390,765 Shares in Enphase Energy, Inc. $ENPH Acquired by Nuveen LLC

Key Points

• Nuveen LLC has acquired a new position in Enphase Energy, purchasing 390,765 shares worth approximately $24 million, representing about 0.30% ownership of the company.
• Several institutional investors have increased their stakes in Enphase Energy, with CANADA LIFE ASSURANCE Co increasing by 38.3%, and Dimensional Fund Advisors LP by 15.2% during the fourth quarter.
• Enphase Energy reported a 19.7% year-over-year revenue increase for the most recent quarter, with an EPS of $0.69, surpassing analysts' expectations.

Nuveen LLC purchased a new position in shares of Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 390,765 shares of the semiconductor company's stock, valued at approximately $24,247,000. Nuveen LLC owned about 0.30% of Enphase Energy as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co grew its holdings in shares of Enphase Energy by 38.3% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 212,496 shares of the semiconductor company's stock worth $14,587,000 after buying an additional 58,895 shares during the last quarter. GeoWealth Management LLC raised its stake in shares of Enphase Energy by 56.3% during the fourth quarter. GeoWealth Management LLC now owns 891 shares of the semiconductor company's stock worth $61,000 after purchasing an additional 321 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Enphase Energy by 15.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 586,383 shares of the semiconductor company's stock worth $40,279,000 after purchasing an additional 77,149 shares during the last quarter. Ossiam raised its stake in shares of Enphase Energy by 19.2% during the fourth quarter. Ossiam now owns 12,517 shares of the semiconductor company's stock worth $860,000 after purchasing an additional 2,020 shares during the last quarter. Finally, Norinchukin Bank The raised its stake in shares of Enphase Energy by 6.0% during the fourth quarter. Norinchukin Bank The now owns 5,754 shares of the semiconductor company's stock worth $395,000 after purchasing an additional 328 shares during the last quarter. Hedge funds and other institutional investors own 72.12% of the company's stock.

Insider Buying and Selling

In other news, CEO Badrinarayanan Kothandaraman bought 5,000 shares of the stock in a transaction on Wednesday, August 6th. The stock was purchased at an average cost of $30.82 per share, with a total value of $154,100.00. Following the purchase, the chief executive officer owned 1,620,632 shares of the company's stock, valued at approximately $49,947,878.24. The trade was a 0.31% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 3.10% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Oppenheimer cut their price target on Enphase Energy from $86.00 to $77.00 and set an "outperform" rating for the company in a research note on Wednesday, July 23rd. BNP Paribas Exane downgraded shares of Enphase Energy from a "neutral" rating to an "underperform" rating and set a $40.00 price objective for the company. in a research report on Tuesday, May 13th. Johnson Rice downgraded shares of Enphase Energy from a "buy" rating to an "accumulate" rating and set a $45.00 price objective for the company. in a research report on Wednesday, July 30th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $37.00 price objective (down previously from $64.00) on shares of Enphase Energy in a research report on Tuesday, July 15th. Finally, Truist Financial reduced their price objective on shares of Enphase Energy from $65.00 to $49.00 and set a "hold" rating for the company in a research report on Thursday, April 24th. Thirteen equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $55.22.

Enphase Energy Stock Up 2.7%

ENPH stock opened at $35.77 on Tuesday. The stock has a market capitalization of $4.68 billion, a P/E ratio of 27.95 and a beta of 1.59. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.82 and a current ratio of 1.97. Enphase Energy, Inc. has a one year low of $29.89 and a one year high of $130.08. The company has a 50 day moving average price of $37.97 and a two-hundred day moving average price of $48.51.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last released its earnings results on Tuesday, July 22nd. The semiconductor company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.62 by $0.07. The firm had revenue of $363.15 million during the quarter, compared to analysts' expectations of $359.14 million. Enphase Energy had a net margin of 11.78% and a return on equity of 24.55%. Enphase Energy's revenue for the quarter was up 19.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.43 EPS. As a group, sell-side analysts expect that Enphase Energy, Inc. will post 2.08 EPS for the current year.

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.

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