Enphase Energy (NASDAQ:ENPH) Price Target Cut to $75.00 by Analysts at Wells Fargo & Company

Enphase Energy (NASDAQ:ENPH) had its price target reduced by equities researchers at Wells Fargo & Company from $77.00 to $75.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 24.69% from the stock’s current price.

Several other research analysts also recently issued reports on ENPH. TD Cowen cut their price target on Enphase Energy from $120.00 to $100.00 and set a “buy” rating for the company in a research note on Monday, January 27th. Piper Sandler cut their target price on shares of Enphase Energy from $70.00 to $65.00 and set a “neutral” rating for the company in a research report on Wednesday, February 5th. Redburn Atlantic initiated coverage on shares of Enphase Energy in a research report on Monday, March 3rd. They issued a “neutral” rating on the stock. Truist Financial restated a “hold” rating and set a $65.00 price objective (down from $100.00) on shares of Enphase Energy in a research report on Thursday, January 16th. Finally, Glj Research reiterated a “sell” rating and set a $50.69 price objective on shares of Enphase Energy in a research report on Tuesday, February 4th. Four equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $90.36.

Enphase Energy Trading Down 4.2 %

Shares of ENPH opened at $60.15 on Thursday. Enphase Energy has a twelve month low of $51.63 and a twelve month high of $141.63. The company has a current ratio of 3.53, a quick ratio of 3.28 and a debt-to-equity ratio of 1.44. The firm has a market capitalization of $7.97 billion, a P/E ratio of 81.28 and a beta of 2.12. The firm’s 50-day moving average is $62.34 and its two-hundred day moving average is $76.27.

Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.14. Enphase Energy had a return on equity of 15.62% and a net margin of 7.72%. On average, research analysts predict that Enphase Energy will post 2.08 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Thurman J. Rodgers sold 100,000 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $61.26, for a total transaction of $6,126,000.00. Following the completion of the sale, the director now directly owns 1,881,760 shares of the company’s stock, valued at $115,276,617.60. This represents a 5.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Mandy Yang sold 1,319 shares of Enphase Energy stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $63.32, for a total value of $83,519.08. Following the completion of the transaction, the chief financial officer now directly owns 78,524 shares in the company, valued at $4,972,139.68. This represents a 1.65 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.40% of the company’s stock.

Hedge Funds Weigh In On Enphase Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in shares of Enphase Energy in the third quarter valued at $37,000. Brooklyn Investment Group purchased a new position in Enphase Energy during the 3rd quarter valued at about $55,000. Venturi Wealth Management LLC increased its holdings in shares of Enphase Energy by 318.1% in the 4th quarter. Venturi Wealth Management LLC now owns 669 shares of the semiconductor company’s stock valued at $46,000 after purchasing an additional 509 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Enphase Energy in the fourth quarter worth approximately $47,000. Finally, GeoWealth Management LLC boosted its holdings in shares of Enphase Energy by 56.3% during the fourth quarter. GeoWealth Management LLC now owns 891 shares of the semiconductor company’s stock worth $61,000 after purchasing an additional 321 shares during the period. 72.12% of the stock is currently owned by hedge funds and other institutional investors.

Enphase Energy Company Profile

Enphase Energy, Inc, together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control.