UBS began coverage on shares of Solaredge Technologies (NASDAQ:SEDG) in a report issued on Friday morning. The brokerage issued a buy rating and a $63.00 price objective on the semiconductor company’s stock.
Several other equities research analysts have also recently issued reports on SEDG. 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. BidaskClub cut Solaredge Technologies from a strong-buy rating to a buy rating in a report on Saturday, December 2nd. Zacks Investment Research cut Solaredge Technologies from a strong-buy rating to a hold rating in a report on Wednesday, January 10th. Vertical Group started coverage on Solaredge Technologies in a report on Thursday, January 11th. They issued a sell rating on the stock. Finally, ValuEngine raised Solaredge Technologies from a hold rating to a buy rating in a report on Friday, February 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, fourteen have issued a buy rating and three have given a strong buy rating to the company. The stock has an average rating of Buy and a consensus target price of $44.54.
Solaredge Technologies (SEDG) traded down $0.30 during trading hours on Friday, reaching $54.45. The company’s stock had a trading volume of 840,631 shares, compared to its average volume of 761,543. The company has a market capitalization of $2,403.04, a PE ratio of 29.43, a PEG ratio of 0.93 and a beta of -0.56. Solaredge Technologies has a twelve month low of $13.50 and a twelve month high of $55.75.
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 Thomson Reuters’ consensus estimate of $0.51 by $0.29. Solaredge Technologies had a return on equity of 29.21% and a net margin of 13.87%. The firm had revenue of $189.34 million for the quarter, compared to analysts’ expectations of $179.78 million. research analysts anticipate that Solaredge Technologies will post 2.45 earnings per share for the current fiscal year.
In related news, VP Yoav Galin sold 15,000 shares of Solaredge Technologies stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $35.46, for a total value of $531,900.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Doron Inbar sold 20,000 shares of Solaredge Technologies stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $53.26, for a total value of $1,065,200.00. Following the completion of the transaction, the director now owns 173,333 shares of the company’s stock, valued at approximately $9,231,715.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 385,566 shares of company stock valued at $16,435,783. 16.40% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SEDG. Arrowstreet Capital Limited Partnership grew its position 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 worth $25,184,000 after acquiring an additional 647,381 shares in the last quarter. Meitav Dash Investments Ltd. purchased a new position in Solaredge Technologies in the fourth quarter worth about $15,512,000. Shell Asset Management Co. purchased a new position in Solaredge Technologies in the fourth quarter worth about $13,525,000. Principal Financial Group Inc. purchased a new position in Solaredge Technologies in the third quarter worth about $7,611,000. Finally, Bank of New York Mellon Corp grew its position 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 worth $50,849,000 after acquiring an additional 254,056 shares in the last quarter. Institutional investors own 65.65% of the company’s stock.
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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