Stephens Begins Coverage on Enphase Energy (NASDAQ:ENPH)

Research analysts at Stephens assumed coverage on shares of Enphase Energy (NASDAQ:ENPHGet Rating) in a research note issued on Wednesday, The Fly reports. The brokerage set an “overweight” rating and a $280.00 price target on the semiconductor company’s stock. Stephens’ price objective indicates a potential upside of 44.91% from the stock’s current price.

Other analysts also recently issued reports about the stock. KeyCorp boosted their target price on shares of Enphase Energy from $200.00 to $220.00 and gave the stock an “overweight” rating in a report on Thursday, April 7th. TheStreet upgraded shares of Enphase Energy from a “c+” rating to a “b” rating in a report on Thursday, April 7th. Bank of America cut Enphase Energy from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $297.00 to $187.00 in a research note on Wednesday, January 5th. StockNews.com started coverage on Enphase Energy in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Piper Sandler increased their target price on Enphase Energy from $227.00 to $237.00 in a research report on Monday, March 14th. Seven equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. According to data from MarketBeat.com, Enphase Energy currently has a consensus rating of “Buy” and an average target price of $239.99.

NASDAQ:ENPH traded up $7.28 during trading hours on Wednesday, reaching $193.23. The company had a trading volume of 1,479,690 shares, compared to its average volume of 3,248,591. The company has a current ratio of 3.33, a quick ratio of 3.16 and a debt-to-equity ratio of 2.21. Enphase Energy has a 52 week low of $108.88 and a 52 week high of $282.46. The firm has a market cap of $25.88 billion, a price-to-earnings ratio of 189.44 and a beta of 1.27. The firm’s 50 day moving average price is $172.45 and its 200-day moving average price is $183.45.

Enphase Energy (NASDAQ:ENPHGet Rating) last issued its quarterly earnings results on Tuesday, February 8th. The semiconductor company reported $0.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.18. Enphase Energy had a net margin of 10.52% and a return on equity of 39.09%. The business had revenue of $412.72 million for the quarter, compared to analysts’ expectations of $399.62 million. During the same quarter last year, the company posted $0.47 EPS. The company’s revenue was up 55.8% compared to the same quarter last year. On average, analysts forecast that Enphase Energy will post 2.2 earnings per share for the current fiscal year.

In related news, Director Steven J. Gomo sold 31,609 shares of the business’s stock in a transaction on Thursday, February 10th. The shares were sold at an average price of $163.48, for a total transaction of $5,167,439.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Badrinarayanan Kothandaraman sold 80,000 shares of the business’s stock in a transaction on Thursday, March 10th. The stock was sold at an average price of $175.65, for a total transaction of $14,052,000.00. The disclosure for this sale can be found here. Insiders have sold 255,577 shares of company stock worth $43,780,910 in the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Several hedge funds have recently modified their holdings of ENPH. BlackRock Inc. grew its stake in shares of Enphase Energy by 7.4% during the fourth quarter. BlackRock Inc. now owns 14,961,479 shares of the semiconductor company’s stock worth $2,737,054,000 after purchasing an additional 1,030,920 shares in the last quarter. Norges Bank acquired a new position in shares of Enphase Energy during the fourth quarter worth $187,827,000. Allspring Global Investments Holdings LLC acquired a new position in Enphase Energy in the fourth quarter valued at $165,172,000. Renaissance Technologies LLC acquired a new position in Enphase Energy in the fourth quarter valued at $155,157,000. Finally, Brown Advisory Inc. boosted its stake in Enphase Energy by 55.7% in the fourth quarter. Brown Advisory Inc. now owns 1,227,816 shares of the semiconductor company’s stock valued at $224,617,000 after acquiring an additional 438,989 shares in the last quarter. Hedge funds and other institutional investors own 70.39% of the company’s stock.

About Enphase Energy (Get Rating)

Enphase Energy, Inc, together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level, and combines with its proprietary networking and software technologies to provide energy monitoring and control services.

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