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

Align Technology, Inc. (NASDAQ:ALGN - Get Rating) saw a large decrease in short interest during the month of September. As of September 15th, there was short interest totalling 2,070,000 shares, a decrease of 5.0% from the August 31st total of 2,180,000 shares. Currently, 2.8% of the company's stock are short sold. Based on an average daily trading volume, of 846,300 shares, the short-interest ratio is currently 2.4 days.

Align Technology Price Performance

Shares of ALGN opened at $207.11 on Monday. The company has a market capitalization of $16.18 billion, a PE ratio of 26.48, a price-to-earnings-growth ratio of 6.32 and a beta of 1.80. Align Technology has a one year low of $204.32 and a one year high of $713.33. The company's fifty day moving average price is $257.02 and its 200 day moving average price is $294.28.

Align Technology (NASDAQ:ALGN - Get Rating) last announced its earnings results on Wednesday, July 27th. The medical equipment provider reported $1.57 EPS for the quarter, missing the consensus estimate of $1.79 by ($0.22). The firm had revenue of $969.60 million during the quarter, compared to the consensus estimate of $986.05 million. Align Technology had a return on equity of 17.47% and a net margin of 15.52%. The business's revenue was down 3.0% compared to the same quarter last year. During the same quarter last year, the business earned $2.51 EPS. Analysts anticipate that Align Technology will post 7.73 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. LPL Financial LLC boosted its position in Align Technology by 4.4% in the fourth quarter. LPL Financial LLC now owns 17,654 shares of the medical equipment provider's stock valued at $11,602,000 after buying an additional 736 shares in the last quarter. PDT Partners LLC bought a new position in shares of Align Technology in the fourth quarter worth about $657,000. Cinctive Capital Management LP raised its stake in shares of Align Technology by 68.9% in the fourth quarter. Cinctive Capital Management LP now owns 3,695 shares of the medical equipment provider's stock worth $2,428,000 after acquiring an additional 1,507 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Align Technology by 10.9% in the fourth quarter. Cetera Investment Advisers now owns 1,633 shares of the medical equipment provider's stock worth $1,073,000 after acquiring an additional 160 shares during the last quarter. Finally, Centiva Capital LP bought a new position in shares of Align Technology in the fourth quarter worth about $1,184,000. Institutional investors own 86.50% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ALGN. Morgan Stanley reduced their price target on shares of Align Technology from $438.00 to $402.00 and set an "overweight" rating on the stock in a research report on Thursday, July 28th. Robert W. Baird cut their target price on shares of Align Technology from $450.00 to $410.00 and set an "outperform" rating on the stock in a report on Thursday, July 28th. Stephens dropped their price target on shares of Align Technology from $500.00 to $375.00 and set an "overweight" rating on the stock in a research note on Thursday, July 28th. The Goldman Sachs Group lowered shares of Align Technology from a "buy" rating to a "sell" rating and dropped their price target for the company from $380.00 to $250.00 in a research note on Thursday, July 28th. Finally, Piper Sandler dropped their price target on shares of Align Technology from $370.00 to $340.00 and set an "overweight" rating on the stock in a research note on Friday, September 9th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $358.33.

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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