Principal Financial Group Inc. Reduces Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Principal Financial Group Inc. lessened its holdings in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 38.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 79,852 shares of the medical equipment provider's stock after selling 50,869 shares during the quarter. Principal Financial Group Inc. owned 0.11% of Align Technology worth $19,279,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Crewe Advisors LLC boosted its holdings in Align Technology by 36.8% in the second quarter. Crewe Advisors LLC now owns 171 shares of the medical equipment provider's stock worth $41,000 after acquiring an additional 46 shares in the last quarter. Innealta Capital LLC acquired a new stake in Align Technology in the second quarter worth about $26,000. ABLE Financial Group LLC boosted its holdings in Align Technology by 3.6% in the second quarter. ABLE Financial Group LLC now owns 2,998 shares of the medical equipment provider's stock worth $724,000 after acquiring an additional 104 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Align Technology by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 1,148,282 shares of the medical equipment provider's stock worth $277,230,000 after acquiring an additional 15,540 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG acquired a new stake in Align Technology in the second quarter worth about $294,000. Institutional investors and hedge funds own 88.43% of the company's stock.

Align Technology Price Performance

ALGN stock traded down $4.16 during trading on Wednesday, hitting $222.34. 760,376 shares of the company traded hands, compared to its average volume of 781,806. The stock's 50-day simple moving average is $234.49 and its 200 day simple moving average is $270.80. The company has a market cap of $16.74 billion, a PE ratio of 37.31, a P/E/G ratio of 5.40 and a beta of 1.66. Align Technology, Inc. has a 1 year low of $176.34 and a 1 year high of $374.90.

Align Technology (NASDAQ:ALGN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The medical equipment provider reported $2.41 EPS for the quarter, beating analysts' consensus estimates of $2.32 by $0.09. The business had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. The business's revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.73 earnings per share. Research analysts expect that Align Technology, Inc. will post 7.61 earnings per share for the current year.

Insider Activity

In other Align Technology news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the business's stock in a transaction dated Thursday, August 15th. The stock was acquired at an average cost of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the transaction, the director now directly owns 28,247 shares of the company's stock, valued at $6,647,366.51. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.62% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Robert W. Baird lowered their price target on Align Technology from $370.00 to $325.00 and set an "outperform" rating for the company in a report on Monday, July 22nd. OTR Global reaffirmed a "mixed" rating on shares of Align Technology in a report on Tuesday, June 4th. Stifel Nicolaus decreased their target price on Align Technology from $400.00 to $350.00 and set a "buy" rating for the company in a report on Thursday, July 25th. Morgan Stanley decreased their target price on Align Technology from $328.00 to $310.00 and set an "overweight" rating for the company in a report on Thursday, July 25th. Finally, Piper Sandler decreased their target price on Align Technology from $330.00 to $315.00 and set an "overweight" rating for the company in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Align Technology currently has a consensus rating of "Hold" and a consensus price target of $306.88.

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.