Covea Finance Raises Stock Position in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Covea Finance grew its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 54.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,500 shares of the semiconductor company’s stock after buying an additional 5,800 shares during the period. Covea Finance’s holdings in SolarEdge Technologies were worth $4,439,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Fulton Bank N.A. grew its stake in shares of SolarEdge Technologies by 423.1% in the 2nd quarter. Fulton Bank N.A. now owns 3,594 shares of the semiconductor company’s stock worth $967,000 after buying an additional 2,907 shares in the last quarter. Green Alpha Advisors LLC grew its stake in shares of SolarEdge Technologies by 2.3% in the 2nd quarter. Green Alpha Advisors LLC now owns 5,619 shares of the semiconductor company’s stock worth $1,512,000 after buying an additional 124 shares in the last quarter. DnB Asset Management AS lifted its holdings in shares of SolarEdge Technologies by 5.1% in the 2nd quarter. DnB Asset Management AS now owns 55,413 shares of the semiconductor company’s stock worth $14,909,000 after acquiring an additional 2,679 shares during the last quarter. Psagot Value Holdings Ltd. Israel lifted its holdings in shares of SolarEdge Technologies by 24.3% in the 1st quarter. Psagot Value Holdings Ltd. Israel now owns 2,356 shares of the semiconductor company’s stock worth $691,000 after acquiring an additional 461 shares during the last quarter. Finally, Level Four Advisory Services LLC bought a new stake in shares of SolarEdge Technologies in the 1st quarter worth about $209,000. 86.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Barclays lowered their target price on shares of SolarEdge Technologies from $359.00 to $274.00 and set an “overweight” rating for the company in a report on Wednesday, August 2nd. StockNews.com assumed coverage on shares of SolarEdge Technologies in a report on Thursday, August 17th. They issued a “hold” rating for the company. Piper Sandler lowered their target price on shares of SolarEdge Technologies from $395.00 to $370.00 in a report on Tuesday, July 18th. Susquehanna lowered their target price on shares of SolarEdge Technologies from $365.00 to $305.00 and set a “positive” rating for the company in a report on Wednesday, August 2nd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of SolarEdge Technologies from $335.00 to $299.00 in a report on Friday. Seven research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $321.14.

Insider Transactions at SolarEdge Technologies

In other news, CFO Ronen Faier acquired 875 shares of the business’s stock in a transaction dated Wednesday, August 9th. The shares were purchased at an average price of $180.10 per share, with a total value of $157,587.50. Following the transaction, the chief financial officer now directly owns 73,414 shares in the company, valued at $13,221,861.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.17% of the company’s stock.

SolarEdge Technologies Stock Down 1.2 %

NASDAQ SEDG traded down $1.69 during trading on Friday, reaching $143.07. 244,402 shares of the company’s stock traded hands, compared to its average volume of 1,249,884. 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 firm has a market cap of $8.09 billion, a price-to-earnings ratio of 27.71, a price-to-earnings-growth ratio of 0.81 and a beta of 1.41. The company’s 50 day simple moving average is $199.71 and its two-hundred day simple moving average is $258.80. SolarEdge Technologies, Inc. has a 12-month low of $142.30 and a 12-month high of $345.80.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Tuesday, August 1st. The semiconductor company reported $2.06 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.01. SolarEdge Technologies had a net margin of 8.29% and a return on equity of 18.19%. The business had revenue of $991.29 million for the quarter, compared to the consensus estimate of $989.17 million. As a group, sell-side analysts forecast that SolarEdge Technologies, Inc. will post 7.36 EPS for the current fiscal year.

SolarEdge Technologies Profile

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.