PNC Financial Services Group Inc. Reduces Holdings in Align Technology, Inc. (NASDAQ:ALGN)

PNC Financial Services Group Inc. lowered its stake in shares of Align Technology, Inc. (NASDAQ:ALGN) by 15.6% in the fourth quarter, HoldingsChannel.com reports. 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 hedge funds have also recently made changes to their positions in ALGN. E Fund Management Co. Ltd. lifted its holdings in Align Technology by 79.3% during the 4th quarter. E Fund Management Co. Ltd. now owns 1,533 shares of the medical equipment provider’s stock worth $320,000 after buying an additional 678 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Align Technology during the 4th quarter worth $42,243,000. Arizona State Retirement System raised its stake in Align Technology by 0.5% during the 4th quarter. Arizona State Retirement System now owns 20,584 shares of the medical equipment provider’s stock worth $4,292,000 after acquiring an additional 93 shares in the last quarter. Aigen Investment Management LP acquired a new stake in Align Technology during the 4th quarter worth $349,000. Finally, Proficio Capital Partners LLC purchased a new position in Align Technology during the 4th quarter worth $15,782,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Stock Performance

Align Technology stock opened at $166.20 on Friday. Align Technology, Inc. has a 1 year low of $158.13 and a 1 year high of $335.40. The firm has a 50 day moving average price of $203.61 and a 200 day moving average price of $218.99. The company has a market cap of $12.23 billion, a price-to-earnings ratio of 29.63, a PEG ratio of 2.24 and a beta of 1.69.

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

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ALGN. Leerink Partnrs raised shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 6th. Jefferies Financial Group decreased their price objective on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday, January 23rd. Evercore ISI boosted their price objective on shares of Align Technology from $240.00 to $260.00 and gave the stock an “outperform” rating in a report on Thursday, February 6th. Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research report on Thursday, February 6th. Finally, Mizuho assumed coverage on shares of Align Technology in a research report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $269.91.

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.