SolarEdge Technologies, Inc. (NASDAQ:SEDG) Price Target Raised to $32.00
SolarEdge Technologies, Inc. (NASDAQ:SEDG) had its price objective increased by equities researchers at Oppenheimer Holdings, Inc. from $25.00 to $32.00 in a research note issued on Thursday. The brokerage currently has an “outperform” rating on the semiconductor company’s stock. Oppenheimer Holdings, Inc.’s price objective would suggest a potential upside of 12.87% from the stock’s current price.
A number of other brokerages have also commented on SEDG. ValuEngine raised SolarEdge Technologies from a “hold” rating to a “buy” rating in a report on Wednesday. Canaccord Genuity reaffirmed a “buy” rating and issued a $30.00 price objective (up from $25.00) on shares of SolarEdge Technologies in a report on Thursday. JMP Securities reaffirmed an “outperform” rating on shares of SolarEdge Technologies in a report on Thursday. Cowen and Company reaffirmed a “buy” rating and issued a $31.00 price objective (up from $24.00) on shares of SolarEdge Technologies in a report on Thursday. Finally, Roth Capital raised SolarEdge Technologies from a “neutral” rating to a “buy” rating and set a $26.00 price objective on the stock in a report on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, one has given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $23.11.
SolarEdge Technologies (NASDAQ:SEDG) traded up 2.72% during midday trading on Thursday, reaching $28.35. 1,888,276 shares of the company’s stock were exchanged. SolarEdge Technologies has a 12 month low of $11.35 and a 12 month high of $28.60. The company has a market cap of $1.18 billion, a P/E ratio of 28.18 and a beta of 0.04. The company has a 50 day moving average price of $21.12 and a 200 day moving average price of $16.89.
SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.18. SolarEdge Technologies had a return on equity of 21.01% and a net margin of 12.64%. The firm had revenue of $136.10 million for the quarter, compared to analyst estimates of $125.07 million. During the same period in the prior year, the firm posted $0.44 EPS. The company’s revenue for the quarter was up 9.1% on a year-over-year basis. On average, equities analysts anticipate that SolarEdge Technologies will post $1.61 EPS for the current year.
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In other news, VP Zvi Lando sold 10,508 shares of the stock in a transaction on Tuesday, July 18th. The stock was sold at an average price of $22.19, for a total transaction of $233,172.52. Following the sale, the vice president now directly owns 56,519 shares of the company’s stock, valued at approximately $1,254,156.61. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Lior Handelsman sold 5,000 shares of the stock in a transaction on Friday, June 23rd. The stock was sold at an average price of $21.44, for a total value of $107,200.00. Following the sale, the vice president now directly owns 251,814 shares in the company, valued at $5,398,892.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 54,018 shares of company stock worth $1,108,947. 16.40% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in SEDG. Sei Investments Co. raised its stake in SolarEdge Technologies by 380.4% in the second quarter. Sei Investments Co. now owns 6,005 shares of the semiconductor company’s stock valued at $120,000 after buying an additional 4,755 shares during the period. AQR Capital Management LLC acquired a new stake in SolarEdge Technologies during the fourth quarter valued at $138,000. Edmond DE Rothschild Holding S.A. acquired a new stake in SolarEdge Technologies during the first quarter valued at $173,000. Dynamic Technology Lab Private Ltd acquired a new stake in SolarEdge Technologies during the first quarter valued at $178,000. Finally, CAPROCK Group Inc. acquired a new stake in SolarEdge Technologies during the first quarter valued at $196,000. 56.50% of the stock is currently owned by institutional investors.
SolarEdge Technologies Company Profile
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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