Axa S.A. increased its position in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 8.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,300 shares of the semiconductor company’s stock after purchasing an additional 2,000 shares during the quarter. Axa S.A. owned approximately 0.05% of SolarEdge Technologies worth $7,269,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of the stock. Northwestern Mutual Investment Management Company LLC lifted its position in SolarEdge Technologies by 0.6% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 8,656 shares of the semiconductor company’s stock worth $2,392,000 after purchasing an additional 51 shares during the period. Vident Investment Advisory LLC lifted its position in SolarEdge Technologies by 31.1% in the second quarter. Vident Investment Advisory LLC now owns 1,903 shares of the semiconductor company’s stock worth $525,000 after purchasing an additional 451 shares during the period. ProShare Advisors LLC lifted its position in SolarEdge Technologies by 11.0% in the second quarter. ProShare Advisors LLC now owns 12,499 shares of the semiconductor company’s stock worth $3,454,000 after purchasing an additional 1,235 shares during the period. Evermay Wealth Management LLC bought a new position in SolarEdge Technologies in the second quarter worth $181,000. Finally, Karp Capital Management Corp lifted its position in SolarEdge Technologies by 128.0% in the second quarter. Karp Capital Management Corp now owns 2,223 shares of the semiconductor company’s stock worth $614,000 after purchasing an additional 1,248 shares during the period. 73.10% of the stock is owned by hedge funds and other institutional investors.
SEDG has been the subject of a number of analyst reports. Morgan Stanley lifted their price objective on SolarEdge Technologies from $310.00 to $318.00 and gave the company an “overweight” rating in a report on Thursday, August 19th. Citigroup raised SolarEdge Technologies from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $300.00 to $360.00 in a report on Tuesday, August 3rd. started coverage on SolarEdge Technologies in a report on Friday, June 25th. They set a “neutral” rating and a $300.00 price objective for the company. Bank of America lifted their price target on SolarEdge Technologies from $276.00 to $279.00 and gave the company a “buy” rating in a report on Monday, July 19th. They noted that the move was a valuation call. Finally, Canaccord Genuity lifted their price target on SolarEdge Technologies from $260.00 to $280.00 and gave the company a “hold” rating in a report on Wednesday, August 4th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $323.58.
SolarEdge Technologies (NASDAQ:SEDG) last posted its earnings results on Sunday, August 1st. The semiconductor company reported $1.28 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.79 by $0.49. The company had revenue of $480.10 million during the quarter, compared to analyst estimates of $455.66 million. SolarEdge Technologies had a return on equity of 12.63% and a net margin of 8.63%. The company’s revenue for the quarter was up 44.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.97 EPS. Research analysts anticipate that SolarEdge Technologies, Inc. will post 3.42 EPS for the current fiscal year.
In other news, VP Meir Adest sold 2,662 shares of SolarEdge Technologies stock in a transaction dated Tuesday, August 31st. The stock was sold at an average price of $290.69, for a total transaction of $773,816.78. Following the transaction, the vice president now owns 27,560 shares in the company, valued at approximately $8,011,416.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Marcel Gani sold 1,000 shares of SolarEdge Technologies stock in a transaction dated Wednesday, September 1st. The shares were sold at an average price of $291.78, for a total value of $291,780.00. The disclosure for this sale can be found here. Insiders have sold a total of 21,000 shares of company stock valued at $5,735,446 over the last 90 days. Corporate insiders own 1.60% of the company’s stock.
SolarEdge Technologies Profile
SolarEdge Technologies, Inc engages in the development of energy technology, which provides inverter solutions. The firm operates through the following segments: Solar and All Other. The Solar segment includes the design, development, manufacturing, and sales of an inverter solution designed to maximize power generation.
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