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

Align Technology, Inc. (NASDAQ:ALGN) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totalling 1,840,000 shares, a growth of 19.5% from the May 31st total of 1,540,000 shares. Based on an average trading volume of 729,300 shares, the short-interest ratio is currently 2.5 days. Currently, 2.6% of the company’s shares are sold short.

Analysts Set New Price Targets

Several brokerages recently commented on ALGN. Stifel Nicolaus upped their target price on Align Technology from $350.00 to $400.00 and gave the company a “buy” rating in a report on Thursday, April 18th. OTR Global reiterated a “mixed” rating on shares of Align Technology in a report on Tuesday, June 4th. Robert W. Baird boosted their price target on Align Technology from $333.00 to $370.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. Evercore ISI dropped their price target on Align Technology from $370.00 to $300.00 and set an “outperform” rating on the stock in a research note on Monday, June 10th. Finally, UBS Group boosted their price target on Align Technology from $280.00 to $320.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $346.50.

Hedge Funds Weigh In On Align Technology

A number of institutional investors have recently modified their holdings of ALGN. Cetera Advisors LLC bought a new stake in Align Technology during the first quarter worth $337,000. Cetera Investment Advisers grew its holdings in Align Technology by 914.2% during the first quarter. Cetera Investment Advisers now owns 12,627 shares of the medical equipment provider’s stock worth $4,140,000 after buying an additional 11,382 shares in the last quarter. Swedbank AB bought a new stake in Align Technology during the first quarter worth $96,117,000. LRI Investments LLC bought a new stake in Align Technology during the first quarter worth $29,000. Finally, Wahed Invest LLC grew its holdings in Align Technology by 14.1% during the first quarter. Wahed Invest LLC now owns 1,485 shares of the medical equipment provider’s stock worth $487,000 after buying an additional 183 shares in the last quarter. 88.43% of the stock is owned by institutional investors and hedge funds.

Align Technology Stock Down 0.6 %

Shares of NASDAQ:ALGN opened at $241.43 on Friday. Align Technology has a twelve month low of $176.34 and a twelve month high of $413.20. The stock’s 50 day moving average is $266.69 and its 200-day moving average is $283.70. The firm has a market capitalization of $18.17 billion, a price-to-earnings ratio of 39.77, a PEG ratio of 4.50 and a beta of 1.62.

Align Technology (NASDAQ:ALGN) last issued its earnings results on Wednesday, April 24th. The medical equipment provider reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.08. Align Technology had a return on equity of 14.15% and a net margin of 11.80%. The company had revenue of $997.43 million for the quarter, compared to analyst estimates of $971.97 million. Equities research analysts anticipate that Align Technology will post 7.86 earnings per share 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.