Align Technology, Inc. (NASDAQ:ALGN) was the target of a large drop in short interest during the month of May. As of May 15th, there was short interest totalling 2,873,227 shares, a drop of 32.5% from the April 28th total of 4,256,782 shares. Currently, 4.0% of the company’s shares are short sold. Based on an average daily volume of 1,237,230 shares, the short-interest ratio is presently 2.3 days.

Align Technology (NASDAQ:ALGN) opened at 142.10 on Friday. The stock has a 50 day moving average price of $129.37 and a 200 day moving average price of $107.27. Align Technology has a 52-week low of $76.14 and a 52-week high of $145.24. The company has a market capitalization of $11.42 billion, a price-to-earnings ratio of 53.02 and a beta of 1.40.

Align Technology (NASDAQ:ALGN) last posted its quarterly earnings results on Thursday, April 27th. The medical equipment provider reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.18. Align Technology had a net margin of 17.57% and a return on equity of 20.82%. The business had revenue of $310.34 million during the quarter, compared to analyst estimates of $297.46 million. During the same period in the prior year, the business posted $0.50 earnings per share. The company’s revenue was up 30.0% on a year-over-year basis. Equities research analysts forecast that Align Technology will post $3.24 earnings per share for the current year.

In related news, Director Joseph Lacob sold 50,000 shares of the firm’s stock in a transaction on Tuesday, February 28th. The stock was sold at an average price of $102.67, for a total transaction of $5,133,500.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is owned by company insiders.

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its stake in Align Technology by 5,738.0% in the first quarter. BlackRock Inc. now owns 6,640,531 shares of the medical equipment provider’s stock worth $761,737,000 after buying an additional 6,526,784 shares in the last quarter. Vanguard Group Inc. raised its stake in Align Technology by 2.3% in the first quarter. Vanguard Group Inc. now owns 6,264,845 shares of the medical equipment provider’s stock worth $718,641,000 after buying an additional 138,293 shares in the last quarter. Polen Capital Management LLC raised its stake in Align Technology by 8.5% in the first quarter. Polen Capital Management LLC now owns 3,149,797 shares of the medical equipment provider’s stock worth $361,313,000 after buying an additional 248,095 shares in the last quarter. Lone Pine Capital LLC raised its stake in Align Technology by 1.6% in the fourth quarter. Lone Pine Capital LLC now owns 2,476,534 shares of the medical equipment provider’s stock worth $238,069,000 after buying an additional 39,614 shares in the last quarter. Finally, State Street Corp raised its stake in Align Technology by 1.7% in the first quarter. State Street Corp now owns 2,377,906 shares of the medical equipment provider’s stock worth $272,752,000 after buying an additional 39,963 shares in the last quarter. Institutional investors own 85.82% of the company’s stock.

ALGN has been the subject of several analyst reports. Robert W. Baird raised Align Technology from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $105.00 to $155.00 in a research report on Friday, April 28th. Leerink Swann reaffirmed an “outperform” rating and set a $149.00 target price (up from $118.00) on shares of Align Technology in a research report on Saturday, April 29th. Jefferies Group LLC reaffirmed a “buy” rating and set a $150.00 target price (up from $110.00) on shares of Align Technology in a research report on Saturday, April 29th. Zacks Investment Research raised Align Technology from a “hold” rating to a “buy” rating and set a $128.00 target price for the company in a research report on Tuesday, April 11th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $130.00 target price on shares of Align Technology in a research report on Tuesday, April 11th. Seven investment analysts have rated the stock with a buy rating, Align Technology has an average rating of “Buy” and an average price target of $137.67.

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About Align Technology

Align Technology, Inc designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design/computer-aided manufacturing (CAD/CAM) digital services used in dentistry, orthodontics and dental records storage. The Company operates through two segments: Clear Aligner segment and Scanner and Services (Scanner) segment.

12 Month Chart for NASDAQ:ALGN

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