Brokerages Set Enphase Energy, Inc. (NASDAQ:ENPH) Price Target at $68.87

Shares of Enphase Energy, Inc. (NASDAQ:ENPH) have earned an average recommendation of “Hold” from the thirty-three ratings firms that are currently covering the firm, MarketBeat Ratings reports. Eleven analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $68.87.

Several equities research analysts recently commented on the company. Canaccord Genuity Group lowered their price target on Enphase Energy from $70.00 to $58.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Barclays cut Enphase Energy from an “overweight” rating to an “underweight” rating and lowered their price target for the company from $51.00 to $40.00 in a research note on Tuesday, May 13th. Royal Bank of Canada reissued a “sector perform” rating and issued a $54.00 price target (down previously from $59.00) on shares of Enphase Energy in a research note on Wednesday, April 23rd. Craig Hallum lowered their price target on Enphase Energy from $123.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday, February 5th. Finally, BMO Capital Markets reaffirmed an “underperform” rating and set a $39.00 target price (down previously from $46.00) on shares of Enphase Energy in a research report on Tuesday, May 13th.

Insider Transactions at Enphase Energy

In related news, Director Thurman J. Rodgers sold 100,000 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $61.26, for a total value of $6,126,000.00. Following the completion of the transaction, the director now directly owns 1,881,760 shares in the company, valued at approximately $115,276,617.60. This represents a 5.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Badrinarayanan Kothandaraman bought 4,000 shares of the business’s stock in a transaction that occurred on Friday, April 25th. The stock was purchased at an average price of $46.35 per share, with a total value of $185,400.00. Following the completion of the purchase, the chief executive officer now directly owns 1,598,696 shares of the company’s stock, valued at $74,099,559.60. This represents a 0.25% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of ENPH. Baillie Gifford & Co. raised its stake in shares of Enphase Energy by 32.0% in the first quarter. Baillie Gifford & Co. now owns 11,052,357 shares of the semiconductor company’s stock valued at $685,799,000 after purchasing an additional 2,680,567 shares in the last quarter. Invesco Ltd. raised its stake in Enphase Energy by 43.4% during the fourth quarter. Invesco Ltd. now owns 4,557,865 shares of the semiconductor company’s stock worth $313,034,000 after acquiring an additional 1,378,978 shares in the last quarter. AQR Capital Management LLC raised its stake in Enphase Energy by 9,236.6% during the first quarter. AQR Capital Management LLC now owns 691,564 shares of the semiconductor company’s stock worth $41,483,000 after acquiring an additional 684,157 shares in the last quarter. Worldquant Millennium Advisors LLC raised its stake in Enphase Energy by 531.4% during the fourth quarter. Worldquant Millennium Advisors LLC now owns 805,791 shares of the semiconductor company’s stock worth $55,342,000 after acquiring an additional 678,163 shares in the last quarter. Finally, Norges Bank acquired a new position in Enphase Energy during the fourth quarter worth $46,339,000. 72.12% of the stock is currently owned by institutional investors and hedge funds.

Enphase Energy Trading Down 3.6%

NASDAQ:ENPH opened at $47.29 on Monday. The company has a debt-to-equity ratio of 1.44, a current ratio of 3.53 and a quick ratio of 3.28. Enphase Energy has a fifty-two week low of $43.09 and a fifty-two week high of $141.63. The stock’s 50-day moving average is $52.82 and its two-hundred day moving average is $61.98. The stock has a market cap of $6.20 billion, a PE ratio of 63.91 and a beta of 1.80.

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.