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 in 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. Based on an average daily volume of 787,500 shares, the days-to-cover ratio is currently 3.7 days. Approximately 4.2% of the shares of the company are short sold.

Align Technology Trading Down 0.2 %

Shares of ALGN stock opened at $254.32 on Tuesday. Align Technology has a 12-month low of $176.34 and a 12-month high of $335.40. The firm’s 50 day moving average is $232.77 and its 200 day moving average is $261.68. The stock has a market capitalization of $19.15 billion, a P/E ratio of 41.90, a P/E/G ratio of 5.77 and a beta of 1.64.

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

Insider Activity at Align Technology

In other Align Technology news, Director C Raymond Larkin, Jr. bought 6,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were bought at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the completion of the acquisition, the director now owns 28,247 shares of the company’s stock, valued at $6,647,366.51. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.62% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Align Technology

Several large investors have recently added to or reduced their stakes in ALGN. Cullen Frost Bankers Inc. raised its stake in shares of 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 acquiring an additional 94 shares in the last quarter. Mather Group LLC. purchased a new stake in Align Technology during the first quarter worth $26,000. Innealta Capital LLC purchased a new stake in Align Technology during the second quarter worth $26,000. Rothschild Investment LLC acquired a new stake in shares of Align Technology in the second quarter valued at about $26,000. Finally, Versant Capital Management Inc grew its position in shares of Align Technology by 547.1% in the second quarter. Versant Capital Management Inc now owns 110 shares of the medical equipment provider’s stock valued at $27,000 after purchasing an additional 93 shares during the period. 88.43% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ALGN. Stifel Nicolaus decreased their price objective on Align Technology from $400.00 to $350.00 and set a “buy” rating for the company in a report on Thursday, July 25th. Robert W. Baird cut their price target on shares of Align Technology from $370.00 to $325.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Morgan Stanley lowered their price objective on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a research report on Thursday, July 25th. Finally, OTR Global reiterated a “mixed” rating on shares of Align Technology in a research note on Tuesday, June 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $306.88.

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.