Align Technology Inc. (NASDAQ: ALGN – Get Rating) saw a sharp drop in short interest in September. Short interest totaled 2,070,000 shares as of September 15, a decrease of 5.0% from 2,180,000 shares as of August 31. Currently, 2.8% of the company’s stock is sold short. Based on an average daily volume of 846,300 shares, the current short interest rate is 2.4 days.
Align technical price performance
Shares of ALGN opened at $207.11 on Monday. The company has a market cap of $16.18 billion, a price-to-earnings ratio of 26.48, a price-to-earnings ratio of 6.32, and a beta of 1.80. Align Technology had a one-year low of $204.32 and a one-year high of $713.33. The company’s 50-day moving average is $257.02 and its 200-day moving average is $294.28.
Align Technology (NASDAQ: ALGN – Get Rating) last reported its earnings results on Wednesday, July 27. The medical device provider reported earnings per share of $1.57 for the quarter, missing the consensus estimate of $1.79 ($0.22). The company’s revenue for the quarter was $969.6 million, compared with the consensus estimate of $986.05 million. Align Technology’s return on equity was 17.47% and its net profit margin was 15.52%. Revenue from the business fell 3.0% compared to the same period last year. In the same quarter last year, earnings per share for the business were $2.51. Analysts expect Align Technology to report earnings per share of 7.73 times this year.
Institutional inflows and outflows
Institutional investors and hedge funds have recently shifted their positions in stocks. LPL Financial LLC increased its position in Align Technology by 4.4% in the fourth quarter. LPL Financial LLC now owns 17,654 shares worth $11,602,000 in the medical device supplier after buying an additional 736 shares in the previous quarter. PDT Partners LLC purchased a new position in Align Technology stock valued at approximately $657,000 in the fourth quarter. Cinctive Capital Management LP increased its stake in Align Technology by 68.9% in the fourth quarter. Cinctive Capital Management LP now owns 3,695 shares worth $2,428,000 in the medical device supplier after buying an additional 1,507 shares in the previous quarter. Cetera Investment Advisers increased its stake in Align Technology by 10.9% in the fourth quarter. Cetera Investment Advisers now owns 1,633 shares worth $1,073,000 in the medical equipment supplier after buying an additional 160 shares in the previous quarter. Finally, Centiva Capital LP purchased a new position in Align Technology stock valued at approximately $1,184,000 in the fourth quarter. Institutional investors hold 86.50% of the company.
Wall Street analysts weigh in
Several brokerages have recently commented on ALGN. Morgan Stanley lowered its price target on Align Technology stock to $402.00 from $438.00 in a research note on Thursday, July 28, with an “overweight” rating on the stock. Robert W. Baird lowered his price target on Align Technology stock to $410.00 from $450.00 and rated the stock an “outperform” in a report on Thursday, July 28. Stephens cut his share price target on Align Technology to $375.00 from $500.00 in a research note on Thursday, July 28, with an “overweight” rating on the stock. Goldman Sachs downgraded Align Technology’s stock to “sell” from “buy” in a research note on Thursday, July 28, and lowered its price target on the company to $250.00 from $380.00. Finally, Piper Sandler cut his share price target on Align Technology to $340.00 from $370.00 in a research note Friday, Sept. 9, with an “overweight” rating on the stock. One investment analyst has a sell rating on the stock, one has a hold rating and eight have a buy rating on the company’s stock. The stock has an average “Moderate Buy” rating and a consensus price target of $358.33, according to MarketBeat.com.
Alignment Technology Company Profile
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Align Technology, Inc is a medical device company that designs, manufactures and markets Invisalign clear aligners and iTero intraoral scanners and serves orthodontists and general practitioner dentists as well as restorative and cosmetic dentistry. It is divided into two parts, Clear Aligner; and Scanners and Services.
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