Jennison Associates LLC Cuts Holdings in Enphase Energy, Inc. (NASDAQ:ENPH)

Jennison Associates LLC lowered its position in Enphase Energy, Inc. (NASDAQ:ENPH) by 15.8% in the fourth quarter, HoldingsChannel reports. The fund owned 30,480 shares of the semiconductor company’s stock after selling 5,737 shares during the quarter. Jennison Associates LLC’s holdings in Enphase Energy were worth $4,028,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. CVA Family Office LLC acquired a new position in shares of Enphase Energy during the 4th quarter worth about $31,000. Parkside Financial Bank & Trust raised its holdings in shares of Enphase Energy by 131.3% during the third quarter. Parkside Financial Bank & Trust now owns 310 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 176 shares during the last quarter. Covestor Ltd lifted its position in shares of Enphase Energy by 61.6% in the third quarter. Covestor Ltd now owns 349 shares of the semiconductor company’s stock valued at $42,000 after acquiring an additional 133 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Enphase Energy by 194.6% in the fourth quarter. Blue Trust Inc. now owns 330 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 218 shares during the last quarter. Finally, Twin Lakes Capital Management LLC purchased a new stake in shares of Enphase Energy during the third quarter worth approximately $48,000. 72.12% of the stock is owned by hedge funds and other institutional investors.

Enphase Energy Stock Up 3.8 %

Enphase Energy stock opened at $111.93 on Friday. Enphase Energy, Inc. has a fifty-two week low of $73.49 and a fifty-two week high of $192.22. The company has a market capitalization of $15.23 billion, a P/E ratio of 58.30, a PEG ratio of 3.16 and a beta of 1.47. The stock has a 50-day simple moving average of $118.22 and a 200-day simple moving average of $111.90. The company has a debt-to-equity ratio of 1.30, a quick ratio of 4.19 and a current ratio of 4.16.

Enphase Energy (NASDAQ:ENPH) last announced its earnings results on Tuesday, February 6th. The semiconductor company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.05. The company had revenue of $302.57 million for the quarter, compared to the consensus estimate of $327.06 million. Enphase Energy had a return on equity of 31.89% and a net margin of 15.10%. Equities research analysts expect that Enphase Energy, Inc. will post 1.95 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ENPH. Piper Sandler reiterated a “neutral” rating and issued a $111.00 target price (down from $113.00) on shares of Enphase Energy in a research report on Wednesday. Oppenheimer increased their price objective on shares of Enphase Energy from $133.00 to $134.00 and gave the company an “outperform” rating in a report on Wednesday. B. Riley boosted their target price on Enphase Energy from $121.00 to $149.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. JPMorgan Chase & Co. cut their price target on Enphase Energy from $141.00 to $128.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Wells Fargo & Company lowered their price objective on Enphase Energy from $141.00 to $130.00 and set an “overweight” rating on the stock in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, Enphase Energy presently has an average rating of “Hold” and an average price target of $137.41.

Insiders Place Their Bets

In other Enphase Energy news, Director Richard Mora sold 24,285 shares of the stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $120.59, for a total value of $2,928,528.15. Following the completion of the transaction, the director now directly owns 3,126 shares of the company’s stock, valued at $376,964.34. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Badrinarayanan Kothandaraman bought 4,000 shares of Enphase Energy stock in a transaction that occurred on Tuesday, February 27th. The shares were purchased at an average price of $120.54 per share, for a total transaction of $482,160.00. Following the completion of the acquisition, the chief executive officer now owns 1,655,171 shares of the company’s stock, valued at $199,514,312.34. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard Mora sold 24,285 shares of Enphase Energy stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $120.59, for a total transaction of $2,928,528.15. Following the transaction, the director now directly owns 3,126 shares in the company, valued at $376,964.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,285 shares of company stock worth $6,148,228. Corporate insiders own 3.40% of the company’s stock.

Enphase Energy 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.