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

PNC Financial Services Group Inc. reduced its holdings in Align Technology, Inc. (NASDAQ:ALGN) by 15.8% in the 3rd quarter, Holdings Channel reports. 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 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ALGN. Cullen Frost Bankers Inc. raised its holdings in Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 94 shares during the last quarter. Innealta Capital LLC acquired a new position in Align Technology during the second quarter worth $26,000. Rothschild Investment LLC acquired a new position in Align Technology during the second quarter worth $26,000. Versant Capital Management Inc raised its holdings in Align Technology by 547.1% during the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock worth $27,000 after purchasing an additional 93 shares during the last quarter. Finally, LRI Investments LLC acquired a new position in Align Technology during the first quarter worth $29,000. 88.43% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ALGN has been the subject of several research reports. Robert W. Baird reduced their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Morgan Stanley cut their price target on Align Technology from $310.00 to $280.00 and set an “overweight” rating for the company in a report on Thursday, October 24th. Finally, Evercore ISI cut their price target on Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $276.38.

Align Technology Stock Performance

NASDAQ:ALGN opened at $225.89 on Monday. Align Technology, Inc. has a one year low of $196.09 and a one year high of $335.40. The business’s 50-day simple moving average is $228.54 and its 200 day simple moving average is $237.57. The stock has a market cap of $16.86 billion, a price-to-earnings ratio of 38.55, a price-to-earnings-growth ratio of 5.91 and a beta of 1.65.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. During the same quarter in the prior year, the firm posted $1.62 earnings per share. Align Technology’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, equities research analysts predict that Align Technology, Inc. will post 7.45 EPS for the current year.

Align Technology 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.