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

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

Align Technology Trading Up 3.5 %

Shares of NASDAQ ALGN opened at $166.20 on Monday. Align Technology has a 12-month low of $158.13 and a 12-month high of $335.40. The firm’s 50-day moving average price is $203.61 and its 200-day moving average price is $218.78. The stock has a market capitalization of $12.23 billion, a price-to-earnings ratio of 29.63, a P/E/G ratio of 2.24 and a beta of 1.69.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, February 5th. The medical equipment provider reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). Align Technology had a net margin of 10.54% and a return on equity of 13.84%. On average, equities analysts predict that Align Technology will post 7.98 EPS for the current fiscal year.

Institutional Trading of Align Technology

A number of institutional investors have recently bought and sold shares of ALGN. Norges Bank bought a new position in Align Technology during the fourth quarter valued at $190,792,000. Wellington Management Group LLP boosted its stake in shares of Align Technology by 49.0% during the 3rd quarter. Wellington Management Group LLP now owns 2,634,600 shares of the medical equipment provider’s stock worth $670,031,000 after purchasing an additional 866,663 shares during the period. Holocene Advisors LP bought a new position in Align Technology during the 3rd quarter valued at about $137,287,000. FMR LLC raised its position in Align Technology by 43.0% in the 3rd quarter. FMR LLC now owns 1,221,831 shares of the medical equipment provider’s stock worth $310,736,000 after purchasing an additional 367,508 shares during the period. Finally, Point72 Asset Management L.P. lifted its stake in Align Technology by 96.3% in the third quarter. Point72 Asset Management L.P. now owns 674,319 shares of the medical equipment provider’s stock worth $171,493,000 after purchasing an additional 330,807 shares during the last quarter. 88.43% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ALGN has been the topic of a number of research analyst reports. Leerink Partners raised Align Technology from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $235.00 to $280.00 in a report on Monday, January 6th. Morgan Stanley lowered their target price on shares of Align Technology from $280.00 to $272.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Mizuho started coverage on shares of Align Technology in a research note on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price for the company. Leerink Partnrs upgraded shares of Align Technology from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 6th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Align Technology in a report on Thursday, February 6th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.