SolarEdge Technologies, Inc. (NASDAQ:SEDG) Shares Sold by Envestnet Asset Management Inc.

Posted by Defense World Staff on Sep 4th, 2023

Envestnet Asset Management Inc. lowered its holdings in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG – Free Report) by 0.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,229 shares of the semiconductor company’s stock after selling 112 shares during the period. Envestnet Asset Management Inc. owned 0.08% of SolarEdge Technologies worth $13,747,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Harbour Investments Inc. lifted its position in SolarEdge Technologies by 102.0% during the 4th quarter. Harbour Investments Inc. now owns 99 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 50 shares during the period. IFP Advisors Inc boosted its holdings in shares of SolarEdge Technologies by 62.4% in the fourth quarter. IFP Advisors Inc now owns 294 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 113 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of SolarEdge Technologies during the first quarter worth about $41,000. Steward Partners Investment Advisory LLC raised its holdings in SolarEdge Technologies by 49.5% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 145 shares of the semiconductor company’s stock worth $41,000 after purchasing an additional 48 shares in the last quarter. Finally, CI Investments Inc. lifted its position in SolarEdge Technologies by 104.1% in the fourth quarter. CI Investments Inc. now owns 149 shares of the semiconductor company’s stock valued at $42,000 after purchasing an additional 76 shares during the period. Institutional investors and hedge funds own 86.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on SEDG shares. Oppenheimer decreased their price target on SolarEdge Technologies from $400.00 to $314.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 2nd. Susquehanna lowered their price target on shares of SolarEdge Technologies from $365.00 to $305.00 and set a “positive” rating on the stock in a research note on Wednesday, August 2nd. Truist Financial reduced their price objective on shares of SolarEdge Technologies from $400.00 to $340.00 and set a “buy” rating for the company in a research note on Thursday, August 3rd. Citigroup decreased their price objective on shares of SolarEdge Technologies from $429.00 to $400.00 and set a “buy” rating on the stock in a report on Wednesday, July 19th. Finally, Bank of America lowered SolarEdge Technologies from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $320.00 to $181.00 in a research note on Wednesday, August 16th. Seven investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SolarEdge Technologies presently has an average rating of “Moderate Buy” and an average price target of $336.38.

Read Our Latest Research Report on SolarEdge Technologies

SolarEdge Technologies Stock Down 0.4 %

SEDG opened at $161.95 on Monday. SolarEdge Technologies, Inc. has a 12 month low of $156.47 and a 12 month high of $345.80. The business has a 50-day moving average of $219.22 and a two-hundred day moving average of $268.22. The company has a debt-to-equity ratio of 0.27, a current ratio of 3.84 and a quick ratio of 2.75. The stock has a market capitalization of $9.16 billion, a price-to-earnings ratio of 31.32, a price-to-earnings-growth ratio of 0.90 and a beta of 1.41.

SolarEdge Technologies (NASDAQ:SEDG – Get Free Report) last released its earnings results on Tuesday, August 1st. The semiconductor company reported $2.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.01. The firm had revenue of $991.29 million during the quarter, compared to the consensus estimate of $989.17 million. SolarEdge Technologies had a net margin of 8.29% and a return on equity of 18.19%. On average, research analysts expect that SolarEdge Technologies, Inc. will post 7.36 earnings per share for the current year.

Insider Transactions at SolarEdge Technologies

In other news, CFO Ronen Faier bought 875 shares of SolarEdge Technologies stock in a transaction that occurred on Wednesday, August 9th. The shares were purchased at an average price of $180.10 per share, for a total transaction of $157,587.50. Following the completion of the acquisition, the chief financial officer now owns 73,414 shares of the company’s stock, valued at $13,221,861.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.17% of the company’s stock.

SolarEdge Technologies Profile

(Free Report)

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. It operates in Solar and All Other segments. The company offers inverters, power optimizers, communication devices, and smart energy management solutions used in residential, commercial, and small utility-scale solar installations; and a cloud-based monitoring platform that collects and processes information from the power optimizers and inverters, as well as monitors and manages the solar PV system.