Truist Financial Initiates Coverage on SolarEdge Technologies (NASDAQ:SEDG)

Research analysts at Truist Financial assumed coverage on shares of SolarEdge Technologies (NASDAQ:SEDGGet Rating) in a note issued to investors on Monday, FinViz reports. The firm set a “buy” rating and a $340.00 price target on the semiconductor company’s stock. Truist Financial’s target price would suggest a potential upside of 33.17% from the stock’s current price.

A number of other research firms have also weighed in on SEDG. StockNews.com assumed coverage on SolarEdge Technologies in a research note on Thursday, March 31st. They issued a “sell” rating for the company. Piper Sandler lowered their price objective on SolarEdge Technologies from $400.00 to $385.00 in a research report on Thursday, April 21st. Needham & Company LLC raised shares of SolarEdge Technologies from a “hold” rating to a “buy” rating and set a $347.00 target price on the stock in a research note on Thursday, February 3rd. Stephens began coverage on shares of SolarEdge Technologies in a report on Wednesday, April 13th. They set an “overweight” rating and a $490.00 price target for the company. Finally, Bank of America raised their price target on shares of SolarEdge Technologies from $305.00 to $411.00 and gave the stock a “buy” rating in a report on Friday, March 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, SolarEdge Technologies presently has a consensus rating of “Buy” and an average target price of $353.26.

Shares of NASDAQ SEDG opened at $255.31 on Monday. The stock has a market capitalization of $13.49 billion, a P/E ratio of 83.16, a PEG ratio of 2.11 and a beta of 0.96. SolarEdge Technologies has a one year low of $199.33 and a one year high of $389.71. The firm’s 50 day simple moving average is $301.64 and its two-hundred day simple moving average is $295.58. The company has a debt-to-equity ratio of 0.51, a current ratio of 3.26 and a quick ratio of 2.53.

SolarEdge Technologies (NASDAQ:SEDGGet Rating) last released its earnings results on Tuesday, February 15th. The semiconductor company reported $0.60 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.28). The business had revenue of $551.92 million for the quarter, compared to the consensus estimate of $548.66 million. SolarEdge Technologies had a net margin of 8.61% and a return on equity of 13.59%. During the same period in the prior year, the business posted $0.33 EPS. As a group, equities analysts expect that SolarEdge Technologies will post 4.75 earnings per share for the current fiscal year.

In related news, insider Meir Adest sold 10,000 shares of the stock in a transaction dated Monday, March 21st. The shares were sold at an average price of $310.63, for a total transaction of $3,106,300.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Zvi Lando sold 19,399 shares of SolarEdge Technologies stock in a transaction dated Tuesday, March 29th. The stock was sold at an average price of $331.08, for a total transaction of $6,422,620.92. The disclosure for this sale can be found here. Insiders have sold 46,214 shares of company stock valued at $14,649,566 over the last quarter. Company insiders own 1.60% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Pictet Asset Management SA lifted its position in SolarEdge Technologies by 30.1% in the 4th quarter. Pictet Asset Management SA now owns 1,284,822 shares of the semiconductor company’s stock valued at $360,483,000 after acquiring an additional 297,272 shares in the last quarter. William Blair Investment Management LLC raised its stake in shares of SolarEdge Technologies by 33.7% in the fourth quarter. William Blair Investment Management LLC now owns 893,189 shares of the semiconductor company’s stock worth $250,602,000 after purchasing an additional 225,021 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of SolarEdge Technologies by 63.8% during the fourth quarter. Geode Capital Management LLC now owns 811,454 shares of the semiconductor company’s stock valued at $226,980,000 after purchasing an additional 316,001 shares in the last quarter. Impax Asset Management Group plc lifted its holdings in shares of SolarEdge Technologies by 0.5% during the fourth quarter. Impax Asset Management Group plc now owns 754,007 shares of the semiconductor company’s stock valued at $210,837,000 after purchasing an additional 3,938 shares in the last quarter. Finally, Schroder Investment Management Group boosted its position in shares of SolarEdge Technologies by 0.5% during the fourth quarter. Schroder Investment Management Group now owns 725,243 shares of the semiconductor company’s stock valued at $203,481,000 after buying an additional 3,606 shares during the last quarter. 75.73% of the stock is owned by institutional investors.

SolarEdge Technologies Company Profile (Get Rating)

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. It operates through five segments: Solar, Energy Storage, e-Mobility, Critical Power, and Automation Machines. The company offers inverters, power optimizers, communication devices, and smart energy management solutions used in residential, commercial, and small utility-scale solar installations; and a cloud-based monitoring platform that collects and processes information from the power optimizers and inverters, as well as monitors and manages the solar PV system.

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