Allspring Global Investments Holdings LLC Acquires 56,586 Shares of Enphase Energy, Inc. (NASDAQ:ENPH)

Allspring Global Investments Holdings LLC increased its holdings in shares of Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 523.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 67,401 shares of the semiconductor company's stock after purchasing an additional 56,586 shares during the period. Allspring Global Investments Holdings LLC owned 0.05% of Enphase Energy worth $4,205,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CX Institutional bought a new position in shares of Enphase Energy during the first quarter valued at approximately $29,000. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Enphase Energy during the fourth quarter valued at approximately $47,000. GeoWealth Management LLC boosted 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 valued at $61,000 after purchasing an additional 321 shares in the last quarter. Sava Infond d.o.o. bought a new position in shares of Enphase Energy during the fourth quarter valued at approximately $69,000. Finally, Intact Investment Management Inc. bought a new position in shares of Enphase Energy during the first quarter valued at approximately $74,000. 72.12% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ENPH. Jefferies Financial Group lowered their target price on shares of Enphase Energy from $44.00 to $37.00 and set an "underperform" rating for the company in a research note on Wednesday, April 23rd. Piper Sandler lowered their target price on shares of Enphase Energy from $47.00 to $42.00 and set a "neutral" rating for the company in a research note on Wednesday, April 23rd. Barclays downgraded shares of Enphase Energy from an "overweight" rating to an "underweight" rating and lowered their target price for the company from $51.00 to $40.00 in a research note on Tuesday, May 13th. BNP Paribas downgraded shares of Enphase Energy from an "outperform" rating to an "underperform" rating in a research note on Tuesday, May 13th. Finally, Morgan Stanley downgraded shares of Enphase Energy from an "equal weight" rating to an "underweight" rating and set a $36.00 target price for the company. in a research note on Wednesday, April 23rd. Twelve equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $65.44.

Enphase Energy Stock Up 3.7%

Enphase Energy stock opened at $42.48 on Monday. The firm has a market cap of $5.57 billion, a price-to-earnings ratio of 39.33 and a beta of 1.67. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.90 and a quick ratio of 1.77. Enphase Energy, Inc. has a fifty-two week low of $33.01 and a fifty-two week high of $130.08. The firm has a fifty day moving average price of $43.00 and a two-hundred day moving average price of $55.25.

Insiders Place Their Bets

In other news, CEO Badrinarayanan Kothandaraman bought 4,000 shares of the business's stock in a transaction on Friday, April 25th. The stock was purchased at an average price of $46.35 per share, with a total value of $185,400.00. Following the transaction, the chief executive officer directly owned 1,598,696 shares in the company, valued at approximately $74,099,559.60. The trade was a 0.25% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.10% of the stock is currently owned by corporate insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.