Zacks Investment Research upgraded shares of Solaredge Technologies (NASDAQ:SEDG) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday morning. They currently have $53.00 price objective on the semiconductor company’s stock.
According to Zacks, “SolarEdge Technologies, Inc. provides inverter solution. The company’s SolarEdge system offers power optimizers, inverters and a cloud-based monitoring platform. It serves residential solar installations to commercial and small utility-scale solar installations. SolarEdge Technologies, Inc. is headquartered in Hod Hasharon, Israel. “
SEDG has been the topic of a number of other reports. JPMorgan Chase & Co. lifted their target price on Solaredge Technologies from $43.00 to $52.00 and gave the stock an overweight rating in a report on Thursday, February 15th. Needham & Company LLC lifted their target price on Solaredge Technologies from $42.00 to $55.00 and gave the stock a buy rating in a report on Thursday, February 15th. Deutsche Bank cut Solaredge Technologies from a buy rating to a hold rating and set a $40.00 target price on the stock. in a report on Monday, November 27th. Roth Capital lifted their target price on Solaredge Technologies from $36.00 to $42.00 and gave the stock a buy rating in a report on Thursday, November 9th. Finally, Canaccord Genuity restated a buy rating and issued a $36.00 target price (up from $30.00) on shares of Solaredge Technologies in a report on Monday, November 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of Buy and an average target price of $42.73.
Solaredge Technologies (SEDG) opened at $47.45 on Tuesday. The stock has a market capitalization of $2,040.00 and a price-to-earnings ratio of 28.58. Solaredge Technologies has a 1-year low of $13.50 and a 1-year high of $47.85.
Solaredge Technologies (NASDAQ:SEDG) last issued its earnings results on Wednesday, February 14th. The semiconductor company reported $0.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.29. The business had revenue of $189.34 million for the quarter, compared to analysts’ expectations of $179.78 million. Solaredge Technologies had a return on equity of 29.21% and a net margin of 13.87%. research analysts forecast that Solaredge Technologies will post 2.15 EPS for the current year.
In other news, VP Meir Adest sold 4,700 shares of Solaredge Technologies stock in a transaction on Wednesday, December 6th. The stock was sold at an average price of $35.02, for a total transaction of $164,594.00. Following the transaction, the vice president now owns 20,633 shares in the company, valued at $722,567.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Guy Sella sold 216,666 shares of Solaredge Technologies stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $42.15, for a total value of $9,132,471.90. Following the transaction, the chief executive officer now owns 73,333 shares in the company, valued at approximately $3,090,985.95. The disclosure for this sale can be found here. Insiders have sold 416,914 shares of company stock worth $17,159,064 in the last quarter. 16.40% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. grew its stake in Solaredge Technologies by 7.3% in the fourth quarter. BlackRock Inc. now owns 3,155,082 shares of the semiconductor company’s stock valued at $118,474,000 after purchasing an additional 214,504 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Solaredge Technologies by 16.6% in the third quarter. Bank of New York Mellon Corp now owns 1,781,003 shares of the semiconductor company’s stock valued at $50,849,000 after purchasing an additional 254,056 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in Solaredge Technologies by 3.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 703,910 shares of the semiconductor company’s stock valued at $26,432,000 after purchasing an additional 25,772 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Solaredge Technologies by 2,778.5% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 670,681 shares of the semiconductor company’s stock valued at $25,184,000 after purchasing an additional 647,381 shares in the last quarter. Finally, Robecosam AG grew its stake in Solaredge Technologies by 18.2% in the fourth quarter. Robecosam AG now owns 520,000 shares of the semiconductor company’s stock valued at $19,734,000 after purchasing an additional 80,000 shares in the last quarter. Hedge funds and other institutional investors own 63.13% of the company’s stock.
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Solaredge Technologies Company Profile
SolarEdge Technologies, Inc offers an inverter solution for a solar photovoltaic (PV) system. The Company’s products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions and SolarEdge Monitoring Software. Its product roadmap consists of categories, including power optimizers, inverters, monitoring services, energy storage and smart energy management.
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