California Public Employees Retirement System Trims Holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Posted by Defense World Staff on May 11th, 2023

California Public Employees Retirement System decreased its position in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG – Get Rating) by 8.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 102,614 shares of the semiconductor company’s stock after selling 9,271 shares during the period. California Public Employees Retirement System owned about 0.18% of SolarEdge Technologies worth $29,067,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Robeco Schweiz AG purchased a new stake in SolarEdge Technologies during the 1st quarter valued at $94,454,000. Clearbridge Investments LLC boosted its stake in shares of SolarEdge Technologies by 120.4% in the 1st quarter. Clearbridge Investments LLC now owns 476,378 shares of the semiconductor company’s stock worth $153,570,000 after buying an additional 260,203 shares during the last quarter. Tairen Capital Ltd boosted its stake in shares of SolarEdge Technologies by 278.2% in the 3rd quarter. Tairen Capital Ltd now owns 345,329 shares of the semiconductor company’s stock worth $79,930,000 after buying an additional 254,029 shares during the last quarter. Twinbeech Capital LP purchased a new position in shares of SolarEdge Technologies in the 3rd quarter worth $25,014,000. Finally, DSM Capital Partners LLC purchased a new position in shares of SolarEdge Technologies in the 3rd quarter worth $24,449,000. 80.01% of the stock is owned by institutional investors.

Insider Buying and Selling at SolarEdge Technologies

In other news, insider Meir Adest sold 2,500 shares of SolarEdge Technologies stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $307.81, for a total value of $769,525.00. Following the sale, the insider now owns 134,177 shares of the company’s stock, valued at $41,301,022.37. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 10,000 shares of company stock worth $3,104,525. 1.17% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. TheStreet raised SolarEdge Technologies from a “c” rating to a “b-” rating in a report on Wednesday, May 3rd. Oppenheimer lifted their target price on SolarEdge Technologies from $379.00 to $383.00 and gave the stock an “outperform” rating in a report on Tuesday, February 14th. JPMorgan Chase & Co. lifted their price target on SolarEdge Technologies from $358.00 to $361.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 14th. Janney Montgomery Scott started coverage on SolarEdge Technologies in a research report on Wednesday, April 5th. They issued a “buy” rating and a $351.00 price target for the company. Finally, Bank of America lifted their price target on SolarEdge Technologies from $393.00 to $407.00 and gave the stock a “buy” rating in a research report on Wednesday, April 19th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $374.37.

SolarEdge Technologies Price Performance

Shares of SEDG opened at $294.89 on Thursday. SolarEdge Technologies, Inc. has a twelve month low of $190.15 and a twelve month high of $375.90. The firm’s fifty day simple moving average is $296.80 and its 200-day simple moving average is $295.03. The firm has a market capitalization of $16.61 billion, a price-to-earnings ratio of 86.73, a PEG ratio of 1.19 and a beta of 1.42. The company has a current ratio of 3.60, a quick ratio of 2.63 and a debt-to-equity ratio of 0.28.

SolarEdge Technologies (NASDAQ:SEDG – Get Rating) last announced its quarterly earnings results on Monday, February 13th. The semiconductor company reported $2.86 EPS for the quarter, topping the consensus estimate of $1.58 by $1.28. The firm had revenue of $890.70 million for the quarter, compared to analyst estimates of $879.06 million. SolarEdge Technologies had a net margin of 5.86% and a return on equity of 14.49%. SolarEdge Technologies’s revenue for the quarter was up 61.4% compared to the same quarter last year. During the same period last year, the business earned $0.60 EPS. Equities analysts forecast that SolarEdge Technologies, Inc. will post 7.33 EPS for the current fiscal year.

SolarEdge Technologies Profile

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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.