Oppenheimer & Co. Inc. raised its holdings in Solaredge Technologies Inc (NASDAQ:SEDG) by 72.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,195 shares of the semiconductor company’s stock after purchasing an additional 5,562 shares during the period. Oppenheimer & Co. Inc.’s holdings in Solaredge Technologies were worth $497,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Handelsbanken Fonder AB lifted its position in Solaredge Technologies by 98.0% during the fourth quarter. Handelsbanken Fonder AB now owns 373,659 shares of the semiconductor company’s stock worth $13,115,000 after buying an additional 184,973 shares in the last quarter. Xact Kapitalforvaltning AB purchased a new position in Solaredge Technologies during the fourth quarter worth approximately $223,000. State of Alaska Department of Revenue lifted its position in Solaredge Technologies by 3.8% during the fourth quarter. State of Alaska Department of Revenue now owns 14,378 shares of the semiconductor company’s stock worth $504,000 after buying an additional 530 shares in the last quarter. Prudential PLC purchased a new position in Solaredge Technologies during the fourth quarter worth approximately $1,011,000. Finally, Norges Bank purchased a new position in Solaredge Technologies during the fourth quarter worth approximately $13,951,000. 82.19% of the stock is currently owned by institutional investors.
SEDG has been the topic of a number of research analyst reports. Credit Suisse Group initiated coverage on Solaredge Technologies in a research report on Monday, March 25th. They issued a “neutral” rating and a $43.00 target price on the stock. BidaskClub upgraded Solaredge Technologies from a “buy” rating to a “strong-buy” rating in a report on Friday, April 26th. Cascend Securities upgraded Solaredge Technologies from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Thursday, January 31st. Zacks Investment Research upgraded Solaredge Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, February 19th. Finally, ValuEngine upgraded Solaredge Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $55.33.
SEDG traded down $1.59 on Wednesday, hitting $53.79. 322,046 shares of the company were exchanged, compared to its average volume of 692,408. Solaredge Technologies Inc has a twelve month low of $32.42 and a twelve month high of $61.00. The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of 20.00, a PEG ratio of 0.94 and a beta of 0.26. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.89 and a quick ratio of 2.28.
Solaredge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.14). The business had revenue of $271.90 million for the quarter, compared to analyst estimates of $266.11 million. Solaredge Technologies had a return on equity of 19.57% and a net margin of 11.23%. The company’s revenue was up 29.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.87 earnings per share. On average, research analysts anticipate that Solaredge Technologies Inc will post 2.6 earnings per share for the current year.
In other news, Director More Avery sold 4,130 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $51.04, for a total transaction of $210,795.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 9.70% of the company’s stock.
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. Its SolarEdge system consists of power optimizers, inverters, communication and smart energy management solutions, and a cloud based monitoring platform.
Further Reading: What is the Producer Price Index (PPI)?
Receive News & Ratings for Solaredge Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Solaredge Technologies and related companies with MarketBeat.com's FREE daily email newsletter.