Align Technology, Inc. (NASDAQ:ALGN – Get Free Report) saw a significant drop in short interest in March. As of March 15th, short interest totaled 1.42 million shares, a 13.9% decrease from February 29th's total of 1.65 million shares. Based on average daily volume of 780,900 shares, the days-to-cover ratio is currently 1.8 days. Approximately 2.0% of the company's shares are sold short.
Analyst upgrades and downgrades
ALGN has been featured in several analyst reports. SVB Leerink began coverage on his Align Technology in a report on Monday, February 26th. They set a “market perform” rating and a $310.00 price target on the stock. Piper Sandler increased their target price on Align Technology from $335.00 to $355.00 and gave the company an “overweight” rating in a report on Thursday, March 14th. Goldman Sachs Group increased their target price on shares of Align Technology from $197.00 to $225.00 and gave the company a “sell” rating in a research note on Friday, February 2nd. Stifel Nicolaus increased their target price on shares of Align Technology from $340.00 to $350.00 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, UBS Group increased their target price on shares of Align Technology from $200.00 to $260.00 and gave the company a “neutral” rating in a research note on Tuesday, January 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the stock. Align Technology has an average rating of “Moderate Buy” and an average price target of $334.45, according to data from MarketBeat.
Check out the latest research report on Align Technology.
Insider buying and selling at Align Technology
In other news, Director Joseph Lacob sold 10,000 shares of the company's stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $313.01, for a total transaction of $3,130,100.00. Following the completion of the transaction, the director will now directly own 146,994 shares of the company's stock, valued at $46,010,591.94. The transaction was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed through this link. In other news, Director Joseph Lacob sold 10,000 shares of the company's stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $313.01, for a total sale of $3,130,100.00. Following the sale, the director now owns 146,994 shares in the company, valued at $46,010,591.94. The sale was disclosed in a legal filing with the SEC, which can be accessed on the SEC's website. Also, Vice President Emory Wright sold 2,524 shares of the company's stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $287.45, for a total transaction of $725,523.80. Following the closing of the transaction, the executive vice president will now directly own 709 shares of the company's stock, valued at approximately $203,802.05. Disclosures regarding this sale can be found here. Insiders have sold 27,524 shares of company stock, valued at $8,403,924, in the past 90 days. 0.64% of the stock is currently owned by company insiders.
Hedge funds also take note of Align Technology
Institutional investors and hedge funds have recently made changes to their positions within the company. Vanguard Group Inc. grew its holdings in shares of Align Technology by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 8,349,785 shares of the medical device provider's stock worth $2,287,841,000 after purchasing an additional 104,132 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Align Technology by 4.1% in the 2nd quarter. BlackRock Inc. now owns 5,593,074 shares of the medical device provider's stock valued at $1,977,935,000 after purchasing an additional 222,749 shares in the last quarter. State Street Corporation lifted its holdings in shares of Align Technology by 2.0% in the 2nd quarter. State Street Corporation now owns 3,051,784 shares of the medical device provider's stock valued at $1,079,233,000 after purchasing an additional 59,204 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Align Technology by 2.2% in the 1st quarter. Geode Capital Management LLC now owns 1,583,410 shares of the medical device provider's stock valued at $527,928,000 after acquiring an additional 34,131 shares during the period. Finally, Brown Advisory Inc. grew its position in Align Technology by 41.4% during the 4th quarter. Brown Advisory Inc. now owns 1,509,080 shares of the medical device provider's stock worth $413,488,000 after acquiring an additional 441,754 shares during the period. Institutional investors and hedge funds own 88.43% of the company's stock.
Adjust the price performance of your technology
ALGN stock opened Friday at $327.92. The stock has a market capitalization of $24.63 billion, a price-to-earnings ratio of 56.34x, a price-to-earnings ratio of 5.90x, and a beta of 1.65x. The company's 50-day moving average price is $299.73 and its 200-day moving average price is $270.02. Align Technology has a 1-year low of $176.34 and a 1-year high of $413.20.
Align Technology (NASDAQ:ALGN – Get Free Report) last posted its earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 EPS for the quarter, topping the consensus estimate of $1.78 by $0.13. Align Technology had a net profit margin of 11.52% and a return on equity of 13.88%. The business had revenue of $956.73 million for the quarter, compared to the consensus estimate of $928.57 million. Research analysts expect Align Technology to deliver 7.65 EPS for the current fiscal year.
Align Technology Company Profile
(Get Free Report)
Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general practitioners in the United States, Switzerland, and abroad. The company's clear aligner division offers a comprehensive range of products, including the Invisalign Comprehensive Package, which addresses the orthodontic needs of young patients, including mandibular advancement, compliance metrics, and tooth eruption compensation. The Invisalign First Phase I and Invisalign First Comprehensive Phase 2 packages are for younger patients, typically between the ages of 6 and 10, who have a mix of primary, primary, and permanent teeth.
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