SolarEdge Technologies (NASDAQ:SEDG) Rating Increased to Buy at Guggenheim

SolarEdge Technologies (NASDAQ:SEDG) was upgraded by Guggenheim from a “neutral” rating to a “buy” rating in a research note issued on Thursday, Price Targets.com reports. The firm currently has a $329.00 target price on the semiconductor company’s stock. Guggenheim’s price objective points to a potential upside of 29.61% from the company’s previous close.

A number of other analysts have also recently issued reports on the company. TheStreet raised SolarEdge Technologies from a “c+” rating to a “b-” rating in a research report on Thursday, November 4th. Truist upped their price objective on SolarEdge Technologies from $340.00 to $395.00 and gave the company a “buy” rating in a research note on Thursday, November 4th. Barclays upped their price objective on SolarEdge Technologies from $367.00 to $389.00 and gave the company an “overweight” rating in a research note on Wednesday, November 3rd. Wells Fargo & Company began coverage on SolarEdge Technologies in a research note on Monday, November 22nd. They set an “overweight” rating and a $441.00 price objective for the company. Finally, UBS Group raised SolarEdge Technologies from a “sell” rating to a “neutral” rating and increased their target price for the stock from $250.00 to $280.00 in a research note on Monday, January 10th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $355.08.

Shares of NASDAQ SEDG opened at $253.83 on Thursday. The stock has a market cap of $13.33 billion, a PE ratio of 95.43, a price-to-earnings-growth ratio of 2.49 and a beta of 1.02. The company has a quick ratio of 3.08, a current ratio of 3.83 and a debt-to-equity ratio of 0.52. SolarEdge Technologies has a 52-week low of $199.33 and a 52-week high of $389.71. The business has a 50-day moving average price of $307.93 and a 200 day moving average price of $291.50.

SolarEdge Technologies (NASDAQ:SEDG) last announced its earnings results on Tuesday, November 2nd. The semiconductor company reported $0.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.03). The firm had revenue of $526.40 million during the quarter, compared to analyst estimates of $529.73 million. SolarEdge Technologies had a net margin of 8.24% and a return on equity of 12.86%. During the same period last year, the company earned $0.83 earnings per share. Sell-side analysts anticipate that SolarEdge Technologies will post 3.46 earnings per share for the current year.

In related news, VP Meir Adest sold 10,000 shares of the stock in a transaction on Monday, January 3rd. The stock was sold at an average price of $279.79, for a total value of $2,797,900.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Doron Inbar sold 3,000 shares of the firm’s stock in a transaction dated Thursday, November 11th. The shares were sold at an average price of $352.00, for a total value of $1,056,000.00. The disclosure for this sale can be found here. Insiders sold a total of 55,305 shares of company stock worth $18,474,212 over the last ninety days. Corporate insiders own 1.60% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. BerganKDV Wealth Management LLC purchased a new position in SolarEdge Technologies in the second quarter valued at about $28,000. First Horizon Advisors Inc. increased its position in shares of SolarEdge Technologies by 3,047.6% during the third quarter. First Horizon Advisors Inc. now owns 661 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 640 shares during the last quarter. Dupont Capital Management Corp purchased a new stake in shares of SolarEdge Technologies during the third quarter worth about $45,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of SolarEdge Technologies during the third quarter worth about $80,000. Finally, O Shaughnessy Asset Management LLC increased its position in shares of SolarEdge Technologies by 50.3% during the second quarter. O Shaughnessy Asset Management LLC now owns 293 shares of the semiconductor company’s stock worth $81,000 after acquiring an additional 98 shares during the last quarter. 73.41% of the stock is currently owned by institutional investors.

About SolarEdge Technologies

SolarEdge Technologies, Inc engages in the development of energy technology, which provides inverter solutions. The firm operates through the following segments: Solar and All Other. The Solar segment includes the design, development, manufacturing, and sales of an inverter solution designed to maximize power generation.

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Analyst Recommendations for SolarEdge Technologies (NASDAQ:SEDG)

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