Zacks Investment Research Upgrades Power Integrations (NASDAQ:POWI) to “Buy”

Power Integrations (NASDAQ:POWI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday, Zacks.com reports. The firm presently has a $83.00 price target on the semiconductor company’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.01% from the stock’s current price.

According to Zacks, “Power Integrations, Inc. is a supplier of high-performance electronic components used in high-voltage power-conversion systems. Their integrated circuits and diodes enable compact, energy-efficient AC-DC power supplies for a vast range of electronic products including mobile devices, TVs, PCs, appliances, smart utility meters and LED lights. Their SCALE™ IGBT drivers enhance the efficiency, reliability and cost of high-power applications such as industrial motor drives, solar and wind energy systems, electric vehicles and high-voltage DC transmission. Since its introduction, Power Integrations’ EcoSmart® energy-efficiency technology has prevented billions of dollars’ worth of energy waste and millions of tons of carbon emissions. Reflecting the environmental benefits of their products, Power Integrations’ stock is a member of clean-technology stock indices sponsored by Cleantech Group LLC and Clean Edge. “

A number of other brokerages have also issued reports on POWI. Northland Securities reaffirmed a “hold” rating and issued a $52.00 target price on shares of Power Integrations in a research report on Friday, April 26th. BidaskClub raised Power Integrations from a “buy” rating to a “strong-buy” rating in a research report on Friday, April 19th. Finally, Loop Capital upped their target price on Power Integrations to $78.00 and gave the company an “in-line” rating in a research report on Friday, April 26th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $71.50.

Power Integrations stock opened at $74.77 on Tuesday. The business’s 50 day moving average is $70.30. Power Integrations has a one year low of $47.35 and a one year high of $81.37. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of 34.94 and a beta of 1.19.

Power Integrations (NASDAQ:POWI) last announced its earnings results on Thursday, April 25th. The semiconductor company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.19. Power Integrations had a return on equity of 10.86% and a net margin of 15.67%. The company had revenue of $89.19 million for the quarter, compared to analyst estimates of $90.10 million. During the same period in the prior year, the company posted $0.67 EPS. Power Integrations’s quarterly revenue was down 13.5% on a year-over-year basis. As a group, research analysts forecast that Power Integrations will post 1.66 EPS for the current year.

In related news, VP Doug Bailey sold 1,000 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $65.31, for a total transaction of $65,310.00. Following the completion of the transaction, the vice president now directly owns 59,298 shares in the company, valued at approximately $3,872,752.38. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Steven Sharp sold 3,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $79.28, for a total value of $237,840.00. Following the transaction, the director now owns 34,106 shares of the company’s stock, valued at $2,703,923.68. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,286 shares of company stock worth $2,006,147. 4.10% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Amundi Pioneer Asset Management Inc. grew its stake in Power Integrations by 8.7% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 55,436 shares of the semiconductor company’s stock worth $3,878,000 after buying an additional 4,442 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in Power Integrations by 56.8% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 258,490 shares of the semiconductor company’s stock worth $18,079,000 after buying an additional 93,600 shares during the last quarter. AlphaCrest Capital Management LLC bought a new position in Power Integrations during the 1st quarter worth $304,000. Cutler Group LP grew its stake in Power Integrations by 222.2% during the 1st quarter. Cutler Group LP now owns 1,305 shares of the semiconductor company’s stock worth $91,000 after buying an additional 900 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in Power Integrations by 13.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 68,391 shares of the semiconductor company’s stock worth $4,783,000 after buying an additional 7,988 shares during the last quarter. Hedge funds and other institutional investors own 97.61% of the company’s stock.

About Power Integrations

Power Integrations, Inc designs, develops, and markets analog and mixed-signal integrated circuits (ICs), and other electronic components and circuitry used in high-voltage power conversion worldwide. The company offers a range of alternating current to direct current (DC) power conversion products that address power supply ranging from less than 1 watt of output to approximately 500 watts of output for mobile-device chargers, consumer appliances, utility meters, LCD monitors, main and standby power supplies for desktop computers and TVs, and other consumer and industrial applications, as well as light-emitting diode lighting.

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