Wells Fargo & Company Trims SolarEdge Technologies (NASDAQ:SEDG) Target Price to $29.00

SolarEdge Technologies (NASDAQ:SEDG) had its target price cut by Wells Fargo & Company from $62.00 to $29.00 in a report released on Tuesday, Benzinga reports. They currently have an equal weight rating on the semiconductor company’s stock.

SEDG has been the subject of a number of other reports. Roth Mkm reduced their target price on shares of SolarEdge Technologies from $76.00 to $60.00 and set a neutral rating for the company in a research note on Tuesday, May 7th. Morgan Stanley reduced their target price on shares of SolarEdge Technologies from $83.00 to $41.00 and set an equal weight rating for the company in a research note on Wednesday, June 26th. Bank of America reduced their target price on shares of SolarEdge Technologies from $54.00 to $44.00 and set an underperform rating for the company in a research note on Friday, May 10th. Northland Securities cut shares of SolarEdge Technologies from an outperform rating to a market perform rating in a research note on Thursday, May 9th. Finally, Scotiabank reduced their target price on shares of SolarEdge Technologies from $72.00 to $46.00 and set a sector perform rating for the company in a research note on Tuesday, June 25th. Four analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus price target of $75.08.

SolarEdge Technologies Stock Performance

Shares of SEDG opened at $25.32 on Tuesday. The company’s 50 day moving average price is $45.06 and its 200 day moving average price is $63.53. SolarEdge Technologies has a 52 week low of $23.51 and a 52 week high of $288.87. The company has a market capitalization of $1.45 billion, a PE ratio of -5.45 and a beta of 1.52. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.19 and a current ratio of 4.54.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, May 8th. The semiconductor company reported ($2.42) EPS for the quarter, missing analysts’ consensus estimates of ($2.07) by ($0.35). SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. The company had revenue of $204.40 million for the quarter, compared to analysts’ expectations of $194.82 million. Research analysts expect that SolarEdge Technologies will post -6.52 EPS for the current fiscal year.

Institutional Investors Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently bought and sold shares of SEDG. Swedbank AB bought a new stake in SolarEdge Technologies in the 1st quarter valued at $261,312,000. Invenomic Capital Management LP bought a new stake in SolarEdge Technologies in the 4th quarter valued at $42,644,000. Norges Bank bought a new stake in SolarEdge Technologies in the 4th quarter valued at $39,547,000. Franklin Resources Inc. increased its holdings in SolarEdge Technologies by 112.0% in the 4th quarter. Franklin Resources Inc. now owns 555,796 shares of the semiconductor company’s stock valued at $52,023,000 after buying an additional 293,588 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in SolarEdge Technologies by 371.3% in the 4th quarter. Principal Financial Group Inc. now owns 288,935 shares of the semiconductor company’s stock valued at $27,044,000 after buying an additional 227,634 shares during the period. Institutional investors own 95.10% of the company’s stock.

SolarEdge Technologies Company Profile

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.