Align Technology, Inc. (NASDAQ:ALGN) Short Interest Up 5.1% in December

Align Technology, Inc. (NASDAQ:ALGN) saw a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 2,660,000 shares, an increase of 5.1% from the November 30th total of 2,530,000 shares. Approximately 3.8% of the company’s shares are short sold. Based on an average trading volume of 795,000 shares, the days-to-cover ratio is currently 3.3 days.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Robert W. Baird cut their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Evercore ISI cut their price objective on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Mizuho began coverage on shares of Align Technology in a report on Wednesday, December 4th. They set an “outperform” rating and a $295.00 target price for the company. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research note on Thursday, September 19th. Finally, Stifel Nicolaus decreased their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Two analysts have rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $271.20.

Institutional Investors Weigh In On Align Technology

Several large investors have recently made changes to their positions in the stock. Quarry LP grew its holdings in shares of Align Technology by 53.0% during the second quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock worth $31,000 after buying an additional 44 shares in the last quarter. Empirical Finance LLC grew its stake in shares of Align Technology by 2.1% during the 3rd quarter. Empirical Finance LLC now owns 2,486 shares of the medical equipment provider’s stock worth $632,000 after acquiring an additional 50 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Align Technology by 0.6% in the second quarter. Daiwa Securities Group Inc. now owns 8,876 shares of the medical equipment provider’s stock valued at $2,143,000 after purchasing an additional 54 shares during the last quarter. Lake Street Advisors Group LLC raised its holdings in shares of Align Technology by 5.6% in the third quarter. Lake Street Advisors Group LLC now owns 1,042 shares of the medical equipment provider’s stock valued at $265,000 after purchasing an additional 55 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its position in shares of Align Technology by 8.9% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 687 shares of the medical equipment provider’s stock worth $166,000 after purchasing an additional 56 shares in the last quarter. Institutional investors own 88.43% of the company’s stock.

Align Technology Trading Down 0.0 %

NASDAQ:ALGN opened at $208.49 on Friday. Align Technology has a 1 year low of $196.09 and a 1 year high of $335.40. The stock has a 50-day moving average price of $221.95 and a two-hundred day moving average price of $230.24. The stock has a market cap of $15.56 billion, a price-to-earnings ratio of 35.58, a PEG ratio of 6.20 and a beta of 1.66.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. The business had revenue of $977.87 million during the quarter, compared to analyst estimates of $990.05 million. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. Align Technology’s quarterly revenue was up 1.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.62 EPS. Sell-side analysts forecast that Align Technology will post 7.45 earnings per share for the current year.

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.