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

PNC Financial Services Group Inc. trimmed its position in Align Technology, Inc. (NASDAQ:ALGN) by 16.2% during the fourth quarter, according to the company in its most recent 13F 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 period. PNC Financial Services Group Inc.’s holdings in Align Technology were worth $4,317,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. EFG Asset Management Americas Corp. lifted its holdings in Align Technology by 3.6% in the 4th quarter. EFG Asset Management Americas Corp. now owns 1,167 shares of the medical equipment provider’s stock valued at $320,000 after purchasing an additional 41 shares in the last quarter. Dfpg Investments LLC lifted its holdings in Align Technology by 3.3% in the 4th quarter. Dfpg Investments LLC now owns 1,327 shares of the medical equipment provider’s stock valued at $340,000 after purchasing an additional 42 shares in the last quarter. Richard W. Paul & Associates LLC lifted its holdings in shares of Align Technology by 2.8% during the 4th quarter. Richard W. Paul & Associates LLC now owns 1,669 shares of the medical equipment provider’s stock worth $457,000 after acquiring an additional 45 shares during the period. Valley National Advisers Inc. lifted its holdings in shares of Align Technology by 29.7% during the 3rd quarter. Valley National Advisers Inc. now owns 214 shares of the medical equipment provider’s stock worth $65,000 after acquiring an additional 49 shares during the period. Finally, Jag Capital Management LLC lifted its holdings in shares of Align Technology by 4.1% during the 3rd quarter. Jag Capital Management LLC now owns 1,258 shares of the medical equipment provider’s stock worth $384,000 after acquiring an additional 50 shares during the period. 88.43% of the stock is currently owned by hedge funds and other institutional investors.

Align Technology Stock Performance

NASDAQ ALGN opened at $242.20 on Wednesday. Align Technology, Inc. has a one year low of $176.34 and a one year high of $413.20. The company’s 50 day moving average price is $277.70 and its 200 day moving average price is $282.87. The firm has a market capitalization of $18.23 billion, a price-to-earnings ratio of 39.90, a PEG ratio of 4.74 and a beta of 1.62.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 EPS for the quarter, beating the consensus estimate of $1.54 by $0.08. Align Technology had a net margin of 11.80% and a return on equity of 14.15%. The firm had revenue of $997.43 million for the quarter, compared to analyst estimates of $971.97 million. Sell-side analysts forecast that Align Technology, Inc. will post 7.86 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ALGN. Leerink Partnrs reiterated a “market perform” rating on shares of Align Technology in a report on Monday, February 26th. Evercore ISI cut their price objective on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a report on Monday, June 10th. OTR Global reiterated a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. UBS Group increased their price objective on shares of Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a report on Monday, April 15th. Finally, Robert W. Baird increased their price objective on shares of Align Technology from $333.00 to $370.00 and gave the stock an “outperform” rating in a report on Thursday, April 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $351.00.

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.