Short Interest in Align Technology, Inc. (NASDAQ:ALGN) Expands By 25.5%

Align Technology, Inc. (NASDAQ:ALGN) was the target of a large growth in short interest in the month of March. As of March 13th, there was short interest totaling 2,964,353 shares, a growth of 25.5% from the February 26th total of 2,361,877 shares. Approximately 4.2% of the shares of the company are sold short. Based on an average trading volume of 1,425,404 shares, the short-interest ratio is presently 2.1 days.

Insider Transactions at Align Technology

In other news, EVP John Morici sold 7,969 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $189.31, for a total transaction of $1,508,611.39. Following the sale, the executive vice president owned 8,237 shares of the company’s stock, valued at $1,559,346.47. This trade represents a 49.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.66% of the company’s stock.

Hedge Funds Weigh In On Align Technology

Institutional investors have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Align Technology by 4.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,222 shares of the medical equipment provider’s stock valued at $1,624,000 after purchasing an additional 469 shares during the period. Focus Partners Wealth raised its stake in shares of Align Technology by 5.2% in the first quarter. Focus Partners Wealth now owns 3,062 shares of the medical equipment provider’s stock worth $486,000 after buying an additional 151 shares during the period. Sivia Capital Partners LLC bought a new position in shares of Align Technology in the second quarter worth about $204,000. Cetera Investment Advisers lifted its position in shares of Align Technology by 4.1% during the 2nd quarter. Cetera Investment Advisers now owns 9,451 shares of the medical equipment provider’s stock valued at $1,789,000 after buying an additional 374 shares in the last quarter. Finally, MAI Capital Management lifted its position in shares of Align Technology by 84.8% during the 2nd quarter. MAI Capital Management now owns 255 shares of the medical equipment provider’s stock valued at $48,000 after buying an additional 117 shares in the last quarter. 88.43% of the stock is owned by institutional investors.

Align Technology Trading Up 3.1%

ALGN opened at $171.45 on Wednesday. The company’s 50 day moving average is $177.16 and its 200 day moving average is $156.48. The company has a market cap of $12.28 billion, a price-to-earnings ratio of 30.29, a PEG ratio of 1.81 and a beta of 1.79. Align Technology has a 12-month low of $122.00 and a 12-month high of $208.30.

Align Technology (NASDAQ:ALGN) last announced its earnings results on Wednesday, February 4th. The medical equipment provider reported $3.29 EPS for the quarter, beating analysts’ consensus estimates of $2.99 by $0.30. Align Technology had a net margin of 10.17% and a return on equity of 15.16%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.03 billion. During the same period in the prior year, the company earned $2.44 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. As a group, analysts predict that Align Technology will post 7.98 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Barclays upgraded shares of Align Technology from an “equal weight” rating to an “overweight” rating and set a $200.00 price objective on the stock in a research report on Tuesday, March 17th. Leerink Partners boosted their target price on shares of Align Technology from $210.00 to $225.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Weiss Ratings raised Align Technology from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, January 16th. UBS Group raised their price target on Align Technology from $175.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 5th. Finally, Stifel Nicolaus lifted their price objective on Align Technology from $200.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Seven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $198.08.

About Align Technology

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.