset Management L.P. lifted its position in Align Technology by 96.3% during the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock valued at $171,493,000 after purchasing an additional 330,807 shares during the period. Finally, Meridiem Investment Management Ltd. increased its holdings in Align Technology by 63.7% in the fourth quarter. Meridiem Investment Management Ltd. now owns 764,732 shares of the medical equipment provider’s stock valued at $159,470,000 after buying an additional 297,472 shares in the last quarter. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Up 3.5 %

ALGN opened at $166.20 on Friday. The company has a market cap of $12.23 billion, a PE ratio of 29.63, a price-to-earnings-growth ratio of 2.24 and a beta of 1.69. Align Technology, Inc. has a twelve month low of $158.13 and a twelve month high of $335.40. The company has a 50-day moving average price of $203.61 and a 200 day moving average price of $218.99.

Align Technology (NASDAQ:ALGN) last released its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 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%. As a group, sell-side analysts expect that Align Technology, Inc. will post 7.98 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Piper Sandler cut their price objective on shares of Align Technology from $275.00 to $270.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. Wells Fargo & Company assumed coverage on shares of Align Technology in a report on Friday, February 14th. They issued an “overweight” rating and a $255.00 price objective for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. Jefferies Financial Group cut their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, January 23rd. Finally, Evercore ISI lifted their price objective on shares of Align Technology from $240.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $269.91.

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.