Align Technology, Inc. (NASDAQ:ALGN) Short Interest Down 20.5% in December

Align Technology, Inc. (NASDAQ:ALGNGet Rating) was the target of a significant drop in short interest in the month of December. As of December 30th, there was short interest totalling 1,750,000 shares, a drop of 20.5% from the December 15th total of 2,200,000 shares. Approximately 2.4% of the shares of the stock are short sold. Based on an average trading volume of 1,050,000 shares, the days-to-cover ratio is currently 1.7 days.

Insider Activity at Align Technology

In related news, Director Warren S. Thaler acquired 1,050 shares of the stock in a transaction that occurred on Wednesday, November 2nd. The shares were acquired at an average price of $191.21 per share, for a total transaction of $200,770.50. Following the completion of the purchase, the director now directly owns 30,666 shares of the company’s stock, valued at $5,863,645.86. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Warren S. Thaler acquired 1,050 shares of the stock in a transaction that occurred on Wednesday, November 2nd. The shares were acquired at an average price of $191.21 per share, for a total transaction of $200,770.50. Following the completion of the purchase, the director now directly owns 30,666 shares of the company’s stock, valued at $5,863,645.86. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Joseph M. Hogan purchased 10,600 shares of the firm’s stock in a transaction on Wednesday, November 2nd. The stock was acquired at an average price of $188.58 per share, for a total transaction of $1,998,948.00. Following the transaction, the chief executive officer now owns 185,401 shares of the company’s stock, valued at approximately $34,962,920.58. The disclosure for this purchase can be found here. Company insiders own 0.64% of the company’s stock.

Institutional Investors Weigh In On Align Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Laurus Investment Counsel Inc. lifted its stake in shares of Align Technology by 0.5% in the 2nd quarter. Laurus Investment Counsel Inc. now owns 21,671 shares of the medical equipment provider’s stock valued at $5,129,000 after purchasing an additional 100 shares during the last quarter. CAPROCK Group Inc. raised its holdings in Align Technology by 49.6% in the 2nd quarter. CAPROCK Group Inc. now owns 860 shares of the medical equipment provider’s stock worth $204,000 after acquiring an additional 285 shares during the period. Czech National Bank bought a new position in Align Technology in the 3rd quarter worth $1,748,000. DAVENPORT & Co LLC raised its holdings in Align Technology by 31.5% in the 2nd quarter. DAVENPORT & Co LLC now owns 93,778 shares of the medical equipment provider’s stock worth $22,195,000 after acquiring an additional 22,487 shares during the period. Finally, IFM Investors Pty Ltd raised its holdings in Align Technology by 15.5% in the 2nd quarter. IFM Investors Pty Ltd now owns 13,383 shares of the medical equipment provider’s stock worth $3,167,000 after acquiring an additional 1,797 shares during the period. Institutional investors and hedge funds own 84.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ALGN shares. The Goldman Sachs Group decreased their price target on shares of Align Technology from $250.00 to $165.00 and set a “sell” rating on the stock in a research report on Thursday, October 27th. Stifel Nicolaus decreased their price objective on shares of Align Technology from $325.00 to $265.00 in a research note on Thursday, October 27th. Robert W. Baird decreased their price objective on shares of Align Technology from $310.00 to $260.00 in a research note on Thursday, October 27th. StockNews.com initiated coverage on shares of Align Technology in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Morgan Stanley decreased their price objective on shares of Align Technology from $402.00 to $314.00 and set an “overweight” rating for the company in a research note on Thursday, October 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company. According to MarketBeat, Align Technology has a consensus rating of “Moderate Buy” and a consensus target price of $300.78.

Align Technology Stock Down 4.3 %

Shares of NASDAQ:ALGN opened at $236.30 on Friday. The firm has a fifty day moving average of $207.63 and a two-hundred day moving average of $228.87. The firm has a market capitalization of $18.46 billion, a P/E ratio of 36.52, a price-to-earnings-growth ratio of 29.54 and a beta of 1.59. Align Technology has a 12-month low of $172.05 and a 12-month high of $552.00.

Align Technology (NASDAQ:ALGNGet Rating) last released its quarterly earnings data on Wednesday, October 26th. The medical equipment provider reported $0.98 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.93 by ($0.95). Align Technology had a net margin of 13.22% and a return on equity of 14.39%. The business had revenue of $890.35 million during the quarter, compared to analyst estimates of $973.00 million. During the same period in the previous year, the firm posted $2.28 EPS. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. Equities research analysts expect that Align Technology will post 5.8 earnings per share for the current fiscal year.

Align Technology Company Profile

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Align Technology, Inc, a medical device company, designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioner dentists, and restorative and aesthetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services.

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