Citizens Financial Group Inc. RI Lowers Stock Holdings in Align Technology, Inc. (NASDAQ:ALGN)

Citizens Financial Group Inc. RI cut its holdings in shares of Align Technology, Inc. (NASDAQ:ALGN) by 5.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,900 shares of the medical equipment provider’s stock after selling 158 shares during the period. Citizens Financial Group Inc. RI’s holdings in Align Technology were worth $738,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Toronto Dominion Bank lifted its holdings in Align Technology by 2.0% during the 1st quarter. Toronto Dominion Bank now owns 41,083 shares of the medical equipment provider’s stock worth $13,472,000 after buying an additional 791 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in shares of Align Technology by 67.7% in the first quarter. Canada Pension Plan Investment Board now owns 101,229 shares of the medical equipment provider’s stock valued at $33,195,000 after acquiring an additional 40,852 shares in the last quarter. LRI Investments LLC acquired a new position in Align Technology during the 1st quarter worth $29,000. Lazard Asset Management LLC increased its holdings in Align Technology by 190.7% during the 1st quarter. Lazard Asset Management LLC now owns 54,126 shares of the medical equipment provider’s stock worth $17,748,000 after purchasing an additional 35,507 shares during the period. Finally, BOKF NA boosted its stake in shares of Align Technology by 18.8% in the 1st quarter. BOKF NA now owns 13,437 shares of the medical equipment provider’s stock valued at $4,295,000 after buying an additional 2,131 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ALGN shares. Stifel Nicolaus decreased their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. StockNews.com upgraded Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Robert W. Baird dropped their price objective on Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Morgan Stanley lowered 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, Piper Sandler cut their price objective on shares of Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Align Technology has an average rating of “Hold” and an average price target of $276.38.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $225.89 on Friday. Align Technology, Inc. has a 1-year low of $196.09 and a 1-year high of $335.40. The stock has a market cap of $16.86 billion, a P/E ratio of 38.55, a P/E/G ratio of 5.77 and a beta of 1.65. The firm has a fifty day moving average price of $228.54 and a 200 day moving average price of $238.16.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. The business had revenue of $977.87 million during the quarter, compared to the consensus estimate of $990.05 million. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The business’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.62 earnings per share. Sell-side analysts expect that Align Technology, Inc. will post 7.45 EPS for the current fiscal year.

Align Technology Company 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.