A number of other equities research analysts have also commented on the stock. Canaccord Genuity reaffirmed a buy rating and issued a $30.00 price objective (up from $25.00) on shares of SolarEdge Technologies in a research note on Wednesday, August 9th. Barclays PLC reaffirmed an overweight rating and issued a $28.00 price objective (up from $21.00) on shares of SolarEdge Technologies in a research note on Wednesday, August 9th. BidaskClub raised shares of SolarEdge Technologies from a buy rating to a strong-buy rating in a research note on Tuesday, August 8th. Needham & Company LLC reaffirmed a buy rating and issued a $30.00 price objective (up from $25.00) on shares of SolarEdge Technologies in a research note on Thursday, August 3rd. Finally, Deutsche Bank AG set a $30.00 price objective on shares of SolarEdge Technologies and gave the company a buy rating in a research note on Thursday, August 3rd. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating, eleven have assigned a buy rating and three have issued a strong buy rating to the company’s stock. SolarEdge Technologies currently has a consensus rating of Buy and an average target price of $23.11.
SolarEdge Technologies (NASDAQ:SEDG) traded up 2.58% during midday trading on Thursday, reaching $27.85. 820,134 shares of the company’s stock traded hands. SolarEdge Technologies has a 1-year low of $11.35 and a 1-year high of $28.80. The stock’s 50 day moving average price is $22.80 and its 200 day moving average price is $17.60. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of 24.69 and a beta of 0.04.
SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, August 2nd. The semiconductor company reported $0.55 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.18. SolarEdge Technologies had a net margin of 12.64% and a return on equity of 21.01%. The company 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 quarterly revenue was up 9.1% on a year-over-year basis. Equities research analysts anticipate that SolarEdge Technologies will post $1.84 EPS for the current year.
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In related news, VP Zvi Lando sold 10,000 shares of the stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $20.49, for a total transaction of $204,900.00. Following the transaction, the vice president now directly owns 56,011 shares of the company’s stock, valued at $1,147,665.39. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director More Avery sold 20,000 shares of the stock in a transaction on Monday, June 12th. The stock was sold at an average price of $19.30, for a total transaction of $386,000.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 164,018 shares of company stock worth $4,157,847. 16.40% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of SEDG. Parametric Portfolio Associates LLC bought a new position in shares of SolarEdge Technologies during the first quarter valued at about $592,000. Engineers Gate Manager LP bought a new position in shares of SolarEdge Technologies during the first quarter valued at about $566,000. Swiss National Bank raised its position in shares of SolarEdge Technologies by 7.5% in the first quarter. Swiss National Bank now owns 37,400 shares of the semiconductor company’s stock valued at $583,000 after buying an additional 2,600 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in SolarEdge Technologies by 33.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 646,198 shares of the semiconductor company’s stock valued at $10,081,000 after buying an additional 160,833 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its position in SolarEdge Technologies by 183.7% in the first quarter. Handelsbanken Fonder AB now owns 173,062 shares of the semiconductor company’s stock valued at $2,700,000 after buying an additional 112,062 shares during the last quarter. 58.32% of the stock is currently owned by institutional investors and hedge funds.
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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