Alliancebernstein L.P. increased its position in shares of Solaredge Technologies Inc (NASDAQ:SEDG) by 20.4% during the fourth quarter, Holdings Channel reports. The fund owned 60,444 shares of the semiconductor company’s stock after acquiring an additional 10,253 shares during the quarter. Alliancebernstein L.P.’s holdings in Solaredge Technologies were worth $2,270,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Clal Insurance Enterprises Holdings Ltd acquired a new stake in Solaredge Technologies during the fourth quarter worth approximately $102,000. American International Group Inc. acquired a new stake in Solaredge Technologies during the third quarter worth approximately $123,000. Pinebridge Investments L.P. acquired a new stake in Solaredge Technologies during the third quarter worth approximately $125,000. Baird Financial Group Inc. acquired a new stake in Solaredge Technologies during the fourth quarter worth approximately $213,000. Finally, UBS Asset Management Americas Inc. acquired a new stake in Solaredge Technologies during the fourth quarter worth approximately $218,000. Hedge funds and other institutional investors own 65.65% of the company’s stock.
Shares of SEDG opened at $54.23 on Friday. The firm has a market capitalization of $2,510.58, a price-to-earnings ratio of 24.10, a P/E/G ratio of 0.96 and a beta of -0.55. Solaredge Technologies Inc has a fifty-two week low of $15.25 and a fifty-two week high of $58.20.
Solaredge Technologies (NASDAQ:SEDG) last posted its earnings results on Wednesday, February 14th. The semiconductor company reported $0.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.29. The business had revenue of $189.34 million for the quarter, compared to analyst estimates of $179.78 million. Solaredge Technologies had a net margin of 13.87% and a return on equity of 29.21%. equities research analysts expect that Solaredge Technologies Inc will post 2.48 earnings per share for the current year.
A number of analysts recently issued reports on SEDG shares. Vertical Group upgraded shares of Solaredge Technologies from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. Zacks Investment Research lowered shares of Solaredge Technologies from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Vertical Research upgraded shares of Solaredge Technologies from a “hold” rating to a “buy” rating in a research report on Thursday, February 15th. BidaskClub lowered shares of Solaredge Technologies from a “buy” rating to a “hold” rating in a research report on Friday, February 9th. Finally, JPMorgan Chase lifted their price target on shares of Solaredge Technologies from $52.00 to $62.00 and gave the company an “overweight” rating in a report on Monday, March 19th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, fourteen have given a buy rating and three have assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $46.47.
In related news, VP Rachel Prishkolnik sold 6,400 shares of Solaredge Technologies stock in a transaction on Wednesday, March 28th. The shares were sold at an average price of $52.09, for a total transaction of $333,376.00. Following the transaction, the vice president now owns 12,500 shares in the company, valued at approximately $651,125. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Meir Adest sold 28,000 shares of Solaredge Technologies stock in a transaction on Wednesday, March 21st. The shares were sold at an average price of $56.44, for a total transaction of $1,580,320.00. Following the transaction, the vice president now owns 13,750 shares in the company, valued at approximately $776,050. The disclosure for this sale can be found here. Insiders have sold a total of 609,025 shares of company stock worth $29,617,837 in the last 90 days. Company insiders own 16.40% of the company’s stock.
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About Solaredge Technologies
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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