Zurcher Kantonalbank Zurich Cantonalbank Has $3.35 Million Stock Position in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Zurcher Kantonalbank Zurich Cantonalbank decreased its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 91.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,761 shares of the semiconductor company’s stock after selling 371,848 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.06% of SolarEdge Technologies worth $3,347,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of SEDG. CWM LLC lifted its position in SolarEdge Technologies by 94.0% in the third quarter. CWM LLC now owns 648 shares of the semiconductor company’s stock worth $84,000 after purchasing an additional 314 shares during the period. Kentucky Retirement Systems bought a new position in SolarEdge Technologies in the third quarter worth $638,000. Kentucky Retirement Systems Insurance Trust Fund bought a new position in SolarEdge Technologies in the third quarter worth $285,000. SG Americas Securities LLC lifted its position in SolarEdge Technologies by 40.2% in the third quarter. SG Americas Securities LLC now owns 14,446 shares of the semiconductor company’s stock worth $1,871,000 after purchasing an additional 4,143 shares during the period. Finally, Everence Capital Management Inc. lifted its position in SolarEdge Technologies by 159.4% in the third quarter. Everence Capital Management Inc. now owns 4,540 shares of the semiconductor company’s stock worth $588,000 after purchasing an additional 2,790 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Price Performance

SolarEdge Technologies stock opened at $54.51 on Tuesday. The firm has a market capitalization of $3.11 billion, a P/E ratio of 121.13 and a beta of 1.51. SolarEdge Technologies, Inc. has a 1 year low of $53.59 and a 1 year high of $321.33. The business has a 50-day moving average of $68.82 and a 200-day moving average of $78.74. The company has a current ratio of 3.70, a quick ratio of 2.08 and a debt-to-equity ratio of 0.28.

SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share (EPS) for the quarter, topping the consensus estimate of ($2.01) by $0.60. The company had revenue of $316.04 million during the quarter, compared to analyst estimates of $319.97 million. SolarEdge Technologies had a return on equity of 5.00% and a net margin of 1.15%. On average, equities analysts anticipate that SolarEdge Technologies, Inc. will post -4.11 EPS for the current year.

Insider Transactions at SolarEdge Technologies

In related news, Director More Avery bought 7,000 shares of the firm’s stock in a transaction dated Thursday, February 29th. The stock was bought at an average cost of $67.75 per share, for a total transaction of $474,250.00. Following the transaction, the director now owns 77,446 shares of the company’s stock, valued at $5,246,966.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.17% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SEDG. DZ Bank began coverage on SolarEdge Technologies in a report on Wednesday, April 17th. They set a “hold” rating and a $62.00 price objective for the company. Piper Sandler cut their price objective on SolarEdge Technologies from $105.00 to $77.00 and set a “neutral” rating for the company in a report on Wednesday, February 21st. Susquehanna cut their price objective on SolarEdge Technologies from $97.00 to $92.00 and set a “positive” rating for the company in a report on Friday, April 5th. Barclays lifted their price objective on SolarEdge Technologies from $50.00 to $61.00 and gave the company an “underweight” rating in a report on Tuesday, April 16th. Finally, Canaccord Genuity Group began coverage on SolarEdge Technologies in a report on Tuesday, January 16th. They set a “hold” rating and a $80.00 price objective for the company. Four research analysts have rated the stock with a sell rating, twenty-one have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, SolarEdge Technologies has an average rating of “Hold” and an average price target of $98.38.

About SolarEdge Technologies

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.