Principal Financial Group Inc. Has $17.49 Million Stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Principal Financial Group Inc. boosted its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDGGet Rating) by 7.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 63,919 shares of the semiconductor company’s stock after purchasing an additional 4,322 shares during the quarter. Principal Financial Group Inc.’s holdings in SolarEdge Technologies were worth $17,493,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Steward Partners Investment Advisory LLC increased its holdings in SolarEdge Technologies by 79.2% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 95 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 42 shares during the period. Elequin Capital LP bought a new position in SolarEdge Technologies in the 1st quarter valued at about $32,000. Clear Street Markets LLC increased its holdings in SolarEdge Technologies by 431.8% in the 2nd quarter. Clear Street Markets LLC now owns 117 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 95 shares during the period. First Horizon Advisors Inc. increased its holdings in SolarEdge Technologies by 274.1% in the 1st quarter. First Horizon Advisors Inc. now owns 101 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 74 shares during the period. Finally, Bank Julius Baer & Co. Ltd Zurich bought a new position in SolarEdge Technologies in the 2nd quarter valued at about $47,000. 81.86% of the stock is owned by institutional investors.

SolarEdge Technologies Stock Up 2.6 %

Shares of NASDAQ SEDG opened at $309.18 on Wednesday. The company has a market capitalization of $17.28 billion, a P/E ratio of 152.31, a price-to-earnings-growth ratio of 3.09 and a beta of 1.22. SolarEdge Technologies, Inc. has a 52-week low of $190.15 and a 52-week high of $375.90. The company has a debt-to-equity ratio of 0.33, a quick ratio of 2.72 and a current ratio of 3.53. The company’s 50 day moving average price is $246.60 and its 200-day moving average price is $271.34.

Insider Transactions at SolarEdge Technologies

In other news, Director More Avery sold 3,681 shares of the business’s stock in a transaction that occurred on Saturday, August 27th. The shares were sold at an average price of $83.37, for a total value of $306,884.97. Following the transaction, the director now owns 540,101 shares in the company, valued at approximately $45,028,220.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Rachel Prishkolnik sold 3,219 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $306.46, for a total value of $986,494.74. Following the transaction, the vice president now owns 10,684 shares in the company, valued at approximately $3,274,218.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director More Avery sold 3,681 shares of the business’s stock in a transaction that occurred on Saturday, August 27th. The stock was sold at an average price of $83.37, for a total transaction of $306,884.97. Following the completion of the transaction, the director now owns 540,101 shares in the company, valued at approximately $45,028,220.37. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,678 shares of company stock worth $5,633,098. Company insiders own 1.17% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Piper Sandler raised their target price on shares of SolarEdge Technologies from $315.00 to $325.00 and gave the company an “overweight” rating in a report on Tuesday, November 8th. Morgan Stanley decreased their target price on shares of SolarEdge Technologies from $352.00 to $344.00 and set an “equal weight” rating on the stock in a report on Wednesday, November 2nd. Guggenheim lifted their price target on shares of SolarEdge Technologies from $348.00 to $389.00 in a report on Wednesday, August 3rd. TheStreet lowered shares of SolarEdge Technologies from a “b-” rating to a “c+” rating in a report on Wednesday, September 28th. Finally, B. Riley decreased their price target on shares of SolarEdge Technologies from $377.00 to $370.00 in a report on Tuesday, November 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $343.92.

SolarEdge Technologies Company Profile

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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 through five segments: Solar, Energy Storage, e-Mobility, Critical Power, and Automation Machines. 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.

Further Reading

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Institutional Ownership by Quarter for SolarEdge Technologies (NASDAQ:SEDG)

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