Citigroup Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $37.00

Key Points

• Citigroup cut its price target on Enphase from $41 to $37 and maintained a "neutral" rating, implying roughly an 8.5% upside from the prior close.
• Analyst opinions are mixed but the consensus is a Hold with an average target of $42.56, as some firms raised targets and others lowered them.
• Enphase beat quarterly EPS expectations ($0.71 vs. $0.52) even as revenue fell 10.3% year‑over‑year; the stock trades around $34.11 with a market cap near $4.5 billion.

Enphase Energy (NASDAQ:ENPH - Get Free Report) had its price objective dropped by Citigroup from $41.00 to $37.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the semiconductor company's stock. Citigroup's target price would suggest a potential upside of 8.47% from the company's previous close.

Other research analysts have also issued reports about the company. Jefferies Financial Group lowered their target price on Enphase Energy from $57.00 to $54.00 and set a "buy" rating for the company in a research report on Thursday, March 26th. The Goldman Sachs Group raised their target price on Enphase Energy from $45.00 to $51.00 and gave the stock a "buy" rating in a research report on Wednesday, February 4th. BMO Capital Markets raised Enphase Energy from an "underperform" rating to a "market perform" rating and raised their target price for the stock from $31.00 to $41.00 in a research report on Wednesday, February 4th. Wall Street Zen raised Enphase Energy from a "sell" rating to a "hold" rating in a research report on Sunday, March 29th. Finally, Susquehanna lowered their target price on Enphase Energy from $46.00 to $36.00 and set a "neutral" rating for the company in a research report on Thursday, April 9th. Ten analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and nine have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $42.56.

Enphase Energy Price Performance

Shares of ENPH traded up $0.23 during trading hours on Tuesday, reaching $34.11. The stock had a trading volume of 4,636,935 shares, compared to its average volume of 6,754,417. Enphase Energy has a 12 month low of $25.77 and a 12 month high of $54.72. The stock has a market capitalization of $4.50 billion, a PE ratio of 26.36 and a beta of 1.39. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.84 and a current ratio of 2.07. The company's 50-day moving average is $40.66 and its two-hundred day moving average is $36.37.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last announced its quarterly earnings results on Tuesday, February 3rd. The semiconductor company reported $0.71 EPS for the quarter, beating analysts' consensus estimates of $0.52 by $0.19. The company had revenue of $343.32 million during the quarter, compared to analysts' expectations of $340.45 million. Enphase Energy had a return on equity of 20.31% and a net margin of 11.69%.Enphase Energy's revenue was down 10.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.94 EPS. Research analysts expect that Enphase Energy will post 0.89 EPS for the current year.

Insiders Place Their Bets

In other Enphase Energy news, Director Richard Mora sold 1,100 shares of the stock in a transaction dated Tuesday, February 10th. The stock was sold at an average price of $52.05, for a total transaction of $57,255.00. Following the completion of the sale, the director directly owned 9,370 shares in the company, valued at approximately $487,708.50. This trade represents a 10.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Badrinarayanan Kothandaraman purchased 5,000 shares of the firm's stock in a transaction on Thursday, February 5th. The shares were acquired at an average price of $51.98 per share, with a total value of $259,900.00. Following the completion of the acquisition, the chief executive officer owned 1,640,632 shares in the company, valued at approximately $85,280,051.36. This trade represents a 0.31% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.90% of the company's stock.

Institutional Trading of Enphase Energy

A number of large investors have recently bought and sold shares of ENPH. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in Enphase Energy by 431.9% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 633 shares of the semiconductor company's stock worth $25,000 after acquiring an additional 514 shares during the period. Glass Jacobson Investment Advisors llc grew its holdings in Enphase Energy by 77.8% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 800 shares of the semiconductor company's stock worth $26,000 after acquiring an additional 350 shares during the period. Salomon & Ludwin LLC raised its holdings in shares of Enphase Energy by 761.0% during the third quarter. Salomon & Ludwin LLC now owns 861 shares of the semiconductor company's stock valued at $32,000 after purchasing an additional 761 shares during the period. Stance Capital LLC bought a new position in shares of Enphase Energy during the 3rd quarter worth about $32,000. Finally, Geneos Wealth Management Inc. boosted its position in shares of Enphase Energy by 199.7% during the 3rd quarter. Geneos Wealth Management Inc. now owns 920 shares of the semiconductor company's stock worth $33,000 after purchasing an additional 613 shares in the last quarter. 72.12% of the stock is currently owned by institutional investors and hedge funds.

About Enphase Energy

Enphase Energy is a global energy technology company that specializes in solar microinverters, energy storage systems and energy management software. Its core business centers on converting direct current (DC) power generated by solar panels into alternating current (AC) power suitable for use in residential and commercial applications. By integrating hardware and software solutions, Enphase Energy aims to improve solar energy yield, enhance system reliability and provide real-time monitoring capabilities to its customers.

The company's product portfolio includes its IQ Series microinverters, which attach to individual solar panels to optimize performance at the module level and reduce the impact of shading or system failures.

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