Align Technology, Inc. (NASDAQ:ALGN) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 2,255,506 shares, an increase of 53.2% from the October 15th total of 1,472,594 shares. Currently, 3.1% of the company’s stock are short sold. Based on an average daily volume of 2,315,206 shares, the short-interest ratio is presently 1.0 days.
ALGN has been the topic of several recent analyst reports. BidaskClub downgraded Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 5th. Barclays reiterated a “buy” rating on shares of Align Technology in a research note on Thursday, July 26th. Stifel Nicolaus increased their target price on Align Technology from $375.00 to $425.00 and gave the company a “buy” rating in a research note on Thursday, July 26th. Goldman Sachs Group initiated coverage on Align Technology in a research note on Saturday, October 20th. They set a “buy” rating and a $420.00 target price on the stock. Finally, ValuEngine downgraded Align Technology from a “strong-buy” rating to a “buy” rating in a research note on Friday, October 26th. Two analysts have rated the stock with a sell rating, three have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $354.08.
In other Align Technology news, SVP Stuart A. Hockridge sold 2,753 shares of the stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $366.73, for a total transaction of $1,009,607.69. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CMO Raphael Pascaud sold 10,500 shares of the stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $361.00, for a total value of $3,790,500.00. Following the sale, the chief marketing officer now owns 25,087 shares in the company, valued at $9,056,407. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 55,648 shares of company stock worth $20,577,327. Company insiders own 1.40% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sigma Planning Corp raised its holdings in Align Technology by 9.8% in the 2nd quarter. Sigma Planning Corp now owns 1,527 shares of the medical equipment provider’s stock worth $522,000 after purchasing an additional 136 shares during the period. Lido Advisors LLC raised its holdings in Align Technology by 15.9% in the 2nd quarter. Lido Advisors LLC now owns 1,091 shares of the medical equipment provider’s stock worth $373,000 after purchasing an additional 150 shares during the period. Brighton Jones LLC raised its holdings in Align Technology by 5.5% in the 2nd quarter. Brighton Jones LLC now owns 2,898 shares of the medical equipment provider’s stock worth $992,000 after purchasing an additional 151 shares during the period. HL Financial Services LLC raised its holdings in Align Technology by 8.0% in the 2nd quarter. HL Financial Services LLC now owns 2,137 shares of the medical equipment provider’s stock worth $731,000 after purchasing an additional 158 shares during the period. Finally, Boston Family Office LLC raised its holdings in Align Technology by 6.7% in the 2nd quarter. Boston Family Office LLC now owns 2,565 shares of the medical equipment provider’s stock worth $878,000 after purchasing an additional 160 shares during the period. 78.54% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ ALGN opened at $235.96 on Friday. The firm has a market cap of $18.35 billion, a PE ratio of 60.66, a PEG ratio of 1.99 and a beta of 2.00. Align Technology has a 1-year low of $203.12 and a 1-year high of $398.88.
Align Technology (NASDAQ:ALGN) last released its quarterly earnings results on Wednesday, October 24th. The medical equipment provider reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.05. The firm had revenue of $505.30 million for the quarter, compared to analysts’ expectations of $503.14 million. Align Technology had a return on equity of 34.09% and a net margin of 16.89%. The company’s revenue was up 31.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.01 EPS. On average, sell-side analysts predict that Align Technology will post 4.89 earnings per share for the current fiscal year.
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About Align Technology
Align Technology, Inc designs, manufactures, and markets a system of clear aligner therapy, intraoral scanners, and computer-aided design and computer-aided manufacturing (CAD/CAM) digital services. The company's Clear Aligner segment offers Invisalign Full, a treatment used for a range of malocclusion; Invisalign Teen treatment that addresses orthodontic needs of teenage patients, such as compliance indicators, compensation for tooth eruption, and six free single arch replacement aligners; and Invisalign Assist treatment for anterior alignment and aesthetically-oriented cases.
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