Clearbridge Investments LLC Raises Holdings in Solaredge Technologies Inc (NASDAQ:SEDG)
Clearbridge Investments LLC grew its stake in Solaredge Technologies Inc (NASDAQ:SEDG) by 4.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 79,936 shares of the semiconductor company’s stock after acquiring an additional 3,442 shares during the quarter. Clearbridge Investments LLC owned about 0.16% of Solaredge Technologies worth $6,545,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently bought and sold shares of SEDG. William Blair Investment Management LLC acquired a new position in Solaredge Technologies in the 1st quarter valued at about $117,308,000. Swedbank raised its position in shares of Solaredge Technologies by 23.7% in the first quarter. Swedbank now owns 3,069,011 shares of the semiconductor company’s stock valued at $251,291,000 after buying an additional 588,783 shares during the last quarter. Norges Bank purchased a new position in shares of Solaredge Technologies during the fourth quarter valued at approximately $49,001,000. Zurich Insurance Group Ltd FI acquired a new stake in Solaredge Technologies during the first quarter worth approximately $38,846,000. Finally, Senvest Management LLC grew its stake in Solaredge Technologies by 69.1% in the 4th quarter. Senvest Management LLC now owns 832,480 shares of the semiconductor company’s stock worth $79,161,000 after acquiring an additional 340,132 shares during the period. 81.41% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently commented on SEDG. JMP Securities dropped their target price on Solaredge Technologies from $157.00 to $126.00 and set a “market outperform” rating for the company in a research note on Friday, April 17th. BidaskClub upgraded shares of Solaredge Technologies from a “hold” rating to a “buy” rating in a report on Thursday, May 14th. Oppenheimer reaffirmed a “buy” rating and issued a $151.00 target price on shares of Solaredge Technologies in a research report on Thursday, May 7th. Barclays boosted their price target on Solaredge Technologies from $99.00 to $122.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Solaredge Technologies in a research note on Thursday, May 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. Solaredge Technologies currently has an average rating of “Hold” and a consensus price target of $130.93.
Solaredge Technologies (NASDAQ:SEDG) last posted its quarterly earnings results on Wednesday, May 6th. The semiconductor company reported $0.95 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.02 by ($0.07). The business had revenue of $431.22 million during the quarter, compared to analyst estimates of $422.16 million. Solaredge Technologies had a net margin of 10.71% and a return on equity of 21.94%. The company’s quarterly revenue was up 58.6% on a year-over-year basis. During the same period last year, the firm posted $0.64 earnings per share. As a group, research analysts forecast that Solaredge Technologies Inc will post 2.69 EPS for the current year.
In other news, VP Lior Handelsman sold 1,700 shares of the business’s stock in a transaction on Friday, June 19th. The shares were sold at an average price of $155.40, for a total transaction of $264,180.00. Following the completion of the transaction, the vice president now owns 49,693 shares of the company’s stock, valued at $7,722,292.20. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Meir Adest sold 4,238 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $79.71, for a total transaction of $337,810.98. Following the transaction, the vice president now owns 321,841 shares of the company’s stock, valued at approximately $25,653,946.11. The disclosure for this sale can be found here. Insiders have sold 84,133 shares of company stock valued at $9,572,420 over the last ninety days. Corporate insiders own 2.90% of the company’s stock.
Solaredge Technologies Profile
SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. Its SolarEdge system consists of power optimizers, inverters, communication and smart energy management solutions, and a cloud based monitoring platform.
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