Enphase Energy (NASDAQ:ENPH) Given New $57.00 Price Target at The Goldman Sachs Group

Key Points

• Goldman Sachs raised its price target on Enphase Energy from $51 to $57 and kept a buy rating, implying about 21.9% upside from the current price.
• Analyst opinions remain mixed overall: the stock has a consensus rating of Hold with an average price target of $40.94, despite several recent target changes from other firms.
• Enphase reported a mixed quarterly result, beating EPS and revenue estimates but still posting a 20.6% year-over-year revenue decline. The stock was also down 5.9% on the day cited in the report.

Enphase Energy (NASDAQ:ENPH - Get Free Report) had its price objective lifted by equities researchers at The Goldman Sachs Group from $51.00 to $57.00 in a research note issued on Wednesday, MarketBeat Ratings reports. The brokerage currently has a "buy" rating on the semiconductor company's stock. The Goldman Sachs Group's target price would suggest a potential upside of 21.90% from the company's current price.

Several other analysts have also recently commented on ENPH. Deutsche Bank Aktiengesellschaft increased their target price on Enphase Energy from $39.00 to $40.00 and gave the stock a "hold" rating in a report on Thursday, April 30th. Susquehanna dropped their target price on shares of Enphase Energy from $36.00 to $32.00 and set a "neutral" rating for the company in a research note on Thursday, April 30th. Roth Mkm reaffirmed a "buy" rating and issued a $55.00 target price (up from $45.00) on shares of Enphase Energy in a research note on Wednesday, February 4th. Mizuho set a $39.00 target price on shares of Enphase Energy in a research note on Wednesday, February 4th. Finally, Evercore set a $37.00 target price on shares of Enphase Energy in a research note on Monday, May 4th. Nine equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $40.94.

Enphase Energy Stock Down 5.9%

ENPH opened at $46.76 on Wednesday. Enphase Energy has a twelve month low of $25.77 and a twelve month high of $53.89. The firm's 50-day simple moving average is $38.17 and its 200-day simple moving average is $36.69. 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 firm has a market cap of $6.16 billion, a price-to-earnings ratio of 46.30 and a beta of 1.26.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last posted its earnings results on Tuesday, April 28th. The semiconductor company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.43 by $0.04. The company had revenue of $282.90 million during the quarter, compared to analysts' expectations of $282.28 million. Enphase Energy had a net margin of 9.64% and a return on equity of 16.88%. Enphase Energy's quarterly revenue was down 20.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.68 earnings per share. Equities research analysts anticipate that Enphase Energy will post 0.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other Enphase Energy news, Director Thurman J. Rodgers sold 137,250 shares of the business's stock in a transaction dated Friday, March 13th. The stock was sold at an average price of $43.61, for a total transaction of $5,985,472.50. Following the completion of the sale, the director directly owned 1,597,641 shares of the company's stock, valued at approximately $69,673,124.01. The trade was a 7.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.90% of the company's stock.

Hedge Funds Weigh In On Enphase Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. increased its holdings in Enphase Energy by 334.1% in the third quarter. Principal Financial Group Inc. now owns 626,065 shares of the semiconductor company's stock valued at $22,156,000 after purchasing an additional 481,846 shares during the last quarter. Y Intercept Hong Kong Ltd increased its holdings in Enphase Energy by 114.1% in the third quarter. Y Intercept Hong Kong Ltd now owns 56,349 shares of the semiconductor company's stock valued at $1,994,000 after purchasing an additional 30,026 shares during the last quarter. Coatue Management LLC boosted its stake in Enphase Energy by 95.3% during the 3rd quarter. Coatue Management LLC now owns 1,647,893 shares of the semiconductor company's stock worth $58,319,000 after acquiring an additional 803,945 shares during the last quarter. Dynamic Technology Lab Private Ltd boosted its stake in Enphase Energy by 695.8% during the 3rd quarter. Dynamic Technology Lab Private Ltd now owns 47,787 shares of the semiconductor company's stock worth $1,691,000 after acquiring an additional 41,782 shares during the last quarter. Finally, Schroder Investment Management Group boosted its stake in Enphase Energy by 24.3% during the 3rd quarter. Schroder Investment Management Group now owns 1,024,406 shares of the semiconductor company's stock worth $36,254,000 after acquiring an additional 200,059 shares during the last quarter. 72.12% of the stock is owned by institutional investors.

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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