SolarEdge Technologies, Inc. (NASDAQ:SEDG) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. decreased its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 76.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 203,198 shares of the semiconductor company’s stock after selling 670,915 shares during the period. Assenagon Asset Management S.A. owned approximately 0.35% of SolarEdge Technologies worth $3,288,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Millstone Evans Group LLC acquired a new stake in SolarEdge Technologies in the 4th quarter valued at about $27,000. Jones Financial Companies Lllp raised its holdings in SolarEdge Technologies by 401.2% in the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 1,954 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new stake in SolarEdge Technologies in the 4th quarter valued at about $133,000. Mercer Global Advisors Inc. ADV acquired a new stake in SolarEdge Technologies in the 4th quarter valued at about $145,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in SolarEdge Technologies in the 4th quarter valued at about $146,000. Institutional investors and hedge funds own 95.10% of the company’s stock.

Analysts Set New Price Targets

SEDG has been the subject of a number of recent research reports. Roth Mkm increased their price objective on shares of SolarEdge Technologies from $17.00 to $20.00 and gave the company a “neutral” rating in a report on Friday, February 21st. Royal Bank of Canada raised their price target on shares of SolarEdge Technologies from $14.00 to $15.00 and gave the stock a “sector perform” rating in a report on Thursday, February 20th. Northland Capmk upgraded shares of SolarEdge Technologies from a “strong sell” rating to a “hold” rating in a report on Friday, May 23rd. Glj Research upgraded shares of SolarEdge Technologies from a “strong sell” rating to a “hold” rating and set a $6.90 price target for the company in a report on Friday, May 30th. Finally, Morgan Stanley restated an “underweight” rating and set a $10.00 price target on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Ten research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $17.00.

SolarEdge Technologies Stock Performance

Shares of SEDG stock opened at $23.30 on Monday. The company has a quick ratio of 1.46, a current ratio of 1.95 and a debt-to-equity ratio of 0.56. SolarEdge Technologies, Inc. has a 52 week low of $10.24 and a 52 week high of $40.47. The stock has a market capitalization of $1.38 billion, a PE ratio of -0.75 and a beta of 1.59. The firm has a 50 day moving average of $16.09 and a two-hundred day moving average of $15.45.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, beating the consensus estimate of ($1.26) by $0.12. SolarEdge Technologies had a negative net margin of 192.13% and a negative return on equity of 95.05%. The company had revenue of $219.48 million during the quarter, compared to analysts’ expectations of $205.39 million. During the same quarter last year, the company posted ($1.90) EPS. The firm’s revenue was up 7.4% compared to the same quarter last year. On average, research analysts predict that SolarEdge Technologies, Inc. will post -4.54 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.