Rhumbline Advisers Raises Position in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Rhumbline Advisers raised its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 5.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 54,530 shares of the semiconductor company’s stock after purchasing an additional 2,875 shares during the quarter. Rhumbline Advisers owned 0.10% of SolarEdge Technologies worth $16,574,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Trust Co. of Vermont grew its holdings in shares of SolarEdge Technologies by 3.7% in the fourth quarter. Trust Co. of Vermont now owns 976 shares of the semiconductor company’s stock valued at $276,000 after acquiring an additional 35 shares in the last quarter. Captrust Financial Advisors grew its holdings in shares of SolarEdge Technologies by 3.5% in the fourth quarter. Captrust Financial Advisors now owns 1,162 shares of the semiconductor company’s stock valued at $329,000 after acquiring an additional 39 shares in the last quarter. Sentry Investment Management LLC grew its holdings in shares of SolarEdge Technologies by 12.2% in the fourth quarter. Sentry Investment Management LLC now owns 367 shares of the semiconductor company’s stock valued at $104,000 after acquiring an additional 40 shares in the last quarter. DAVENPORT & Co LLC grew its holdings in shares of SolarEdge Technologies by 0.7% in the first quarter. DAVENPORT & Co LLC now owns 5,941 shares of the semiconductor company’s stock valued at $1,806,000 after acquiring an additional 42 shares in the last quarter. Finally, Kentucky Retirement Systems grew its holdings in shares of SolarEdge Technologies by 1.0% in the first quarter. Kentucky Retirement Systems now owns 4,419 shares of the semiconductor company’s stock valued at $1,343,000 after acquiring an additional 45 shares in the last quarter. 86.11% of the stock is owned by hedge funds and other institutional investors.

SolarEdge Technologies Trading Down 0.9 %

NASDAQ SEDG opened at $162.57 on Friday. The stock’s 50-day simple moving average is $222.49 and its two-hundred day simple moving average is $270.33. SolarEdge Technologies, Inc. has a twelve month low of $156.47 and a twelve month high of $345.80. The company has a quick ratio of 2.75, a current ratio of 3.84 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $9.19 billion, a price-to-earnings ratio of 31.44, a PEG ratio of 0.90 and a beta of 1.34.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Tuesday, August 1st. The semiconductor company reported $2.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.01. SolarEdge Technologies had a return on equity of 18.19% and a net margin of 8.29%. The firm had revenue of $991.29 million for the quarter, compared to analysts’ expectations of $989.17 million. Research analysts forecast that SolarEdge Technologies, Inc. will post 7.36 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SEDG shares. Truist Financial reduced their target price on SolarEdge Technologies from $400.00 to $340.00 and set a “buy” rating for the company in a report on Thursday, August 3rd. JPMorgan Chase & Co. reduced their price objective on SolarEdge Technologies from $393.00 to $359.00 in a report on Wednesday, July 19th. Wells Fargo & Company reduced their price objective on SolarEdge Technologies from $374.00 to $253.00 in a report on Friday, August 4th. TheStreet lowered SolarEdge Technologies from a “b-” rating to a “c” rating in a report on Tuesday, August 1st. Finally, Bank of America lowered SolarEdge Technologies from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $320.00 to $181.00 in a report on Wednesday, August 16th. Seven research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $336.38.

Insider Activity

In related news, CFO Ronen Faier acquired 875 shares of SolarEdge Technologies stock in a transaction dated Wednesday, August 9th. The shares were purchased at an average cost of $180.10 per share, with a total value of $157,587.50. Following the completion of the purchase, the chief financial officer now owns 73,414 shares of the company’s stock, valued at $13,221,861.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.17% of the company’s stock.

SolarEdge Technologies Company Profile

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 in Solar and All Other segments. 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.