PNC Financial Services Group Inc. Sells 4,239 Shares of Align Technology, Inc. (NASDAQ:ALGN)

PNC Financial Services Group Inc. trimmed its stake in Align Technology, Inc. (NASDAQ:ALGN - Free Report) by 35.1% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,832 shares of the medical equipment provider's stock after selling 4,239 shares during the period. PNC Financial Services Group Inc.'s holdings in Align Technology were worth $1,244,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. GKV Capital Management Co. Inc. acquired a new stake in Align Technology during the 4th quarter worth about $31,000. Orion Capital Management LLC acquired a new stake in Align Technology during the 4th quarter worth about $42,000. Compagnie Lombard Odier SCmA acquired a new stake in Align Technology during the 1st quarter worth about $32,000. Center for Financial Planning Inc. acquired a new stake in Align Technology during the 1st quarter worth about $35,000. Finally, Covestor Ltd grew its holdings in Align Technology by 14.6% during the 4th quarter. Covestor Ltd now owns 415 shares of the medical equipment provider's stock worth $87,000 after acquiring an additional 53 shares during the period. 88.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Joseph M. Hogan acquired 7,576 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was bought at an average cost of $131.49 per share, for a total transaction of $996,168.24. Following the acquisition, the chief executive officer directly owned 184,945 shares in the company, valued at approximately $24,318,418.05. The trade was a 4.27% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.66% of the company's stock.

Align Technology Stock Performance

Shares of NASDAQ ALGN traded up $1.71 during trading hours on Friday, hitting $144.59. The company's stock had a trading volume of 238,549 shares, compared to its average volume of 1,215,342. The stock has a market cap of $10.48 billion, a price-to-earnings ratio of 24.32, a P/E/G ratio of 1.64 and a beta of 1.61. Align Technology, Inc. has a 12 month low of $127.70 and a 12 month high of $262.87. The business has a 50-day simple moving average of $179.96 and a 200-day simple moving average of $180.19.

Align Technology (NASDAQ:ALGN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The medical equipment provider reported $2.49 EPS for the quarter, missing the consensus estimate of $2.57 by ($0.08). Align Technology had a return on equity of 13.36% and a net margin of 11.04%. The company had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $1.06 billion. During the same quarter last year, the business earned $2.41 earnings per share. The business's quarterly revenue was down 1.6% on a year-over-year basis. On average, equities research analysts forecast that Align Technology, Inc. will post 7.98 EPS for the current year.

Align Technology announced that its Board of Directors has initiated a share repurchase plan on Tuesday, May 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical equipment provider to reacquire up to 7.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ALGN shares. Evercore ISI increased their price objective on shares of Align Technology from $200.00 to $220.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 9th. Hsbc Global Res cut shares of Align Technology from a "strong-buy" rating to a "hold" rating in a research report on Friday, April 25th. Needham & Company LLC reissued a "hold" rating on shares of Align Technology in a research report on Thursday, May 1st. UBS Group cut their price objective on shares of Align Technology from $240.00 to $215.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Finally, Piper Sandler cut their price objective on shares of Align Technology from $250.00 to $190.00 and set an "overweight" rating on the stock in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $215.00.

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.