Retirement Systems of Alabama Decreases Stake in Enphase Energy, Inc. (NASDAQ:ENPH)

Retirement Systems of Alabama lowered its position in shares of Enphase Energy, Inc. (NASDAQ:ENPH) by 2.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 28,466 shares of the semiconductor company’s stock after selling 786 shares during the quarter. Retirement Systems of Alabama’s holdings in Enphase Energy were worth $1,766,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of ENPH. CX Institutional purchased a new position in Enphase Energy in the 1st quarter worth approximately $29,000. Pilgrim Partners Asia Pte Ltd acquired a new stake in Enphase Energy in the fourth quarter worth $47,000. GeoWealth Management LLC increased its position in Enphase Energy by 56.3% in the fourth quarter. GeoWealth Management LLC now owns 891 shares of the semiconductor company’s stock worth $61,000 after buying an additional 321 shares during the period. Sava Infond d.o.o. acquired a new stake in Enphase Energy in the fourth quarter worth $69,000. Finally, Murphy & Mullick Capital Management Corp bought a new position in shares of Enphase Energy in the fourth quarter worth $96,000. Hedge funds and other institutional investors own 72.12% of the company’s stock.

Enphase Energy Stock Up 12.8%

Shares of Enphase Energy stock opened at $43.00 on Friday. The stock has a 50-day moving average price of $43.96 and a 200 day moving average price of $56.75. The company has a market cap of $5.64 billion, a P/E ratio of 39.81 and a beta of 1.69. The company has a current ratio of 1.90, a quick ratio of 1.77 and a debt-to-equity ratio of 0.70. Enphase Energy, Inc. has a 1 year low of $33.01 and a 1 year high of $130.08.

Insider Transactions at Enphase Energy

In related news, CEO Badrinarayanan Kothandaraman acquired 4,000 shares of the business’s stock in a transaction that occurred on Friday, April 25th. The shares were acquired at an average cost of $46.35 per share, with a total value of $185,400.00. Following the purchase, the chief executive officer now owns 1,598,696 shares of the company’s stock, valued at approximately $74,099,559.60. The trade was a 0.25% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ENPH. Truist Financial lowered their price target on Enphase Energy from $65.00 to $49.00 and set a “hold” rating on the stock in a report on Thursday, April 24th. Mizuho set a $53.00 target price on Enphase Energy and gave the company an “outperform” rating in a research note on Monday, June 2nd. Jefferies Financial Group decreased their target price on Enphase Energy from $44.00 to $37.00 and set an “underperform” rating for the company in a research note on Wednesday, April 23rd. Citigroup decreased their target price on Enphase Energy from $47.00 to $43.00 and set a “sell” rating for the company in a research note on Thursday, June 5th. Finally, BMO Capital Markets reaffirmed an “underperform” rating and set a $39.00 target price (down previously from $46.00) on shares of Enphase Energy in a research note on Tuesday, May 13th. Twelve investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $65.44.

Enphase Energy Company Profile

Enphase Energy, Inc, together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control.