Short Interest in Align Technology, Inc. (NASDAQ:ALGN) Increases By 5.1%

Align Technology, Inc. (NASDAQ:ALGN) saw a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 2,660,000 shares, an increase of 5.1% from the November 30th total of 2,530,000 shares. Based on an average daily trading volume, of 795,000 shares, the days-to-cover ratio is presently 3.3 days. Approximately 3.8% of the shares of the company are sold short.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on ALGN shares. Stifel Nicolaus lowered their price objective on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Robert W. Baird decreased their price target on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Evercore ISI dropped their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Needham & Company LLC reiterated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Finally, Morgan Stanley decreased their target price on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $271.20.

Align Technology Trading Down 0.0 %

Shares of ALGN opened at $208.49 on Friday. Align Technology has a 1 year low of $196.09 and a 1 year high of $335.40. The stock has a 50 day simple moving average of $221.95 and a 200-day simple moving average of $230.24. The stock has a market cap of $15.56 billion, a PE ratio of 35.58, a PEG ratio of 6.20 and a beta of 1.66.

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

Institutional Trading of Align Technology

Large investors have recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. increased its stake in shares of Align Technology by 854.5% in the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after buying an additional 94 shares in the last quarter. Rothschild Investment LLC acquired a new stake in Align Technology in the 2nd quarter valued at about $26,000. True Wealth Design LLC increased its position in Align Technology by 10,700.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 107 shares in the last quarter. University of Texas Texas AM Investment Management Co. acquired a new position in shares of Align Technology during the second quarter worth approximately $31,000. Finally, Quarry LP grew its stake in shares of Align Technology by 53.0% during the second quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock valued at $31,000 after purchasing an additional 44 shares during the last quarter. 88.43% of the stock is owned by institutional investors.

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.