Align Technology, Inc. (NASDAQ:ALGN) Short Interest Update
Align Technology, Inc. (NASDAQ:ALGN – Get Rating) saw a significant decline in short interest in the month of February. As of February 28th, there was short interest totalling 2,430,000 shares, a decline of 14.1{38557cf0372cd7f85c91e7e33cff125558f1277b36a8edbab0100de866181896} from the February 13th total of 2,830,000 shares. Currently, 3.4{38557cf0372cd7f85c91e7e33cff125558f1277b36a8edbab0100de866181896} of the company’s shares are short sold. Based on an average daily volume of 1,080,000 shares, the short-interest ratio is presently 2.3 days.
Align Technology Stock Performance
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ALGN stock opened at $312.79 on Monday. Align Technology has a 52 week low of $172.05 and a 52 week high of $461.79. The firm’s fifty day moving average is $286.39 and its 200 day moving average is $238.08. The firm has a market cap of $23.96 billion, a P/E ratio of 67.85, a P/E/G ratio of 3.00 and a beta of 1.60.
Insider Transactions at Align Technology
In other news, CEO Joseph M. Hogan bought 2,928 shares of the company’s stock in a transaction that occurred on Wednesday, February 8th. The shares were acquired at an average price of $341.50 per share, for a total transaction of $999,912.00. Following the completion of the acquisition, the chief executive officer now directly owns 188,417 shares in the company, valued at $64,344,405.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO John Morici acquired 587 shares of the company’s stock in a transaction dated Wednesday, February 8th. The shares were purchased at an average price of $341.84 per share, for a total transaction of $200,660.08. Following the completion of the acquisition, the chief financial officer now owns 8,204 shares of the company’s stock, valued at $2,804,455.36. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Joseph M. Hogan acquired 2,928 shares of the company’s stock in a transaction dated Wednesday, February 8th. The shares were bought at an average price of $341.50 per share, for a total transaction of $999,912.00. Following the acquisition, the chief executive officer now directly owns 188,417 shares of the company’s stock, valued at approximately $64,344,405.50. The disclosure for this purchase can be found here. 0.64{38557cf0372cd7f85c91e7e33cff125558f1277b36a8edbab0100de866181896} of the stock is owned by company insiders.
Institutional Investors Weigh In On Align Technology
A number of large investors have recently added to or reduced their stakes in ALGN. Vestmark Advisory Solutions Inc. lifted its position in shares of Align Technology by 27.9{38557cf0372cd7f85c91e7e33cff125558f1277b36a8edbab0100de866181896} in the 3rd quarter. Vestmark Advisory Solutions Inc. now owns 6,503 shares of the medical equipment provider’s stock worth $1,347,000 after purchasing an additional 1,419 shares during the period. Vanguard Group Inc. lifted its position in Align Technology by 12.1{38557cf0372cd7f85c91e7e33cff125558f1277b36a8edbab0100de866181896} during the 3rd quarter. Vanguard Group Inc. now owns 8,213,345 shares of the medical equipment provider’s stock valued at $1,701,067,000 after acquiring an additional 889,705 shares during the period. Czech National Bank purchased a new position in Align Technology during the 3rd quarter valued at about $1,748,000. Fifth Third Bancorp lifted its position in Align Technology by 15.7{38557cf0372cd7f85c91e7e33cff125558f1277b36a8edbab0100de866181896} during the 3rd quarter. Fifth Third Bancorp now owns 5,051 shares of the medical equipment provider’s stock valued at $1,046,000 after acquiring an additional 687 shares during the period. Finally, Landscape Capital Management L.L.C. purchased a new position in Align Technology in the third quarter worth about $486,000. Institutional investors own 84.90{38557cf0372cd7f85c91e7e33cff125558f1277b36a8edbab0100de866181896} of the company’s stock.
Analysts Set New Price Targets
Several brokerages have recently weighed in on ALGN. Robert W. Baird upped their price objective on shares of Align Technology from $260.00 to $335.00 and gave the company an “outperform” rating in a report on Thursday, February 2nd. Evercore ISI upped their price objective on shares of Align Technology from $230.00 to $375.00 and gave the company an “outperform” rating in a report on Thursday, February 2nd. Stifel Nicolaus upped their price objective on shares of Align Technology from $265.00 to $375.00 and gave the company a “buy” rating in a report on Thursday, February 2nd. The Goldman Sachs Group raised shares of Align Technology from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $165.00 to $307.00 in a research report on Thursday, February 2nd. Finally, Piper Sandler boosted their target price on shares of Align Technology from $255.00 to $360.00 and gave the stock an “overweight” rating in a research report on Thursday, February 2nd. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $358.78.
About Align Technology
Align Technology, Inc engages in the design, manufacture, and market of orthodontics, restorative, and aesthetic dentistry products. It operates through the Clear Aligner, and Scanner and Services segments. The Clear Aligner segment consists of Invisalign full, teen, and assist products, and Vivera retainers for treating malocclusion.
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