The Goldman Sachs Group Reaffirms Buy Rating for Enphase Energy (NASDAQ:ENPH)

Posted by MarketBeat News on Jul 30th, 2022

Enphase Energy (NASDAQ:ENPH – Get Rating)‘s stock had its “buy” rating reiterated by equities researchers at The Goldman Sachs Group in a research note issued to investors on Thursday, Marketbeat reports. They currently have a $290.00 price target on the semiconductor company’s stock, up from their prior price target of $244.00. The Goldman Sachs Group’s target price indicates a potential upside of 1.65% from the stock’s current price.

A number of other research firms also recently commented on ENPH. BMO Capital Markets lifted their price target on Enphase Energy from $241.00 to $250.00 and gave the stock a “maintains” rating in a research note on Wednesday, July 27th. Oppenheimer lifted their price target on Enphase Energy to $315.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 27th. B. Riley lifted their target price on Enphase Energy from $171.00 to $217.00 in a research note on Wednesday, July 27th. Susquehanna Bancshares lifted their target price on Enphase Energy from $250.00 to $260.00 and gave the company a “positive” rating in a research note on Wednesday, July 27th. Finally, Wells Fargo & Company lifted their target price on Enphase Energy from $265.00 to $313.00 and gave the company a “maintains” rating in a research note on Thursday, July 28th. Four equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $265.61.

Enphase Energy Stock Up 1.6 %

NASDAQ:ENPH traded up $4.41 during mid-day trading on Thursday, reaching $285.30. The stock had a trading volume of 147,813 shares, compared to its average volume of 3,749,396. The company has a market capitalization of $38.65 billion, a price-to-earnings ratio of 196.43, a price-to-earnings-growth ratio of 2.41 and a beta of 1.50. Enphase Energy has a 1-year low of $113.40 and a 1-year high of $290.47. The stock’s 50 day simple moving average is $201.98 and its two-hundred day simple moving average is $177.57. The company has a debt-to-equity ratio of 2.66, a current ratio of 3.62 and a quick ratio of 3.35.

Insider Buying and Selling at Enphase Energy

In other Enphase Energy news, Director Steven J. Gomo sold 35,822 shares of the company’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $279.21, for a total value of $10,001,860.62. Following the transaction, the director now owns 41,456 shares of the company’s stock, valued at $11,574,929.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Enphase Energy news, CEO Badrinarayanan Kothandaraman sold 77,700 shares of Enphase Energy stock in a transaction that occurred on Friday, June 10th. The shares were sold at an average price of $196.42, for a total transaction of $15,261,834.00. Following the transaction, the chief executive officer now directly owns 1,097,701 shares in the company, valued at approximately $215,610,430.42. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Steven J. Gomo sold 35,822 shares of Enphase Energy stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $279.21, for a total transaction of $10,001,860.62. Following the transaction, the director now owns 41,456 shares in the company, valued at $11,574,929.76. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 189,672 shares of company stock valued at $40,290,945. Corporate insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Enphase Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in ENPH. BlackRock Inc. grew its position in Enphase Energy by 7.4% during the 4th quarter. BlackRock Inc. now owns 14,961,479 shares of the semiconductor company’s stock worth $2,737,054,000 after purchasing an additional 1,030,920 shares in the last quarter. Norges Bank purchased a new position in Enphase Energy during the 4th quarter worth approximately $187,827,000. Renaissance Technologies LLC purchased a new position in shares of Enphase Energy during the 4th quarter valued at $155,157,000. 1832 Asset Management L.P. grew its holdings in shares of Enphase Energy by 1,207.5% during the 1st quarter. 1832 Asset Management L.P. now owns 608,789 shares of the semiconductor company’s stock valued at $121,238,000 after acquiring an additional 562,229 shares in the last quarter. Finally, Clearbridge Investments LLC grew its holdings in shares of Enphase Energy by 86.2% during the 1st quarter. Clearbridge Investments LLC now owns 801,156 shares of the semiconductor company’s stock valued at $161,657,000 after acquiring an additional 370,992 shares in the last quarter. 68.30% of the stock is currently owned by hedge funds and other institutional investors.

About Enphase Energy

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Enphase Energy, Inc, together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level, and combines with its proprietary networking and software technologies to provide energy monitoring and control services.