Barclays Increases SolarEdge Technologies (NASDAQ:SEDG) Price Target to $61.00

SolarEdge Technologies (NASDAQ:SEDG) had its price target hoisted by equities research analysts at Barclays from $50.00 to $61.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has an “underweight” rating on the semiconductor company’s stock. Barclays‘s target price suggests a potential upside of 2.11% from the stock’s previous close.

SEDG has been the subject of a number of other reports. BMO Capital Markets decreased their price target on shares of SolarEdge Technologies from $85.00 to $80.00 and set a “market perform” rating for the company in a research report on Wednesday, February 21st. Wells Fargo & Company cut their price target on SolarEdge Technologies from $91.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. Truist Financial lowered their price objective on SolarEdge Technologies from $80.00 to $75.00 and set a “hold” rating for the company in a research note on Thursday, February 22nd. Royal Bank of Canada cut their target price on SolarEdge Technologies from $85.00 to $77.00 and set a “sector perform” rating on the stock in a research report on Wednesday, February 21st. Finally, StockNews.com upgraded SolarEdge Technologies to a “sell” rating in a research note on Thursday, December 28th. Four research analysts have rated the stock with a sell rating, twenty-one have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $98.81.

SolarEdge Technologies Trading Up 0.4 %

NASDAQ:SEDG opened at $59.74 on Tuesday. SolarEdge Technologies has a 52-week low of $57.72 and a 52-week high of $322.19. The company has a quick ratio of 2.08, a current ratio of 3.70 and a debt-to-equity ratio of 0.28. The stock has a fifty day simple moving average of $70.20 and a 200-day simple moving average of $80.44. The company has a market capitalization of $3.41 billion, a PE ratio of 132.76 and a beta of 1.51.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.01) by $0.60. SolarEdge Technologies had a net margin of 1.15% and a return on equity of 5.00%. The company had revenue of $316.04 million for the quarter, compared to analysts’ expectations of $319.97 million. On average, equities research analysts expect that SolarEdge Technologies will post -4.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director More Avery bought 7,000 shares of SolarEdge Technologies stock in a transaction on Thursday, February 29th. The stock was purchased at an average cost of $67.75 per share, with a total value of $474,250.00. Following the purchase, the director now directly owns 77,446 shares of the company’s stock, valued at approximately $5,246,966.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.17% of the company’s stock.

Institutional Trading of SolarEdge Technologies

Hedge funds have recently added to or reduced their stakes in the business. Baillie Gifford & Co. increased its holdings in shares of SolarEdge Technologies by 89.3% during the third quarter. Baillie Gifford & Co. now owns 1,770,501 shares of the semiconductor company’s stock valued at $229,298,000 after purchasing an additional 835,290 shares during the period. Grantham Mayo Van Otterloo & Co. LLC grew its position in SolarEdge Technologies by 108.5% in the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,495,069 shares of the semiconductor company’s stock valued at $193,626,000 after buying an additional 778,034 shares in the last quarter. Voloridge Investment Management LLC increased its stake in SolarEdge Technologies by 371.8% during the 4th quarter. Voloridge Investment Management LLC now owns 665,524 shares of the semiconductor company’s stock valued at $62,293,000 after buying an additional 524,476 shares during the period. Invenomic Capital Management LP bought a new stake in shares of SolarEdge Technologies during the 4th quarter worth about $42,644,000. Finally, Norges Bank acquired a new stake in shares of SolarEdge Technologies in the 4th quarter worth approximately $39,547,000. Institutional investors own 95.10% of the company’s stock.

About SolarEdge Technologies

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.