Align Technology, Inc. (NASDAQ:ALGN) Short Interest Update

Align Technology, Inc. (NASDAQ:ALGN) was the target of a large decrease in short interest in the month of December. As of December 31st, there was short interest totaling 2,367,827 shares, a decrease of 19.2% from the December 15th total of 2,930,921 shares. Approximately 3.3% of the shares of the company are sold short. Based on an average trading volume of 997,595 shares, the short-interest ratio is presently 2.4 days. Based on an average trading volume of 997,595 shares, the short-interest ratio is presently 2.4 days. Approximately 3.3% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Wall Street Zen raised Align Technology from a “hold” rating to a “buy” rating in a report on Saturday, January 3rd. HSBC lifted their price target on shares of Align Technology from $140.00 to $150.00 in a report on Friday, October 31st. Morgan Stanley increased their target price on Align Technology from $142.00 to $154.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 30th. Leerink Partners boosted their price target on shares of Align Technology from $172.00 to $189.00 in a research note on Thursday, October 30th. Finally, Wells Fargo & Company lowered their target price on Align Technology from $199.00 to $181.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Six analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $172.18.

Institutional Investors Weigh In On Align Technology

A number of large investors have recently modified their holdings of the business. QRG Capital Management Inc. purchased a new position in shares of Align Technology in the second quarter worth about $306,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Align Technology during the 3rd quarter worth about $1,327,000. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Align Technology by 4.5% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 2,372 shares of the medical equipment provider’s stock worth $449,000 after acquiring an additional 102 shares during the last quarter. Navera Investment Management Ltd. boosted its position in shares of Align Technology by 3.0% during the second quarter. Navera Investment Management Ltd. now owns 787,559 shares of the medical equipment provider’s stock worth $149,126,000 after buying an additional 23,080 shares during the period. Finally, Franklin Resources Inc. grew its position in Align Technology by 115.6% in the 2nd quarter. Franklin Resources Inc. now owns 17,432 shares of the medical equipment provider’s stock valued at $3,300,000 after acquiring an additional 9,345 shares in the last quarter. Hedge funds and other institutional investors own 88.43% of the company’s stock.

Align Technology Price Performance

NASDAQ:ALGN opened at $171.49 on Tuesday. The company has a 50-day moving average of $155.75 and a 200 day moving average of $150.88. Align Technology has a 1-year low of $122.00 and a 1-year high of $237.23. The firm has a market cap of $12.30 billion, a PE ratio of 33.23, a price-to-earnings-growth ratio of 1.93 and a beta of 1.83.

Align Technology (NASDAQ:ALGN) last issued its quarterly earnings data on Wednesday, October 29th. The medical equipment provider reported $2.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.23. The company had revenue of $995.69 million for the quarter, compared to analyst estimates of $980.75 million. Align Technology had a net margin of 9.50% and a return on equity of 13.96%. Align Technology’s revenue was up 1.8% compared to the same quarter last year. During the same period last year, the company posted $2.35 earnings per share. Sell-side analysts anticipate that Align Technology will post 7.98 EPS for the current fiscal year.

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.