California Public Employees Retirement System Sells 3,802 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

California Public Employees Retirement System lessened its holdings in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 4.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 77,796 shares of the semiconductor company’s stock after selling 3,802 shares during the quarter. California Public Employees Retirement System owned about 0.14% of SolarEdge Technologies worth $7,282,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Baillie Gifford & Co. boosted its stake in SolarEdge Technologies by 89.3% in the 3rd quarter. Baillie Gifford & Co. now owns 1,770,501 shares of the semiconductor company’s stock worth $229,298,000 after purchasing an additional 835,290 shares during the period. Grantham Mayo Van Otterloo & Co. LLC grew its stake in SolarEdge Technologies by 108.5% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 1,495,069 shares of the semiconductor company’s stock valued at $193,626,000 after acquiring an additional 778,034 shares in the last quarter. Impax Asset Management Group plc increased its holdings in SolarEdge Technologies by 46.3% during the 3rd quarter. Impax Asset Management Group plc now owns 939,386 shares of the semiconductor company’s stock worth $121,067,000 after acquiring an additional 297,089 shares during the period. PGGM Investments grew its position in shares of SolarEdge Technologies by 348.0% during the 3rd quarter. PGGM Investments now owns 294,761 shares of the semiconductor company’s stock valued at $38,174,000 after purchasing an additional 228,970 shares in the last quarter. Finally, Clearbridge Investments LLC increased its holdings in shares of SolarEdge Technologies by 37.3% in the third quarter. Clearbridge Investments LLC now owns 561,160 shares of the semiconductor company’s stock worth $72,676,000 after purchasing an additional 152,420 shares during the period. Hedge funds and other institutional investors own 95.10% of the company’s stock.

Insider Activity

In other SolarEdge Technologies news, Director More Avery purchased 7,000 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was bought at an average price of $67.75 per share, with a total value of $474,250.00. Following the completion of the purchase, the director now directly owns 77,446 shares of the company’s stock, valued at approximately $5,246,966.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.17% of the company’s stock.

SolarEdge Technologies Price Performance

SEDG stock opened at $60.45 on Friday. The stock has a market capitalization of $3.46 billion, a price-to-earnings ratio of 134.33 and a beta of 1.53. The firm’s 50-day moving average price is $65.24 and its two-hundred day moving average price is $75.79. The company has a current ratio of 3.70, a quick ratio of 2.08 and a debt-to-equity ratio of 0.28. SolarEdge Technologies, Inc. has a 12-month low of $53.59 and a 12-month high of $315.34.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.01) by $0.60. The company had revenue of $316.04 million for the quarter, compared to the consensus estimate of $319.97 million. SolarEdge Technologies had a return on equity of 5.00% and a net margin of 1.15%. As a group, equities analysts predict that SolarEdge Technologies, Inc. will post -4.62 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Wells Fargo & Company reduced their target price on SolarEdge Technologies from $91.00 to $81.00 and set an “equal weight” rating for the company in a research report on Thursday, February 22nd. Canaccord Genuity Group began coverage on shares of SolarEdge Technologies in a research report on Tuesday, January 16th. They issued a “hold” rating and a $80.00 price objective on the stock. TD Cowen dropped their target price on shares of SolarEdge Technologies from $120.00 to $100.00 and set an “outperform” rating for the company in a research report on Wednesday, February 21st. Truist Financial decreased their price target on shares of SolarEdge Technologies from $80.00 to $75.00 and set a “hold” rating on the stock in a report on Thursday, February 22nd. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and set a $75.00 price objective on shares of SolarEdge Technologies in a report on Wednesday, February 21st. Four analysts have rated the stock with a sell rating, twenty-one have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $98.38.

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.