Comerica Bank boosted its holdings in Solaredge Technologies Inc (NASDAQ:SEDG) by 7.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,404 shares of the semiconductor company’s stock after acquiring an additional 2,998 shares during the quarter. Comerica Bank owned 0.09% of Solaredge Technologies worth $4,058,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in Solaredge Technologies by 2.8% in the 2nd quarter. BlackRock Inc. now owns 4,840,757 shares of the semiconductor company’s stock valued at $302,353,000 after acquiring an additional 131,352 shares in the last quarter. Invesco Ltd. lifted its position in Solaredge Technologies by 210.8% in the 2nd quarter. Invesco Ltd. now owns 2,803,823 shares of the semiconductor company’s stock valued at $175,126,000 after acquiring an additional 1,901,658 shares in the last quarter. Swedbank bought a new position in Solaredge Technologies in the 2nd quarter valued at approximately $124,959,000. Vanguard Group Inc. lifted its position in Solaredge Technologies by 2.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,687,176 shares of the semiconductor company’s stock valued at $105,382,000 after acquiring an additional 45,993 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its position in Solaredge Technologies by 68,329.3% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 1,026,439 shares of the semiconductor company’s stock valued at $64,111,000 after acquiring an additional 1,024,939 shares in the last quarter. 81.44% of the stock is currently owned by institutional investors and hedge funds.
NASDAQ SEDG opened at $77.95 on Friday. The business’s fifty day moving average price is $86.12 and its 200-day moving average price is $69.45. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of 28.98, a PEG ratio of 1.27 and a beta of 0.05. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.49 and a quick ratio of 1.98. Solaredge Technologies Inc has a 1-year low of $32.42 and a 1-year high of $96.69.
Solaredge Technologies (NASDAQ:SEDG) last released its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported $1.21 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.22. The firm had revenue of $410.56 million for the quarter, compared to analysts’ expectations of $402.89 million. Solaredge Technologies had a return on equity of 17.81% and a net margin of 10.09%. The company’s revenue was up 73.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.86 EPS. Equities research analysts anticipate that Solaredge Technologies Inc will post 2.99 EPS for the current year.
Several equities analysts recently issued reports on SEDG shares. Roth Capital upped their price objective on Solaredge Technologies from $70.00 to $105.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Oppenheimer increased their price target on Solaredge Technologies from $66.00 to $78.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Credit Suisse Group increased their price target on Solaredge Technologies from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Canaccord Genuity increased their price target on Solaredge Technologies from $78.00 to $88.00 and gave the company a “buy” rating in a report on Monday, November 4th. Finally, Zacks Investment Research cut Solaredge Technologies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. Solaredge Technologies presently has a consensus rating of “Buy” and an average target price of $85.75.
In other news, VP Zvi Lando sold 28,604 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $83.81, for a total value of $2,397,301.24. Following the completion of the sale, the vice president now directly owns 95,500 shares in the company, valued at approximately $8,003,855. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director More Avery sold 2,000 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $82.06, for a total value of $164,120.00. Following the completion of the sale, the director now owns 587,573 shares of the company’s stock, valued at $48,216,240.38. The disclosure for this sale can be found here. Insiders have sold a total of 270,203 shares of company stock worth $22,538,997 over the last three months. Insiders own 7.90% of the company’s stock.
About Solaredge Technologies
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.
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