Scotiabank Begins Coverage on Enphase Energy (NASDAQ:ENPH)

Scotiabank started coverage on shares of Enphase Energy (NASDAQ:ENPH – Get Rating) in a research note issued to investors on Thursday morning, The Fly reports. The firm issued a sector outperform rating and a $300.00 target price on the semiconductor company’s stock.

Other analysts have also recently issued reports about the company. Northland Securities raised Enphase Energy from a market perform rating to an outperform rating and set a $365.00 price target on the stock in a research report on Monday, December 19th. Deutsche Bank Aktiengesellschaft reduced their price target on Enphase Energy from $330.00 to $285.00 and set a buy rating for the company in a report on Tuesday, January 17th. JPMorgan Chase & Co. reduced their price objective on shares of Enphase Energy from $310.00 to $307.00 and set an overweight rating for the company in a research note on Wednesday, February 8th. Craig Hallum reduced their price target on shares of Enphase Energy from $323.00 to $315.00 in a research report on Wednesday, February 8th. Finally, OTR Global lowered Enphase Energy to a positive rating in a report on Tuesday, January 24th. Seven research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, Enphase Energy currently has an average rating of Moderate Buy and a consensus price target of $307.08.

Enphase Energy Stock Performance

Shares of ENPH stock opened at $217.16 on Thursday. Enphase Energy has a 12 month low of $128.67 and a 12 month high of $339.92. The company has a current ratio of 3.55, a quick ratio of 3.31 and a debt-to-equity ratio of 1.45. The company’s fifty day moving average price is $227.80 and its 200-day moving average price is $270.28. The stock has a market cap of $29.64 billion, a PE ratio of 78.40, a price-to-earnings-growth ratio of 1.21 and a beta of 1.49.

Insider Transactions at Enphase Energy

In related news, EVP David A. Ranhoff sold 7,500 shares of the company’s stock in a transaction on Tuesday, February 21st. The shares were sold at an average price of $203.25, for a total transaction of $1,524,375.00. Following the completion of the transaction, the executive vice president now owns 97,102 shares in the company, valued at $19,735,981.50. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Enphase Energy news, CEO Badrinarayanan Kothandaraman sold 82,347 shares of the stock in a transaction dated Friday, December 9th. The shares were sold at an average price of $317.48, for a total transaction of $26,143,525.56. Following the completion of the transaction, the chief executive officer now owns 1,167,786 shares of the company’s stock, valued at approximately $370,748,699.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP David A. Ranhoff sold 7,500 shares of the stock in a transaction that occurred on Tuesday, February 21st. The shares were sold at an average price of $203.25, for a total value of $1,524,375.00. Following the transaction, the executive vice president now directly owns 97,102 shares of the company’s stock, valued at $19,735,981.50. The disclosure for this sale can be found here. Insiders sold a total of 141,174 shares of company stock valued at $44,466,742 over the last 90 days. Company insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Two Sigma Advisers LP lifted its position in Enphase Energy by 850.3% during the third quarter. Two Sigma Advisers LP now owns 1,418,909 shares of the semiconductor company’s stock valued at $393,705,000 after purchasing an additional 1,269,600 shares during the last quarter. Norges Bank bought a new position in shares of Enphase Energy in the 4th quarter valued at about $325,230,000. Two Sigma Investments LP bought a new position in shares of Enphase Energy in the 3rd quarter valued at about $235,387,000. Jennison Associates LLC lifted its stake in shares of Enphase Energy by 272.4% in the 3rd quarter. Jennison Associates LLC now owns 890,322 shares of the semiconductor company’s stock valued at $247,038,000 after purchasing an additional 651,254 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Enphase Energy in the 3rd quarter valued at approximately $178,809,000. 73.79% of the stock is currently owned by institutional investors.

About Enphase Energy

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Enphase Energy, Inc is a global energy technology company, which engages in the design, development, manufacture, and sale of micro inverter systems for the solar photovoltaic industry. The firm’s products include IQ 7 Microinverter Series, IQ Battery, IQ Envoy, IQ Microinverter Accessories, IQ Envoy Accessories and Enlighten & Apps.