CIBC Private Wealth Group LLC Lowers Holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

CIBC Private Wealth Group LLC decreased its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG – Get Rating) by 20.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 135,564 shares of the semiconductor company’s stock after selling 34,534 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in SolarEdge Technologies were worth $31,377,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in SolarEdge Technologies by 2.3% during the third quarter. Vanguard Group Inc. now owns 2,243,104 shares of the semiconductor company’s stock worth $519,190,000 after purchasing an additional 49,486 shares in the last quarter. Clearbridge Investments LLC boosted its position in SolarEdge Technologies by 31.3% during the second quarter. Clearbridge Investments LLC now owns 625,494 shares of the semiconductor company’s stock worth $171,185,000 after purchasing an additional 149,116 shares in the last quarter. Amundi boosted its position in SolarEdge Technologies by 15.7% during the second quarter. Amundi now owns 507,750 shares of the semiconductor company’s stock worth $136,958,000 after purchasing an additional 68,858 shares in the last quarter. Bank of New York Mellon Corp boosted its position in SolarEdge Technologies by 29.3% during the third quarter. Bank of New York Mellon Corp now owns 456,221 shares of the semiconductor company’s stock worth $105,596,000 after purchasing an additional 103,466 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in SolarEdge Technologies by 7.9% during the second quarter. Legal & General Group Plc now owns 454,802 shares of the semiconductor company’s stock worth $124,470,000 after purchasing an additional 33,270 shares in the last quarter. Hedge funds and other institutional investors own 80.01% of the company’s stock.

Insiders Place Their Bets

In other SolarEdge Technologies news, insider Meir Adest sold 5,000 shares of the firm’s stock in a transaction on Wednesday, February 15th. The stock was sold at an average price of $316.57, for a total transaction of $1,582,850.00. Following the completion of the sale, the insider now owns 139,068 shares of the company’s stock, valued at $44,024,756.76. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.17% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Barclays lowered their price target on SolarEdge Technologies from $396.00 to $392.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 1st. Morgan Stanley increased their target price on SolarEdge Technologies from $344.00 to $374.00 and gave the company an “equal weight” rating in a report on Tuesday, January 10th. Wells Fargo & Company increased their target price on SolarEdge Technologies from $367.00 to $374.00 and gave the company an “overweight” rating in a report on Wednesday, February 15th. Scotiabank started coverage on SolarEdge Technologies in a report on Thursday, March 2nd. They set a “sector perform” rating and a $345.00 target price for the company. Finally, Bank of America raised SolarEdge Technologies from a “neutral” rating to a “buy” rating and increased their target price for the company from $269.00 to $367.00 in a report on Wednesday, December 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, SolarEdge Technologies currently has an average rating of “Moderate Buy” and an average price target of $367.65.

SolarEdge Technologies Price Performance

NASDAQ:SEDG opened at $314.27 on Wednesday. SolarEdge Technologies, Inc. has a one year low of $190.15 and a one year high of $375.90. The company has a debt-to-equity ratio of 0.31, a quick ratio of 2.44 and a current ratio of 3.26. The stock has a market cap of $17.65 billion, a PE ratio of 190.47, a P/E/G ratio of 1.37 and a beta of 1.43. The stock has a 50 day moving average price of $309.18 and a 200 day moving average price of $284.73.

SolarEdge Technologies (NASDAQ:SEDG – Get Rating) last posted its earnings results on Monday, February 13th. The semiconductor company reported $2.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $1.28. The company had revenue of $890.70 million during the quarter, compared to analysts’ expectations of $879.06 million. SolarEdge Technologies had a return on equity of 10.04% and a net margin of 3.02%. The firm’s quarterly revenue was up 61.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.60 earnings per share. Equities research analysts expect that SolarEdge Technologies, Inc. will post 7.18 EPS for the current fiscal year.

About SolarEdge Technologies

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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.