Enphase Energy, Inc. (NASDAQ:ENPH) Receives $46.57 Average Target Price from Brokerages

Shares of Enphase Energy, Inc. (NASDAQ:ENPH) have been given a consensus rating of “Hold” by the twenty-five research firms that are covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and nine have given a buy rating to the company. The average 12 month price objective among brokerages that have updated their coverage on the stock in the last year is $46.5708.

ENPH has been the topic of a number of research analyst reports. Wall Street Zen raised Enphase Energy from a “sell” rating to a “hold” rating in a report on Sunday, March 29th. JPMorgan Chase & Co. reduced their price objective on Enphase Energy from $39.00 to $35.00 and set a “neutral” rating for the company in a research report on Wednesday, April 29th. Susquehanna reduced their price objective on Enphase Energy from $36.00 to $32.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. The Goldman Sachs Group raised their price objective on Enphase Energy from $51.00 to $57.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Finally, Jefferies Financial Group raised their price objective on Enphase Energy from $41.00 to $64.00 and gave the stock a “buy” rating in a research report on Friday, June 12th.

Insiders Place Their Bets

In other news, CEO Badrinarayanan Kothandaraman acquired 5,000 shares of Enphase Energy stock in a transaction on Tuesday, May 26th. The stock was bought at an average price of $67.50 per share, for a total transaction of $337,500.00. Following the transaction, the chief executive officer owned 1,645,632 shares of the company’s stock, valued at $111,080,160. The trade was a 0.30% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard Mora sold 700 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $64.20, for a total value of $44,940.00. Following the completion of the sale, the director owned 13,922 shares of the company’s stock, valued at $893,792.40. This represents a 4.79% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 2.90% of the company’s stock.

Institutional Trading of Enphase Energy

Hedge funds have recently modified their holdings of the company. Woodline Partners LP boosted its stake in Enphase Energy by 37.9% in the 1st quarter. Woodline Partners LP now owns 11,191 shares of the semiconductor company’s stock valued at $694,000 after buying an additional 3,077 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of Enphase Energy during the first quarter valued at $121,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Enphase Energy during the second quarter valued at $1,299,000. Guggenheim Capital LLC grew its holdings in shares of Enphase Energy by 14.1% in the 2nd quarter. Guggenheim Capital LLC now owns 26,459 shares of the semiconductor company’s stock worth $1,049,000 after purchasing an additional 3,273 shares during the last quarter. Finally, California Public Employees Retirement System grew its holdings in shares of Enphase Energy by 11.9% in the 2nd quarter. California Public Employees Retirement System now owns 238,794 shares of the semiconductor company’s stock worth $9,468,000 after purchasing an additional 25,450 shares during the last quarter. Institutional investors own 72.12% of the company’s stock.

Enphase Energy Stock Performance

ENPH opened at $47.21 on Tuesday. The company has a market cap of $6.22 billion, a PE ratio of 46.74 and a beta of 1.60. The stock has a 50-day moving average of $48.63 and a 200-day moving average of $42.19. Enphase Energy has a 52-week low of $25.77 and a 52-week high of $73.74. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.20 and a current ratio of 3.80.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings results on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.04. The company had revenue of $282.90 million during the quarter, compared to the consensus estimate of $282.28 million. Enphase Energy had a return on equity of 16.88% and a net margin of 9.64%.The firm’s revenue was down 20.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.68 EPS. As a group, equities research analysts forecast that Enphase Energy will post 0.84 earnings per share for the current fiscal year.

Enphase Energy Company Profile

Enphase Energy is a global energy technology company that specializes in solar microinverters, energy storage systems and energy management software. Its core business centers on converting direct current (DC) power generated by solar panels into alternating current (AC) power suitable for use in residential and commercial applications. By integrating hardware and software solutions, Enphase Energy aims to improve solar energy yield, enhance system reliability and provide real-time monitoring capabilities to its customers.

The company’s product portfolio includes its IQ Series microinverters, which attach to individual solar panels to optimize performance at the module level and reduce the impact of shading or system failures.