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

Align Technology, Inc. (NASDAQ:ALGN) saw a significant decrease in short interest in the month of November. As of November 30th, there was short interest totalling 2,530,000 shares, a decrease of 15.7% from the November 15th total of 3,000,000 shares. Based on an average trading volume of 785,200 shares, the days-to-cover ratio is presently 3.2 days. Approximately 3.6% of the company’s stock are sold short.

Align Technology Stock Performance

Shares of ALGN opened at $235.39 on Friday. The stock has a 50-day moving average of $224.11 and a two-hundred day moving average of $234.30. The stock has a market cap of $17.57 billion, a P/E ratio of 40.17, a P/E/G ratio of 6.20 and a beta of 1.66. Align Technology has a one year low of $196.09 and a one year high of $335.40.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $990.05 million. During the same quarter in the prior year, the firm earned $1.62 earnings per share. Align Technology’s revenue for the quarter was up 1.8% on a year-over-year basis. Analysts predict that Align Technology will post 7.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Cullen Frost Bankers Inc. grew its position in Align Technology by 854.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 94 shares during the period. Innealta Capital LLC acquired a new stake in Align Technology during the second quarter worth about $26,000. Rothschild Investment LLC purchased a new position in Align Technology during the second quarter valued at approximately $26,000. True Wealth Design LLC boosted 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 worth $27,000 after purchasing an additional 107 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in shares of Align Technology during the 2nd quarter worth approximately $31,000. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Robert W. Baird dropped their price objective on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Morgan Stanley cut their price target on Align Technology from $310.00 to $280.00 and set an “overweight” rating on the stock in a report on Thursday, October 24th. Bank of America upped their price objective on Align Technology from $200.00 to $206.00 and gave the stock an “underperform” rating in a research note on Friday. StockNews.com upgraded shares of Align Technology from a “hold” rating to a “buy” rating in a report on Thursday, September 19th. Finally, Stifel Nicolaus lowered their price target on shares of Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Align Technology currently has a consensus rating of “Hold” and a consensus target price of $271.20.

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.