Sumitomo Life Insurance Co. Has $560,000 Stake in Enphase Energy, Inc. (NASDAQ:ENPH)

Sumitomo Life Insurance Co. decreased its position in shares of Enphase Energy, Inc. (NASDAQ:ENPH) by 40.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,238 shares of the semiconductor company’s stock after selling 2,895 shares during the period. Sumitomo Life Insurance Co.’s holdings in Enphase Energy were worth $560,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Legato Capital Management LLC acquired a new position in Enphase Energy during the 4th quarter worth $1,542,000. Assenagon Asset Management S.A. increased its holdings in shares of Enphase Energy by 348.6% during the 4th quarter. Assenagon Asset Management S.A. now owns 223,436 shares of the semiconductor company’s stock worth $29,525,000 after purchasing an additional 173,628 shares during the period. AustralianSuper Pty Ltd bought a new position in shares of Enphase Energy during the 4th quarter worth about $566,000. Glenmede Trust Co. NA increased its holdings in shares of Enphase Energy by 92.7% during the 3rd quarter. Glenmede Trust Co. NA now owns 3,162 shares of the semiconductor company’s stock worth $380,000 after purchasing an additional 1,521 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in shares of Enphase Energy by 8.2% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 141,596 shares of the semiconductor company’s stock worth $17,013,000 after purchasing an additional 10,729 shares during the period. Institutional investors and hedge funds own 72.12% of the company’s stock.

Enphase Energy Stock Down 3.9 %

Shares of ENPH stock opened at $112.47 on Tuesday. The company has a market capitalization of $15.29 billion, a price-to-earnings ratio of 36.76, a P/E/G ratio of 3.24 and a beta of 1.47. Enphase Energy, Inc. has a 12-month low of $73.49 and a 12-month high of $231.42. The firm has a fifty day moving average of $120.24 and a 200-day moving average of $112.26. The company has a quick ratio of 4.19, a current ratio of 4.59 and a debt-to-equity ratio of 1.32.

Enphase Energy (NASDAQ:ENPH) last released its earnings results on Tuesday, February 6th. The semiconductor company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.24 by $0.05. Enphase Energy had a net margin of 19.16% and a return on equity of 47.73%. The firm had revenue of $302.57 million for the quarter, compared to analyst estimates of $327.06 million. As a group, equities research analysts predict that Enphase Energy, Inc. will post 2.09 earnings per share for the current fiscal year.

Insider Activity at Enphase Energy

In related news, CEO Badrinarayanan Kothandaraman purchased 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The shares were bought at an average cost of $120.54 per share, with a total value of $482,160.00. Following the acquisition, the chief executive officer now owns 1,655,171 shares of the company’s stock, valued at approximately $199,514,312.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Badrinarayanan Kothandaraman acquired 4,000 shares of Enphase Energy stock in a transaction dated Tuesday, February 27th. The shares were bought at an average cost of $120.54 per share, with a total value of $482,160.00. Following the purchase, the chief executive officer now owns 1,655,171 shares in the company, valued at approximately $199,514,312.34. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP David A. Ranhoff sold 5,000 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $108.89, for a total transaction of $544,450.00. Following the completion of the sale, the executive vice president now directly owns 124,948 shares in the company, valued at $13,605,587.72. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

ENPH has been the topic of several research reports. Roth Mkm dropped their price objective on shares of Enphase Energy from $150.00 to $140.00 and set a “buy” rating on the stock in a report on Thursday, February 1st. Morgan Stanley boosted their price objective on shares of Enphase Energy from $97.00 to $106.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. Truist Financial upgraded shares of Enphase Energy from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $85.00 to $145.00 in a report on Tuesday, January 23rd. Piper Sandler dropped their price objective on shares of Enphase Energy from $120.00 to $117.00 and set a “neutral” rating on the stock in a report on Friday, January 12th. Finally, Wells Fargo & Company raised shares of Enphase Energy from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $98.00 to $141.00 in a research note on Monday, January 8th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $151.03.

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.