Align Technology, Inc. (NASDAQ:ALGN) Short Interest Update

Align Technology, Inc. (NASDAQ:ALGN) was the recipient of a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 3,780,000 shares, an increase of 31.3% from the February 13th total of 2,880,000 shares. Approximately 5.5% of the company’s shares are short sold. Based on an average trading volume of 864,700 shares, the days-to-cover ratio is currently 4.4 days.

Align Technology Trading Up 2.0 %

Shares of ALGN stock opened at $169.59 on Tuesday. Align Technology 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 two-hundred day moving average price is $218.32. The firm has a market capitalization of $12.48 billion, a P/E ratio of 30.23, a PEG ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last issued 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 net margin of 10.54% and a return on equity of 13.84%. As a group, equities research analysts forecast that Align Technology will post 7.98 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ALGN. Victory Capital Management Inc. grew its position in shares of Align Technology by 17.0% in the 3rd quarter. Victory Capital Management Inc. now owns 134,036 shares of the medical equipment provider’s stock valued at $34,088,000 after acquiring an additional 19,518 shares during the period. KBC Group NV grew its position in shares of Align Technology by 11.8% in the 3rd quarter. KBC Group NV now owns 53,458 shares of the medical equipment provider’s stock valued at $13,595,000 after acquiring an additional 5,663 shares during the period. Metis Global Partners LLC grew its position in shares of Align Technology by 3.5% in the 3rd quarter. Metis Global Partners LLC now owns 2,780 shares of the medical equipment provider’s stock valued at $707,000 after acquiring an additional 94 shares during the period. CIBC Asset Management Inc grew its position in shares of Align Technology by 8.5% in the 3rd quarter. CIBC Asset Management Inc now owns 10,411 shares of the medical equipment provider’s stock valued at $2,648,000 after acquiring an additional 812 shares during the period. Finally, Empirical Finance LLC lifted its stake in shares of Align Technology by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock worth $632,000 after buying an additional 50 shares during the last quarter. Institutional investors own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on ALGN shares. Morgan Stanley reduced their price objective on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Wells Fargo & Company started coverage on shares of Align Technology in a research report on Friday, February 14th. They set an “overweight” rating and a $255.00 price target on the stock. Jefferies Financial Group reduced their price target on shares of Align Technology from $285.00 to $260.00 and set a “buy” rating on the stock in a research report on Thursday, January 23rd. Bank of America boosted their price objective on shares of Align Technology from $200.00 to $206.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. Finally, Mizuho assumed coverage on shares of Align Technology in a research report on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 price objective on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $269.91.

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.