Handelsbanken Fonder AB Cuts Stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Handelsbanken Fonder AB lessened its stake in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 93.4% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 11,158 shares of the semiconductor company’s stock after selling 158,225 shares during the quarter. Handelsbanken Fonder AB’s holdings in SolarEdge Technologies were worth $1,044,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of SolarEdge Technologies by 3.8% during the 3rd quarter. Vanguard Group Inc. now owns 2,529,274 shares of the semiconductor company’s stock worth $327,566,000 after purchasing an additional 92,230 shares during the last quarter. Baillie Gifford & Co. increased its position in SolarEdge Technologies by 89.3% in the third quarter. Baillie Gifford & Co. now owns 1,770,501 shares of the semiconductor company’s stock worth $229,298,000 after buying an additional 835,290 shares during the last quarter. Grantham Mayo Van Otterloo & Co. LLC raised its stake in shares of SolarEdge Technologies by 108.5% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,495,069 shares of the semiconductor company’s stock valued at $193,626,000 after buying an additional 778,034 shares during the period. Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of SolarEdge Technologies by 10.0% during the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 984,901 shares of the semiconductor company’s stock valued at $92,210,000 after buying an additional 89,279 shares during the last quarter. Finally, Impax Asset Management Group plc grew its stake in shares of SolarEdge Technologies by 1.6% during the 4th quarter. Impax Asset Management Group plc now owns 954,264 shares of the semiconductor company’s stock worth $88,890,000 after acquiring an additional 14,878 shares during the period. Institutional investors own 95.10% of the company’s stock.

Insider Activity

In other SolarEdge Technologies news, Director More Avery bought 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The shares were bought at an average price of $67.75 per share, for a total transaction of $474,250.00. Following the transaction, the director now directly owns 77,446 shares in the company, valued at $5,246,966.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.17% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SEDG shares. Truist Financial lowered their price target on shares of SolarEdge Technologies from $80.00 to $75.00 and set a “hold” rating on the stock in a research report on Thursday, February 22nd. BMO Capital Markets dropped their target price on SolarEdge Technologies from $85.00 to $80.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 21st. Mizuho reduced their price target on SolarEdge Technologies from $106.00 to $104.00 and set a “buy” rating for the company in a research report on Friday, April 19th. Canaccord Genuity Group reissued a “hold” rating and set a $75.00 price objective on shares of SolarEdge Technologies in a report on Wednesday, February 21st. Finally, Royal Bank of Canada reduced their target price on SolarEdge Technologies from $85.00 to $77.00 and set a “sector perform” rating for the company in a report on Wednesday, February 21st. Four equities research analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $98.38.

SolarEdge Technologies Price Performance

Shares of SolarEdge Technologies stock opened at $58.20 on Monday. The firm has a market capitalization of $3.32 billion, a PE ratio of 129.33 and a beta of 1.51. 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, Inc. has a 12 month low of $53.59 and a 12 month high of $315.34. The business’s 50-day moving average price is $66.79 and its 200-day moving average price is $76.89.

SolarEdge Technologies (NASDAQ:SEDG) last issued 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 business 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%. Sell-side analysts forecast that SolarEdge Technologies, Inc. will post -4.62 EPS for the current fiscal year.

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.