Align Technology, Inc. (NASDAQ:ALGN) Short Interest Up 7.7% in September

Align Technology, Inc. (NASDAQ:ALGN) saw a significant increase in short interest in September. As of September 15th, there was short interest totalling 2,940,000 shares, an increase of 7.7% from the August 31st total of 2,730,000 shares. Based on an average daily volume of 787,500 shares, the days-to-cover ratio is presently 3.7 days. Approximately 4.2% of the company’s shares are short sold.

Insider Transactions at Align Technology

In other news, Director C Raymond Larkin, Jr. acquired 6,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The stock was acquired at an average price of $235.33 per share, for a total transaction of $1,529,645.00. Following the transaction, the director now directly owns 28,247 shares in the company, valued at $6,647,366.51. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.62% of the company’s stock.

Institutional Investors Weigh In On Align Technology

Several large investors have recently made changes to their positions in ALGN. University of Texas Texas AM Investment Management Co. bought a new stake in Align Technology during the second quarter worth $31,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Align Technology in the 2nd quarter valued at about $266,000. Sanctuary Advisors LLC bought a new stake in shares of Align Technology in the 2nd quarter valued at about $926,000. Quarry LP lifted its stake in Align Technology by 53.0% in the 2nd quarter. Quarry LP now owns 127 shares of the medical equipment provider’s stock valued at $31,000 after purchasing an additional 44 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in Align Technology by 5.6% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,019 shares of the medical equipment provider’s stock worth $729,000 after purchasing an additional 161 shares during the period. Institutional investors and hedge funds own 88.43% of the company’s stock.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $254.81 on Monday. The company’s 50-day moving average price is $232.67 and its two-hundred day moving average price is $262.12. Align Technology has a one year low of $176.34 and a one year high of $335.40. The stock has a market capitalization of $19.18 billion, a PE ratio of 41.98, a price-to-earnings-growth ratio of 5.77 and a beta of 1.64.

Align Technology (NASDAQ:ALGN) last released its earnings results on Wednesday, July 24th. The medical equipment provider reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.32 by $0.09. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. Align Technology had a return on equity of 14.07% and a net margin of 11.34%. Align Technology’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.73 earnings per share. On average, analysts anticipate that Align Technology will post 7.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ALGN has been the topic of a number of research analyst reports. StockNews.com raised Align Technology from a “hold” rating to a “buy” rating in a research report on Thursday, September 19th. Stifel Nicolaus cut their price target on shares of Align Technology from $400.00 to $350.00 and set a “buy” rating on the stock in a research note on Thursday, July 25th. Evercore ISI lowered their price objective on shares of Align Technology from $370.00 to $300.00 and set an “outperform” rating for the company in a research report on Monday, June 10th. OTR Global reaffirmed a “mixed” rating on shares of Align Technology in a research report on Tuesday, June 4th. Finally, Morgan Stanley lowered their target price on Align Technology from $328.00 to $310.00 and set an “overweight” rating for the company in a report on Thursday, July 25th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, Align Technology currently has an average rating of “Moderate Buy” and a consensus price target of $306.88.

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.