Align Technology, Inc. (NASDAQ:ALGN) Sees Large Decline in Short Interest

Align Technology, Inc. (NASDAQ:ALGN) saw a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 2,530,000 shares, a decline of 15.7% from the November 15th total of 3,000,000 shares. Based on an average daily volume of 785,200 shares, the days-to-cover ratio is presently 3.2 days. Approximately 3.6% of the shares of the company are short sold.

Align Technology Stock Performance

Shares of ALGN opened at $235.39 on Friday. Align Technology has a fifty-two week low of $196.09 and a fifty-two week high of $335.40. The firm has a market cap of $17.57 billion, a price-to-earnings ratio of 40.17, a PEG ratio of 6.20 and a beta of 1.66. The firm has a 50 day moving average price of $224.11 and a 200-day moving average price of $234.44.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings data on Wednesday, October 23rd. The medical equipment provider reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. Align Technology had a return on equity of 13.99% and a net margin of 11.15%. The firm had revenue of $977.87 million for the quarter, compared to analysts’ expectations of $990.05 million. During the same period last year, the firm earned $1.62 earnings per share. The company’s revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, equities research analysts predict that Align Technology will post 7.45 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Evercore ISI lowered their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Stifel Nicolaus lowered their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Robert W. Baird reduced their target price on Align Technology from $325.00 to $276.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Needham & Company LLC reaffirmed a “hold” rating on shares of Align Technology in a report on Monday, November 4th. Finally, Mizuho initiated coverage on shares of Align Technology in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $295.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Align Technology currently has an average rating of “Hold” and a consensus target price of $271.20.

Hedge Funds Weigh In On Align Technology

A number of large investors have recently bought and sold shares of the stock. Cullen Frost Bankers Inc. raised its stake in shares of Align Technology by 854.5% during the second quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock valued at $25,000 after acquiring an additional 94 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Align Technology during the second quarter valued at approximately $26,000. Rothschild Investment LLC purchased a new stake in Align Technology in the second quarter worth $26,000. True Wealth Design LLC boosted its holdings in Align Technology by 10,700.0% in the third quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock valued at $27,000 after acquiring an additional 107 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. purchased a new position in Align Technology during the 2nd quarter valued at $31,000. 88.43% of the stock is owned by hedge funds and other institutional investors.

Align Technology Company Profile

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.