Needham & Company LLC Cuts SolarEdge Technologies Inc. (SEDG) Price Target to $25.00
SolarEdge Technologies Inc. (NASDAQ:SEDG) had its price target reduced by Needham & Company LLC from $28.00 to $25.00 in a research note published on Wednesday. Needham & Company LLC currently has a buy rating on the stock.
Several other equities analysts also recently commented on the company. JMP Securities assumed coverage on SolarEdge Technologies in a research report on Thursday, September 8th. They issued an outperform rating and a $23.00 price objective on the stock. Barclays PLC downgraded SolarEdge Technologies from an overweight rating to a neutral rating in a research report on Thursday, August 25th. Canaccord Genuity reaffirmed a buy rating and issued a $27.00 price objective on shares of SolarEdge Technologies in a research report on Tuesday, August 16th. Deutsche Bank AG cut their price objective on SolarEdge Technologies from $27.00 to $22.00 and set a buy rating on the stock in a research report on Wednesday, August 10th. Finally, FBR & Co cut their price objective on SolarEdge Technologies from $38.00 to $32.00 and set an outperform rating on the stock in a research report on Wednesday, August 10th. One analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $26.27.
Shares of SolarEdge Technologies (NASDAQ:SEDG) opened at 14.59 on Wednesday. The company has a 50-day moving average price of $17.53 and a 200 day moving average price of $21.48. The company has a market capitalization of $596.70 million, a P/E ratio of 8.43 and a beta of -0.44. SolarEdge Technologies has a 12-month low of $14.41 and a 12-month high of $30.50.
SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Tuesday, August 9th. The company reported $0.44 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.03. The company had revenue of $124.80 million for the quarter, compared to the consensus estimate of $129.63 million. SolarEdge Technologies had a return on equity of 31.51% and a net margin of 15.64%. SolarEdge Technologies’s quarterly revenue was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.31 EPS. On average, equities analysts anticipate that SolarEdge Technologies will post $1.89 earnings per share for the current fiscal year.
Several large investors have recently modified their holdings of the company. Point72 Asset Management L.P. bought a new stake in shares of SolarEdge Technologies during the second quarter worth $26,421,000. Thornburg Investment Management Inc. bought a new stake in shares of SolarEdge Technologies during the second quarter worth $11,560,000. 1832 Asset Management L.P. bought a new stake in shares of SolarEdge Technologies during the first quarter worth $23,183,000. Lord Abbett & CO. LLC boosted its stake in shares of SolarEdge Technologies by 215.6% in the second quarter. Lord Abbett & CO. LLC now owns 771,873 shares of the company’s stock worth $15,129,000 after buying an additional 527,289 shares during the period. Finally, Sylebra HK Co Ltd boosted its stake in shares of SolarEdge Technologies by 41.2% in the second quarter. Sylebra HK Co Ltd now owns 1,208,429 shares of the company’s stock worth $23,685,000 after buying an additional 352,561 shares during the period. Hedge funds and other institutional investors own 60.46% of the company’s stock.
About SolarEdge Technologies
Solaredge Technologies Inc (SolarEdge) is a provider of solar power harvesting and photovoltaic (PV) monitoring solutions. The Company’s portfolio of products includes power optimizers, PV inverters and a Web portal for module-level monitoring and fault detection. Its SolarEdge power optimizer is a DC/DC converter which is connected by installers to each PV module or embedded by module manufacturers, replacing the solar junction box.
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