Align Technology, Inc. (NASDAQ: ALGN – Get a rating) saw a sharp drop in short-term interest rates during the month of September. As of September 15, there was selling interest totaling 2,070,000 shares, down 5.0% from the August 31 total of 2,180,000 shares. Currently, 2.8% of the company’s shares are sold short. Based on an average daily trading volume of 846,300 shares, the short interest ratio is currently 2.4 days.
Align technology price performance
ALGN shares opened at $207.11 on Monday. The company has a market capitalization of $16.18 billion, a PE ratio of 26.48, a growth price-earnings 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.
Alignment Technology (NASDAQ: ALGN – Get a rating) last announced its results on Wednesday, July 27. The medical equipment supplier reported EPS of $1.57 for the quarter, missing the consensus estimate of $1.79 per ($0.22). The company posted revenue of $969.60 million in the quarter, versus a consensus estimate of $986.05 million. Align Technology had a return on equity of 17.47% and a net margin of 15.52%. The company’s revenues were down 3.0% from the same quarter last year. In the same quarter last year, the company achieved EPS of $2.51. Analysts expect Align Technology to post earnings per share of 7.73 for the current year.
Institutional entries and exits
Institutional investors and hedge funds have recently changed their positions in the stock. LPL Financial LLC increased its position in Align Technology by 4.4% in the fourth quarter. LPL Financial LLC now owns 17,654 shares of the medical equipment supplier valued at $11,602,000 after purchasing an additional 736 shares last quarter. PDT Partners LLC bought a new position in shares of Align Technology in the fourth quarter for a value of approximately $657,000. Cinctive Capital Management LP increased its stake in Align Technology shares by 68.9% in the fourth quarter. Cinctive Capital Management LP now owns 3,695 shares of the medical equipment supplier worth $2,428,000 after acquiring 1,507 additional shares in the last quarter. Cetera Investment Advisers increased its stake in Align Technology shares by 10.9% in the fourth quarter. Cetera Investment Advisers now owns 1,633 shares of the medical equipment supplier worth $1,073,000 after acquiring an additional 160 shares in the last quarter. Finally, Centiva Capital LP bought a new position in Align Technology stock in the fourth quarter worth approximately $1,184,000. Institutional investors hold 86.50% of the company’s shares.
A Wall Street analyst gives his opinion
Several brokerages have recently commented on ALGN. Morgan Stanley cut its price target on Align Technology shares from $438.00 to $402.00 and set an “overweight” rating on the stock in a Thursday, July 28 research report. Robert W. Baird cut his price target on Align Technology shares from $450.00 to $410.00 and set an “outperform” rating on the stock in a Thursday, July 28 report. Stephens lowered his price target on Align Technology shares from $500.00 to $375.00 and set an “overweight” rating on the stock in a Thursday, July 28 research note. Goldman Sachs Group downgraded Align Technology shares from a “buy” rating to a “sell” rating and lowered its price target for the company from $380.00 to $250.00 in a research note Thursday, July 28. Finally, Piper Sandler lowered her price target on Align Technology shares from $370.00 to $340.00 and set an “overweight” rating on the stock in a research note on Friday, September 9. One financial analyst has assigned the stock a sell rating, another 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
Align Technology, Inc, a medical device company, designs, manufactures and markets Invisalign clear aligners and iTero intraoral scanners and services for orthodontists and general dentists, as well as restorative and cosmetic dentistry. It operates in two segments, Clear Aligner; and Scanners and Services.
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