SolarEdge Technologies (NASDAQ:SEDG) Given New $21.00 Price Target at The Goldman Sachs Group

SolarEdge Technologies (NASDAQ:SEDG) had its price objective lifted by research analysts at The Goldman Sachs Group from $19.00 to $21.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 40.09% from the stock’s previous close.

Several other research analysts also recently commented on the stock. StockNews.com raised shares of SolarEdge Technologies to a “sell” rating in a report on Friday, November 8th. Morgan Stanley restated an “underweight” rating and set a $9.00 price target (down previously from $23.00) on shares of SolarEdge Technologies in a report on Friday, November 15th. Bank of America cut SolarEdge Technologies from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $21.00 to $14.00 in a report on Thursday, November 7th. Citigroup cut their target price on shares of SolarEdge Technologies from $31.00 to $19.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Finally, Roth Mkm decreased their price target on shares of SolarEdge Technologies from $20.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, November 7th. Eight investment analysts have rated the stock with a sell rating, eighteen have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $21.16.

SolarEdge Technologies Stock Performance

NASDAQ:SEDG opened at $14.99 on Tuesday. The stock has a 50-day moving average price of $14.09 and a 200 day moving average price of $19.92. The stock has a market capitalization of $868.67 million, a P/E ratio of -0.52 and a beta of 1.56. SolarEdge Technologies has a 12-month low of $10.24 and a 12-month high of $87.98. The company has a current ratio of 2.34, a quick ratio of 1.46 and a debt-to-equity ratio of 0.39.

SolarEdge Technologies (NASDAQ:SEDG) last released its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative net margin of 158.19% and a negative return on equity of 65.79%. The company had revenue of $260.90 million for the quarter, compared to the consensus estimate of $272.80 million. During the same quarter in the previous year, the business earned ($1.03) EPS. The company’s quarterly revenue was down 64.0% on a year-over-year basis. Equities research analysts forecast that SolarEdge Technologies will post -19.18 EPS for the current fiscal year.

Insider Transactions at SolarEdge Technologies

In related news, Chairman More Avery purchased 156,000 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was purchased at an average price of $13.65 per share, with a total value of $2,129,400.00. Following the completion of the purchase, the chairman now owns 244,478 shares of the company’s stock, valued at approximately $3,337,124.70. The trade was a 176.32 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.67% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. AMG National Trust Bank purchased a new stake in shares of SolarEdge Technologies in the 3rd quarter worth $4,055,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of SolarEdge Technologies by 683.1% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 252,553 shares of the semiconductor company’s stock valued at $5,786,000 after acquiring an additional 220,304 shares in the last quarter. Mizuho Markets Americas LLC lifted its stake in SolarEdge Technologies by 653.4% in the third quarter. Mizuho Markets Americas LLC now owns 188,340 shares of the semiconductor company’s stock worth $4,315,000 after acquiring an additional 163,340 shares during the period. Meitav Investment House Ltd. grew its holdings in SolarEdge Technologies by 9.6% during the 3rd quarter. Meitav Investment House Ltd. now owns 582,109 shares of the semiconductor company’s stock worth $13,340,000 after acquiring an additional 51,065 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale purchased a new position in SolarEdge Technologies during the 3rd quarter valued at about $1,495,000. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

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.