Enphase Energy (NASDAQ:ENPH) Price Target Raised to $120.00 at Piper Sandler

Enphase Energy (NASDAQ:ENPH) had its price target boosted by Piper Sandler from $111.00 to $120.00 in a research report sent to investors on Monday, Benzinga reports. They currently have a neutral rating on the semiconductor company’s stock.

A number of other equities research analysts have also issued reports on the stock. Citigroup lowered shares of Enphase Energy from a buy rating to a neutral rating and dropped their target price for the stock from $126.00 to $121.00 in a report on Friday, April 5th. Oppenheimer upped 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, April 24th. Susquehanna upped their price objective on shares of Enphase Energy from $140.00 to $147.00 and gave the company a positive rating in a report on Monday, July 15th. HSBC raised shares of Enphase Energy from a hold rating to a buy rating and set a $166.00 price objective for the company in a report on Monday, June 10th. Finally, JPMorgan Chase & Co. upped their target price on shares of Enphase Energy from $124.00 to $130.00 and gave the company an overweight rating in a research report on Tuesday, July 16th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, Enphase Energy has an average rating of Hold and an average price target of $129.77.

Enphase Energy Stock Performance

Shares of NASDAQ ENPH opened at $116.91 on Monday. The company has a current ratio of 4.16, a quick ratio of 3.78 and a debt-to-equity ratio of 1.30. Enphase Energy has a 12 month low of $73.49 and a 12 month high of $182.26. The company has a 50 day simple moving average of $115.20 and a two-hundred day simple moving average of $115.30. The stock has a market cap of $15.91 billion, a price-to-earnings ratio of 60.89, a PEG ratio of 4.84 and a beta of 1.71.

Enphase Energy (NASDAQ:ENPH) last posted its earnings results on Tuesday, July 23rd. The semiconductor company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.06). Enphase Energy had a net margin of 15.10% and a return on equity of 31.89%. The firm had revenue of $303.80 million during the quarter, compared to analyst estimates of $309.73 million. During the same quarter in the prior year, the firm earned $1.16 earnings per share. The business’s revenue for the quarter was down 57.3% on a year-over-year basis. As a group, analysts predict that Enphase Energy will post 1.31 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Mandy Yang bought 4,000 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were bought at an average cost of $104.24 per share, for a total transaction of $416,960.00. Following the completion of the transaction, the chief financial officer now owns 62,973 shares in the company, valued at $6,564,305.52. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP David A. Ranhoff sold 5,000 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $123.27, for a total transaction of $616,350.00. Following the transaction, the executive vice president now directly owns 107,943 shares in the company, valued at $13,306,133.61. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mandy Yang bought 4,000 shares of Enphase Energy stock in a transaction that occurred on Thursday, May 2nd. The shares were acquired at an average price of $104.24 per share, for a total transaction of $416,960.00. Following the completion of the transaction, the chief financial officer now directly owns 62,973 shares of the company’s stock, valued at approximately $6,564,305.52. The disclosure for this purchase can be found here. 3.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Enphase Energy

Several large investors have recently added to or reduced their stakes in ENPH. GAMMA Investing LLC acquired a new stake in Enphase Energy during the fourth quarter worth about $206,000. Assenagon Asset Management S.A. grew its stake in shares of Enphase Energy by 348.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 223,436 shares of the semiconductor company’s stock valued at $29,525,000 after buying an additional 173,628 shares in the last quarter. AustralianSuper Pty Ltd purchased a new position in Enphase Energy in the fourth quarter valued at about $566,000. Westfield Capital Management Co. LP purchased a new position in Enphase Energy in the fourth quarter valued at about $41,068,000. Finally, Northern Trust Corp boosted its holdings in Enphase Energy by 0.3% in the fourth quarter. Northern Trust Corp now owns 1,364,567 shares of the semiconductor company’s stock valued at $180,314,000 after purchasing an additional 3,940 shares during the last quarter. 72.12% of the stock is currently owned by hedge funds and other institutional investors.

About Enphase Energy

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.