SolarEdge Technologies, Inc. (NASDAQ:SEDG) Receives Buy Rating from Cowen and Company
Cowen and Company reiterated their buy rating on shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) in a research note published on Friday morning. They currently have a $24.00 price objective on the semiconductor company’s stock.
Other research analysts have also issued reports about the company. BidaskClub raised SolarEdge Technologies from a hold rating to a buy rating in a research report on Wednesday, July 12th. Deutsche Bank AG set a $25.00 target price on SolarEdge Technologies and gave the stock a buy rating in a research report on Wednesday, June 14th. Zacks Investment Research raised SolarEdge Technologies from a hold rating to a buy rating and set a $20.00 price objective on the stock in a report on Saturday, May 13th. Needham & Company LLC increased their price objective on SolarEdge Technologies from $22.00 to $25.00 and gave the company a buy rating in a report on Friday. Finally, TheStreet raised SolarEdge Technologies from a d rating to a c rating in a report on Wednesday, April 26th. Three analysts have rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $19.75.
SolarEdge Technologies (NASDAQ:SEDG) remained flat at $21.85 during trading on Friday. 690,641 shares of the stock traded hands. The stock has a market cap of $907.95 million, a P/E ratio of 21.72 and a beta of -0.04. SolarEdge Technologies has a 52-week low of $11.35 and a 52-week high of $22.15. The firm’s 50-day moving average price is $19.03 and its 200 day moving average price is $15.51.
SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Tuesday, May 9th. The semiconductor company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.09. SolarEdge Technologies had a return on equity of 21.03% and a net margin of 11.85%. The company had revenue of $115.10 million for the quarter, compared to analyst estimates of $114.10 million. During the same period in the prior year, the firm posted $0.51 EPS. The business’s revenue was down 8.1% compared to the same quarter last year. Equities research analysts expect that SolarEdge Technologies will post $1.42 EPS for the current fiscal year.
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In related news, Director More Avery sold 20,000 shares of the stock in a transaction that occurred on Monday, June 12th. The stock was sold at an average price of $19.30, for a total transaction of $386,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Lior Handelsman sold 5,000 shares of the stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $21.44, for a total value of $107,200.00. Following the sale, the vice president now owns 251,814 shares of the company’s stock, valued at approximately $5,398,892.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,510 shares of company stock valued at $875,774. 16.40% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC acquired a new stake in shares of SolarEdge Technologies during the fourth quarter valued at $138,000. Fox Run Management L.L.C. acquired a new stake in shares of SolarEdge Technologies during the first quarter valued at $206,000. CAPROCK Group Inc. acquired a new stake in shares of SolarEdge Technologies during the first quarter valued at $196,000. Hamilton Lane Advisors LLC increased its stake in shares of SolarEdge Technologies by 9.0% in the first quarter. Hamilton Lane Advisors LLC now owns 324,931 shares of the semiconductor company’s stock valued at $5,069,000 after buying an additional 26,831 shares during the last quarter. Finally, Shell Asset Management Co. increased its stake in shares of SolarEdge Technologies by 2.4% in the first quarter. Shell Asset Management Co. now owns 700,409 shares of the semiconductor company’s stock valued at $10,926,000 after buying an additional 16,211 shares during the last quarter. Hedge funds and other institutional investors own 55.72% of the company’s stock.
About SolarEdge Technologies
SolarEdge Technologies, Inc offers an inverter solution for a solar photovoltaic (PV) system. The Company’s products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions and SolarEdge Monitoring Software. Its product roadmap consists of categories, including power optimizers, inverters, monitoring services, energy storage and smart energy management.
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