PNC Financial Services Group Inc. cut its stake in Align Technology, Inc. (NASDAQ:ALGN – Free Report) by 16.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of ALGN. Huntington National Bank increased its stake in Align Technology by 94.9% during the 3rd quarter. Huntington National Bank now owns 115 shares of the medical equipment provider’s stock valued at $35,000 after purchasing an additional 56 shares in the last quarter. Orion Capital Management LLC bought a new stake in Align Technology during the third quarter valued at about $61,000. Operose Advisors LLC purchased a new position in Align Technology during the 3rd quarter valued at approximately $63,000. Covestor Ltd grew its position in Align Technology by 379.5% in the third quarter. Covestor Ltd now owns 211 shares of the medical equipment provider’s stock worth $64,000 after acquiring an additional 167 shares in the last quarter. Finally, Valley National Advisers Inc. raised its holdings in Align Technology by 29.7% during the 3rd quarter. Valley National Advisers Inc. now owns 214 shares of the medical equipment provider’s stock valued at $65,000 after buying an additional 49 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research firms have recently commented on ALGN. Leerink Partnrs restated a “market perform” rating on shares of Align Technology in a report on Monday, February 26th. Piper Sandler reissued an “overweight” rating and issued a $375.00 price objective (up previously from $355.00) on shares of Align Technology in a research note on Thursday, April 25th. SVB Leerink assumed coverage on Align Technology in a research report on Monday, February 26th. They set a “market perform” rating and a $310.00 target price on the stock. Morgan Stanley raised their price target on shares of Align Technology from $344.00 to $360.00 and gave the stock an “overweight” rating in a report on Thursday, April 25th. Finally, Robert W. Baird lifted their price objective on Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. One research 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.com, Align Technology has an average rating of “Moderate Buy” and a consensus price target of $353.00.
Read Our Latest Report on Align Technology
Insider Activity at Align Technology
In other Align Technology news, Director Joseph Lacob sold 10,000 shares of Align Technology stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the transaction, the director now owns 146,994 shares of the company’s stock, valued at $46,010,591.94. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.62% of the stock is currently owned by corporate insiders.
Align Technology Price Performance
Shares of NASDAQ:ALGN opened at $255.62 on Friday. The firm has a market capitalization of $19.24 billion, a PE ratio of 42.11, a price-to-earnings-growth ratio of 4.64 and a beta of 1.66. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $413.20. The firm’s 50-day moving average is $299.95 and its two-hundred day moving average is $276.22.
Align Technology (NASDAQ:ALGN – Get Free Report) last posted its quarterly earnings data on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.08. Align Technology had a return on equity of 14.15% and a net margin of 11.80%. The business had revenue of $997.43 million for the quarter, compared to analyst estimates of $971.97 million. Analysts expect that Align Technology, Inc. will post 7.92 EPS for the current fiscal year.
About Align Technology
(Free Report)
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.
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