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

Align Technology, Inc. (NASDAQ:ALGN) saw a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 2,964,353 shares, a growth of 25.5% from the February 26th total of 2,361,877 shares. Approximately 4.2% of the company’s shares are short sold. Based on an average daily volume of 1,425,404 shares, the short-interest ratio is presently 2.1 days.

Align Technology Price Performance

NASDAQ ALGN opened at $166.38 on Monday. Align Technology has a 52 week low of $122.00 and a 52 week high of $208.30. The firm has a 50 day moving average of $177.15 and a two-hundred day moving average of $155.99. The stock has a market capitalization of $11.86 billion, a PE ratio of 29.40, a price-to-earnings-growth ratio of 1.81 and a beta of 1.79.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, February 4th. The medical equipment provider reported $3.29 earnings per share for the quarter, beating analysts’ consensus estimates of $2.99 by $0.30. The business had revenue of $1.05 billion for the quarter, compared to analyst estimates of $1.03 billion. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The company’s revenue was up 5.3% on a year-over-year basis. During the same period last year, the business earned $2.44 EPS. On average, equities research analysts expect that Align Technology will post 7.98 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ALGN has been the topic of several recent research reports. Weiss Ratings raised shares of Align Technology from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, January 16th. Leerink Partners boosted their price target on shares of Align Technology from $210.00 to $225.00 and gave the stock an “outperform” rating in a research note on Thursday, February 5th. UBS Group upped their price objective on Align Technology from $175.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 5th. Wells Fargo & Company increased their price objective on Align Technology from $181.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, February 5th. Finally, Morgan Stanley lifted their target price on Align Technology from $154.00 to $169.00 and gave the company an “equal weight” rating in a report on Thursday, February 5th. Seven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $198.08.

Insider Activity

In other news, EVP John Morici sold 7,969 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the sale, the executive vice president owned 8,237 shares of the company’s stock, valued at approximately $1,559,346.47. This represents a 49.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.66% of the company’s stock.

Institutional Trading of Align Technology

Institutional investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC increased its stake in Align Technology by 38.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 15,551 shares of the medical equipment provider’s stock valued at $2,029,000 after purchasing an additional 4,359 shares during the last quarter. AE Wealth Management LLC purchased a new stake in shares of Align Technology during the 3rd quarter worth approximately $650,000. Dana Investment Advisors Inc. acquired a new position in shares of Align Technology in the 3rd quarter valued at $9,991,000. AIA Group Ltd acquired a new stake in Align Technology during the 3rd quarter worth $2,507,000. Finally, Hussman Strategic Advisors Inc. acquired a new stake in Align Technology during the 3rd quarter worth $3,156,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Company Profile

Align Technology, Inc (NASDAQ: ALGN) pioneered the use of digital technology in orthodontics through the development of the Invisalign system, a series of clear, removable aligners that provide an alternative to traditional metal braces. Since its founding in 1997 by Zia Chishti and Kelsey Wirth, the Tempe, Arizona–based company has expanded its focus to include intraoral scanners, CAD/CAM software for dental laboratories and comprehensive digital dentistry solutions.

The company’s signature Invisalign system leverages 3D imaging and computer-aided design (CAD) to create customized aligners that gradually reposition teeth, improving patient comfort and treatment predictability.