SolarEdge Technologies, Inc. (SEDG) PT Raised to $37.00

SolarEdge Technologies, Inc. (NASDAQ:SEDG) had its price objective hoisted by equities research analysts at J P Morgan Chase & Co from $31.00 to $37.00 in a research note issued on Wednesday. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. J P Morgan Chase & Co’s price objective would suggest a potential upside of 9.47% from the stock’s current price.

Several other brokerages also recently issued reports on SEDG. Needham & Company LLC reiterated a “buy” rating and issued a $30.00 price target (up from $25.00) on shares of SolarEdge Technologies in a report on Thursday, August 3rd. Zacks Investment Research downgraded SolarEdge Technologies from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Deutsche Bank AG set a $30.00 target price on SolarEdge Technologies and gave the company a “buy” rating in a research note on Thursday, August 3rd. UBS AG upgraded SolarEdge Technologies from a “market perform” rating to an “outperform” rating in a research note on Tuesday, July 18th. Finally, BidaskClub downgraded SolarEdge Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, July 6th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $26.27.

SolarEdge Technologies (NASDAQ:SEDG) traded up $0.95 during mid-day trading on Wednesday, hitting $33.80. The stock had a trading volume of 548,893 shares, compared to its average volume of 652,003. The firm has a market cap of $1,363.53, a price-to-earnings ratio of 22.04 and a beta of 0.10.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, August 2nd. The semiconductor company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $125.07 million. During the same period in the prior year, the firm earned $0.44 EPS. The firm’s quarterly revenue was up 9.1% compared to the same quarter last year. research analysts expect that SolarEdge Technologies will post 1.6 EPS for the current year.

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In other SolarEdge Technologies news, VP Yoav Galin sold 15,000 shares of SolarEdge Technologies stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $26.35, for a total value of $395,250.00. Following the transaction, the vice president now owns 65,000 shares in the company, valued at $1,712,750. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Zvi Lando sold 10,000 shares of SolarEdge Technologies stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $30.36, for a total transaction of $303,600.00. Following the completion of the transaction, the vice president now owns 48,333 shares in the company, valued at approximately $1,467,389.88. The disclosure for this sale can be found here. Insiders have sold 130,000 shares of company stock worth $3,713,450 in the last quarter. Company insiders own 16.40% of the company’s stock.

A number of institutional investors have recently bought and sold shares of SEDG. Bank of New York Mellon Corp boosted its stake in SolarEdge Technologies by 601.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,526,947 shares of the semiconductor company’s stock worth $30,539,000 after purchasing an additional 1,309,184 shares during the period. Ion Asset Management Ltd. acquired a new stake in shares of SolarEdge Technologies during the 2nd quarter valued at $20,180,000. Janus Henderson Group PLC boosted its stake in shares of SolarEdge Technologies by 435.7% during the 2nd quarter. Janus Henderson Group PLC now owns 946,920 shares of the semiconductor company’s stock valued at $18,932,000 after buying an additional 770,166 shares during the period. NN Investment Partners Holdings N.V. boosted its stake in shares of SolarEdge Technologies by 21.3% during the 2nd quarter. NN Investment Partners Holdings N.V. now owns 1,736,541 shares of the semiconductor company’s stock valued at $34,731,000 after buying an additional 305,179 shares during the period. Finally, Menora Mivtachim Holdings LTD. boosted its stake in shares of SolarEdge Technologies by 26.2% during the 2nd quarter. Menora Mivtachim Holdings LTD. now owns 1,444,013 shares of the semiconductor company’s stock valued at $28,880,000 after buying an additional 300,000 shares during the period. 57.02% of the stock is owned by hedge funds and other institutional investors.

About SolarEdge Technologies

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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