Enphase Energy (NASDAQ:ENPH) Given New $45.00 Price Target at Susquehanna

Key Points

• Susquehanna raised its price target on Enphase Energy from $32 to $45 while keeping a neutral rating, implying only modest upside from the prior close.
• Other analysts have also adjusted their views recently, and MarketBeat says Enphase now has an overall Hold rating with an average price target of $47.11.
• Enphase reported quarterly earnings of $0.47 per share, beating estimates, but revenue still fell 20.6% year over year to $282.9 million.

Enphase Energy (NASDAQ:ENPH - Get Free Report) had its price objective boosted by Susquehanna from $32.00 to $45.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the semiconductor company's stock. Susquehanna's price target points to a potential upside of 0.25% from the stock's previous close.

Several other analysts also recently weighed in on the stock. Weiss Ratings raised shares of Enphase Energy from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, June 23rd. Barclays raised shares of Enphase Energy from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $30.00 to $51.00 in a report on Thursday, June 18th. Evercore set a $37.00 price objective on shares of Enphase Energy in a research note on Monday, May 4th. Wells Fargo & Company dropped their price objective on shares of Enphase Energy from $50.00 to $45.00 and set an "overweight" rating on the stock in a report on Wednesday, April 29th. Finally, Morgan Stanley set a $27.00 target price on Enphase Energy in a research report on Friday, May 8th. Nine analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Enphase Energy has an average rating of "Hold" and an average target price of $47.11.

Enphase Energy Price Performance

Shares of NASDAQ ENPH opened at $44.89 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 3.20 and a current ratio of 3.80. The company has a market cap of $5.92 billion, a PE ratio of 44.45 and a beta of 1.62. The business has a 50-day simple moving average of $50.88 and a two-hundred day simple moving average of $43.11. Enphase Energy has a fifty-two week low of $25.77 and a fifty-two week high of $73.74.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.04. Enphase Energy had a net margin of 9.64% and a return on equity of 16.88%. The firm had revenue of $282.90 million for the quarter, compared to the consensus estimate of $282.27 million. During the same quarter in the prior year, the company posted $0.68 earnings per share. The company's revenue for the quarter was down 20.6% compared to the same quarter last year. As a group, equities analysts expect that Enphase Energy will post 0.85 EPS for the current fiscal year.

Insider Activity at Enphase Energy

In related news, Director Shanker Trivedi acquired 1,000 shares of the stock in a transaction on Friday, June 12th. The shares were acquired at an average price of $53.91 per share, for a total transaction of $53,910.00. Following the transaction, the director owned 1,000 shares in the company, valued at approximately $53,910. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard Mora sold 700 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $64.20, for a total transaction of $44,940.00. Following the sale, the director directly owned 13,922 shares in the company, valued at $893,792.40. The trade was a 4.79% decrease in their position. The SEC filing for this sale provides additional information. 2.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Enphase Energy

Several large investors have recently made changes to their positions in the company. Woodline Partners LP grew its position in Enphase Energy by 37.9% during the first quarter. Woodline Partners LP now owns 11,191 shares of the semiconductor company's stock valued at $694,000 after buying an additional 3,077 shares during the period. Acadian Asset Management LLC purchased a new position in Enphase Energy in the first quarter valued at $121,000. Arrowstreet Capital Limited Partnership purchased a new position in Enphase Energy in the second quarter valued at $1,299,000. Guggenheim Capital LLC raised its position in shares of Enphase Energy by 14.1% in the second quarter. Guggenheim Capital LLC now owns 26,459 shares of the semiconductor company's stock worth $1,049,000 after acquiring an additional 3,273 shares during the period. Finally, California Public Employees Retirement System raised its position in shares of Enphase Energy by 11.9% in the second quarter. California Public Employees Retirement System now owns 238,794 shares of the semiconductor company's stock worth $9,468,000 after acquiring an additional 25,450 shares during the period. 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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