Wells Fargo & Company Forecasts Strong Price Appreciation for Enphase Energy (NASDAQ:ENPH) Stock

Enphase Energy (NASDAQ:ENPH) had its target price raised by investment analysts at Wells Fargo & Company from $42.00 to $45.00 in a report issued on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 27.08% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $37.00 price target (down previously from $64.00) on shares of Enphase Energy in a report on Tuesday, July 15th. Oppenheimer decreased their price target on Enphase Energy from $86.00 to $77.00 and set an “outperform” rating for the company in a report on Wednesday. Guggenheim reiterated a “sell” rating and set a $33.00 price target on shares of Enphase Energy in a report on Wednesday, April 23rd. Barclays upped their price target on Enphase Energy from $28.00 to $29.00 and gave the stock an “underweight” rating in a report on Thursday. Finally, Glj Research decreased their price target on Enphase Energy from $31.11 to $19.80 and set a “sell” rating for the company in a report on Tuesday. Thirteen analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, Enphase Energy has an average rating of “Hold” and an average target price of $55.86.

Enphase Energy Price Performance

Shares of NASDAQ:ENPH opened at $35.41 on Thursday. The company has a quick ratio of 1.77, a current ratio of 1.97 and a debt-to-equity ratio of 0.65. Enphase Energy has a twelve month low of $33.01 and a twelve month high of $130.08. The stock’s 50 day moving average is $40.95 and its 200-day moving average is $52.20. The firm has a market capitalization of $4.63 billion, a price-to-earnings ratio of 27.66 and a beta of 1.67.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings results on Tuesday, July 22nd. The semiconductor company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.07. Enphase Energy had a return on equity of 24.55% and a net margin of 11.78%. The business had revenue of $363.15 million during the quarter, compared to the consensus estimate of $359.14 million. During the same quarter in the prior year, the company posted $0.43 earnings per share. Enphase Energy’s revenue was up 19.7% compared to the same quarter last year. Sell-side analysts forecast that Enphase Energy will post 2.08 EPS for the current fiscal year.

Institutional Trading of Enphase Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Enphase Energy by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 16,536,218 shares of the semiconductor company’s stock worth $1,135,707,000 after purchasing an additional 44,782 shares in the last quarter. Baillie Gifford & Co. lifted its holdings in Enphase Energy by 32.0% during the 1st quarter. Baillie Gifford & Co. now owns 11,052,357 shares of the semiconductor company’s stock worth $685,799,000 after purchasing an additional 2,680,567 shares in the last quarter. Invesco Ltd. lifted its holdings in Enphase Energy by 15.5% during the 1st quarter. Invesco Ltd. now owns 5,264,521 shares of the semiconductor company’s stock worth $326,664,000 after purchasing an additional 706,656 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Enphase Energy by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 3,429,909 shares of the semiconductor company’s stock worth $234,994,000 after purchasing an additional 47,593 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in Enphase Energy by 40.9% during the 4th quarter. Northern Trust Corp now owns 1,668,807 shares of the semiconductor company’s stock worth $114,614,000 after purchasing an additional 484,497 shares in the last quarter. Hedge funds and other institutional investors own 72.12% of the company’s stock.

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.