Enphase Energy, Inc. (NASDAQ:ENPH) Shares Acquired by Covenant Asset Management LLC

Covenant Asset Management LLC raised its stake in shares of Enphase Energy, Inc. (NASDAQ:ENPH) by 9.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,669 shares of the semiconductor company’s stock after purchasing an additional 1,187 shares during the quarter. Covenant Asset Management LLC’s holdings in Enphase Energy were worth $2,289,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ENPH. Panagora Asset Management Inc. increased its stake in shares of Enphase Energy by 42.5% in the first quarter. Panagora Asset Management Inc. now owns 4,030 shares of the semiconductor company’s stock worth $813,000 after acquiring an additional 1,201 shares during the period. Raymond James Trust N.A. acquired a new stake in shares of Enphase Energy in the first quarter worth $249,000. Cibc World Market Inc. increased its stake in shares of Enphase Energy by 219.1% in the first quarter. Cibc World Market Inc. now owns 5,320 shares of the semiconductor company’s stock worth $1,073,000 after acquiring an additional 3,653 shares during the period. Dimensional Fund Advisors LP grew its position in Enphase Energy by 1.6% during the first quarter. Dimensional Fund Advisors LP now owns 398,666 shares of the semiconductor company’s stock valued at $80,436,000 after buying an additional 6,401 shares during the period. Finally, Blair William & Co. IL grew its position in Enphase Energy by 8.7% during the first quarter. Blair William & Co. IL now owns 2,263 shares of the semiconductor company’s stock valued at $457,000 after buying an additional 182 shares during the period. Institutional investors and hedge funds own 71.05% of the company’s stock.

Enphase Energy Trading Up 3.9 %

Shares of ENPH traded up $4.55 during trading on Tuesday, reaching $121.71. 2,064,836 shares of the company traded hands, compared to its average volume of 3,976,650. Enphase Energy, Inc. has a twelve month low of $116.86 and a twelve month high of $339.92. The stock has a market cap of $16.60 billion, a PE ratio of 29.51, a price-to-earnings-growth ratio of 1.38 and a beta of 1.52. The stock has a 50-day simple moving average of $143.48 and a 200-day simple moving average of $169.96. The company has a quick ratio of 3.22, a current ratio of 3.44 and a debt-to-equity ratio of 1.23.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings results on Thursday, July 27th. The semiconductor company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.21. Enphase Energy had a net margin of 20.48% and a return on equity of 71.20%. The business had revenue of $711.12 million during the quarter, compared to analysts’ expectations of $726.94 million. On average, analysts anticipate that Enphase Energy, Inc. will post 3.77 earnings per share for the current year.

Analysts Set New Price Targets

ENPH has been the topic of several analyst reports. Northland Securities dropped their price target on shares of Enphase Energy from $300.00 to $235.00 in a research report on Wednesday, June 28th. Piper Sandler dropped their price target on shares of Enphase Energy from $210.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, July 28th. TD Cowen dropped their price target on shares of Enphase Energy from $313.00 to $262.00 and set an “outperform” rating on the stock in a research report on Friday, July 28th. Craig Hallum dropped their price target on shares of Enphase Energy from $259.00 to $190.00 and set a “buy” rating on the stock in a research report on Friday, July 28th. Finally, Citigroup decreased their price objective on shares of Enphase Energy from $209.00 to $170.00 and set a “buy” rating on the stock in a report on Monday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $234.17.

Insider Buying and Selling at Enphase Energy

In related news, Director Thurman J. Rodgers purchased 32,600 shares of the company’s stock in a transaction on Thursday, September 14th. The stock was acquired at an average cost of $122.76 per share, for a total transaction of $4,001,976.00. Following the completion of the transaction, the director now directly owns 85,200 shares in the company, valued at $10,459,152. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 4.20% of the company’s stock.

About Enphase Energy

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.