Align Technology, Inc. (NASDAQ:ALGN) Holdings Lowered by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 16.2% in the 4th quarter, Holdings Channel.com reports. The fund owned 15,755 shares of the medical equipment provider’s stock after selling 3,053 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Align Technology were worth $4,317,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Brown Advisory Inc. boosted its stake in Align Technology by 41.4% in the 4th quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical equipment provider’s stock valued at $413,488,000 after buying an additional 441,754 shares in the last quarter. Morgan Stanley increased its stake in shares of Align Technology by 9.8% in the third quarter. Morgan Stanley now owns 1,018,161 shares of the medical equipment provider’s stock valued at $310,866,000 after buying an additional 90,581 shares in the last quarter. Rhenman & Partners Asset Management AB bought a new stake in shares of Align Technology during the third quarter valued at approximately $305,000. Invesco Ltd. increased its stake in shares of Align Technology by 15.4% in the 3rd quarter. Invesco Ltd. now owns 960,271 shares of the medical equipment provider’s stock valued at $293,190,000 after buying an additional 128,273 shares during the period. Finally, Northern Trust Corp increased its position in Align Technology by 2.7% in the third quarter. Northern Trust Corp now owns 831,469 shares of the medical equipment provider’s stock worth $253,864,000 after purchasing an additional 21,490 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on ALGN. Leerink Partnrs reiterated a “market perform” rating on shares of Align Technology in a research report on Monday, February 26th. Stifel Nicolaus raised their price target on shares of Align Technology from $350.00 to $400.00 and gave the stock a “buy” rating in a research note on Thursday, April 18th. UBS Group upped their target price on Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. Piper Sandler reiterated an “overweight” rating and set a $375.00 price target (up previously from $355.00) on shares of Align Technology in a report on Thursday, April 25th. Finally, The Goldman Sachs Group raised their price target on shares of Align Technology from $197.00 to $225.00 and gave the stock a “sell” rating in a research report on Friday, February 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $353.00.

Insider Transactions at Align Technology

In other news, Director Joseph Lacob sold 15,000 shares of Align Technology stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the sale, the director now directly owns 131,994 shares in the company, valued at approximately $40,023,220.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.62% of the stock is owned by insiders.

Align Technology Stock Up 1.3 %

Shares of NASDAQ ALGN opened at $255.62 on Friday. The firm has a fifty day simple moving average of $299.95 and a 200 day simple moving average of $276.22. Align Technology, Inc. has a twelve month low of $176.34 and a twelve month high of $413.20. The company has a market capitalization of $19.24 billion, a PE ratio of 42.11, a P/E/G ratio of 4.64 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.08. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. The company had revenue of $997.43 million for the quarter, compared to the consensus estimate of $971.97 million. As a group, equities analysts expect that Align Technology, Inc. will post 7.92 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.