Align Technology, Inc. (NASDAQ:ALGN) Sees Significant Growth in Short Interest

Align Technology, Inc. (NASDAQ:ALGN) was the recipient of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 2,940,000 shares, a growth of 7.7% from the August 31st total of 2,730,000 shares. Currently, 4.2% of the shares of the company are short sold. Based on an average trading volume of 787,500 shares, the days-to-cover ratio is currently 3.7 days.

Insider Transactions at Align Technology

In other news, Director C Raymond Larkin, Jr. purchased 6,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were purchased at an average cost of $235.33 per share, with a total value of $1,529,645.00. Following the acquisition, the director now directly owns 28,247 shares of the company’s stock, valued at $6,647,366.51. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.62% of the company’s stock.

Institutional Trading of Align Technology

Several large investors have recently bought and sold shares of the business. Gryphon Financial Partners LLC lifted its holdings in Align Technology by 31.0% in the fourth quarter. Gryphon Financial Partners LLC now owns 1,396 shares of the medical equipment provider’s stock valued at $383,000 after acquiring an additional 330 shares during the last quarter. Bank of Nova Scotia lifted its stake in shares of Align Technology by 30.1% in the 4th quarter. Bank of Nova Scotia now owns 7,115 shares of the medical equipment provider’s stock valued at $1,949,000 after purchasing an additional 1,646 shares during the last quarter. Brown Brothers Harriman & Co. grew its holdings in shares of Align Technology by 21.2% during the 4th quarter. Brown Brothers Harriman & Co. now owns 2,584 shares of the medical equipment provider’s stock worth $708,000 after purchasing an additional 452 shares during the period. Tradition Wealth Management LLC increased its position in shares of Align Technology by 143.2% during the 4th quarter. Tradition Wealth Management LLC now owns 338 shares of the medical equipment provider’s stock worth $93,000 after purchasing an additional 199 shares during the last quarter. Finally, California State Teachers Retirement System increased its position in shares of Align Technology by 1.9% during the 4th quarter. California State Teachers Retirement System now owns 118,267 shares of the medical equipment provider’s stock worth $32,405,000 after purchasing an additional 2,191 shares during the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of analyst reports. Stifel Nicolaus lowered their target price on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. Evercore ISI dropped their price objective on Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research note on Monday, June 10th. Piper Sandler reissued an “overweight” rating and set a $315.00 target price on shares of Align Technology in a research note on Friday, September 13th. OTR Global reissued a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Finally, Morgan Stanley cut their price objective on shares of Align Technology from $328.00 to $310.00 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, three have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Align Technology has a consensus rating of “Moderate Buy” and an average target price of $306.88.

Align Technology Price Performance

NASDAQ ALGN opened at $245.35 on Wednesday. Align Technology has a 1 year low of $176.34 and a 1 year high of $335.40. The company has a market capitalization of $18.47 billion, a PE ratio of 40.42, a P/E/G ratio of 5.77 and a beta of 1.64. The company has a fifty day moving average of $232.66 and a 200 day moving average of $261.20.

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

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.