Align Technology, Inc. (NASDAQ:ALGN) Holdings Decreased by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. trimmed its position in shares of Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 15.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,071 shares of the medical equipment provider's stock after selling 2,238 shares during the quarter. 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 institutional investors and hedge funds have also made changes to their positions in the company. E Fund Management Co. Ltd. increased its holdings in Align Technology by 79.3% in the fourth quarter. E Fund Management Co. Ltd. now owns 1,533 shares of the medical equipment provider's stock valued at $320,000 after buying an additional 678 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Align Technology in the fourth quarter valued at approximately $42,243,000. Arizona State Retirement System grew its position in shares of Align Technology by 0.5% in the fourth quarter. Arizona State Retirement System now owns 20,584 shares of the medical equipment provider's stock valued at $4,292,000 after purchasing an additional 93 shares during the last quarter. Aigen Investment Management LP acquired a new stake in shares of Align Technology in the fourth quarter valued at approximately $349,000. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Align Technology in the fourth quarter valued at approximately $15,782,000. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Align Technology Stock Performance

Shares of NASDAQ ALGN traded down $5.06 during midday trading on Tuesday, hitting $164.53. The company's stock had a trading volume of 1,255,747 shares, compared to its average volume of 789,445. Align Technology, Inc. has a 1-year low of $158.13 and a 1-year high of $335.40. The firm's fifty day moving average price is $202.63 and its 200-day moving average price is $218.32. The firm has a market cap of $12.11 billion, a P/E ratio of 29.33, a P/E/G ratio of 2.24 and a beta of 1.69.

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Align Technology (NASDAQ:ALGN - Get Free Report) last released its quarterly earnings results 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%. As a group, research analysts predict that Align Technology, Inc. will post 7.98 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ALGN has been the topic of several research reports. Piper Sandler restated an "overweight" rating and set a $235.00 target price (down previously from $270.00) on shares of Align Technology in a research report on Tuesday. Leerink Partnrs upgraded shares of Align Technology from a "hold" rating to a "strong-buy" rating in a research report on Monday, January 6th. Mizuho began 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 on the stock. Needham & Company LLC reiterated a "hold" rating on shares of Align Technology in a report on Thursday, February 6th. Finally, Bank of America lifted their price target on shares of Align Technology from $200.00 to $206.00 and gave the company an "underperform" rating in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $266.73.

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.