Short Interest in Align Technology, Inc. (NASDAQ:ALGN) Drops By 15.7%

Align Technology, Inc. (NASDAQ:ALGN) saw a large decline in short interest in the month of November. As of November 30th, there was short interest totalling 2,530,000 shares, a decline of 15.7% from the November 15th total of 3,000,000 shares. Based on an average daily volume of 785,200 shares, the short-interest ratio is presently 3.2 days. Approximately 3.6% of the shares of the company are sold short.

Hedge Funds Weigh In On Align Technology

Institutional investors have recently added to or reduced their stakes in the company. Cullen Frost Bankers Inc. boosted its position in shares of Align Technology by 854.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 105 shares of the medical equipment provider’s stock worth $25,000 after purchasing an additional 94 shares in the last quarter. Innealta Capital LLC purchased a new stake in shares of Align Technology during the second quarter valued at approximately $26,000. Rothschild Investment LLC bought a new stake in shares of Align Technology during the second quarter valued at approximately $26,000. True Wealth Design LLC raised its holdings in Align Technology by 10,700.0% in the 3rd quarter. True Wealth Design LLC now owns 108 shares of the medical equipment provider’s stock worth $27,000 after acquiring an additional 107 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new position in Align Technology in the 2nd quarter valued at approximately $31,000. Institutional investors own 88.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on ALGN shares. Robert W. Baird dropped their target price on shares of Align Technology from $325.00 to $276.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Piper Sandler dropped their price target on Align Technology from $285.00 to $275.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Stifel Nicolaus lowered their price objective on Align Technology from $285.00 to $275.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Evercore ISI cut their target price on shares of Align Technology from $270.00 to $250.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Finally, Needham & Company LLC restated a “hold” rating on shares of Align Technology in a research note on Monday, November 4th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $271.20.

Align Technology Price Performance

Shares of NASDAQ:ALGN opened at $235.39 on Monday. The company has a market cap of $17.57 billion, a PE ratio of 40.17, a P/E/G ratio of 6.20 and a beta of 1.66. Align Technology has a 1 year low of $196.09 and a 1 year high of $335.40. The stock’s 50-day moving average is $224.11 and its 200 day moving average is $234.17.

Align Technology (NASDAQ:ALGN) last posted its earnings results on Wednesday, October 23rd. The medical equipment provider reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. Align Technology had a net margin of 11.15% and a return on equity of 13.99%. The firm had revenue of $977.87 million during the quarter, compared to analysts’ expectations of $990.05 million. During the same period last year, the company posted $1.62 EPS. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. Analysts expect that Align Technology will post 7.45 EPS for the current fiscal year.

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.