PNC Financial Services Group Inc. Trims Position in Align Technology, Inc. (NASDAQ:ALGN)

PNC Financial Services Group Inc. trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN) by 15.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,309 shares of the medical equipment provider’s stock after selling 2,678 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Align Technology were worth $3,639,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp increased its holdings in shares of Align Technology by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider’s stock valued at $277,230,000 after purchasing an additional 15,540 shares in the last quarter. Ninety One UK Ltd increased its holdings in shares of Align Technology by 1.0% during the 2nd quarter. Ninety One UK Ltd now owns 1,147,124 shares of the medical equipment provider’s stock valued at $276,950,000 after purchasing an additional 10,919 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its holdings in shares of Align Technology by 0.5% during the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 707,542 shares of the medical equipment provider’s stock valued at $170,822,000 after purchasing an additional 3,600 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its holdings in shares of Align Technology by 4,391.3% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 488,251 shares of the medical equipment provider’s stock valued at $117,879,000 after purchasing an additional 477,380 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Align Technology by 10.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 437,219 shares of the medical equipment provider’s stock valued at $143,373,000 after purchasing an additional 43,144 shares in the last quarter. 88.43% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Robert W. Baird dropped their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Piper Sandler dropped their price target on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research note on Thursday, October 24th. StockNews.com raised shares of Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Stifel Nicolaus lowered their target price on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $276.38.

Align Technology Trading Down 1.0 %

Shares of ALGN opened at $225.89 on Monday. The firm has a market cap of $16.86 billion, a P/E ratio of 38.55, a price-to-earnings-growth ratio of 5.91 and a beta of 1.65. The company’s 50-day moving average price is $228.54 and its 200 day moving average price is $237.57. Align Technology, Inc. has a 12-month low of $196.09 and a 12-month high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The company had revenue of $977.87 million for the quarter, compared to analyst estimates of $990.05 million. During the same period in the prior year, the firm earned $1.62 earnings per share. The business’s revenue for the quarter was up 1.8% compared to the same quarter last year. Equities research analysts forecast that Align Technology, Inc. will post 7.45 earnings per share for the current 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.