Victory Capital Management Inc. Reduces Stake in Enphase Energy, Inc. (NASDAQ:ENPH)

Key Points

• Victory Capital Management Inc. reduced its stake in Enphase Energy by 28.8% during the first quarter, now holding 24,106 shares valued at approximately $1.5 million.
• Several institutional investors, including Invesco Ltd. and Northern Trust Corp, significantly increased their holdings in Enphase Energy during the fourth quarter, indicating strong interest from larger investors.
• Enphase Energy reported a quarterly earnings per share (EPS) of $0.69, surpassing analyst expectations of $0.62, while revenue also saw a year-over-year increase of 19.7%.

Victory Capital Management Inc. decreased its position in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 28.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 24,106 shares of the semiconductor company's stock after selling 9,767 shares during the period. Victory Capital Management Inc.'s holdings in Enphase Energy were worth $1,496,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in ENPH. Larson Financial Group LLC raised its position in shares of Enphase Energy by 111.7% in the 1st quarter. Larson Financial Group LLC now owns 2,075 shares of the semiconductor company's stock worth $129,000 after purchasing an additional 1,095 shares during the last quarter. Wealthfront Advisers LLC raised its position in shares of Enphase Energy by 1,047.0% in the 1st quarter. Wealthfront Advisers LLC now owns 56,064 shares of the semiconductor company's stock worth $3,479,000 after purchasing an additional 51,176 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its position in shares of Enphase Energy by 361.4% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 27,070 shares of the semiconductor company's stock worth $1,643,000 after purchasing an additional 37,426 shares during the last quarter. Edgestream Partners L.P. raised its position in shares of Enphase Energy by 52.9% in the 1st quarter. Edgestream Partners L.P. now owns 116,252 shares of the semiconductor company's stock worth $7,213,000 after purchasing an additional 40,243 shares during the last quarter. Finally, CWM LLC raised its position in shares of Enphase Energy by 65.2% in the 1st quarter. CWM LLC now owns 10,021 shares of the semiconductor company's stock worth $622,000 after purchasing an additional 3,954 shares during the last quarter. Institutional investors own 72.12% of the company's stock.

Enphase Energy Stock Down 3.1%

NASDAQ ENPH traded down $1.04 during trading hours on Thursday, hitting $32.36. 7,532,853 shares of the company were exchanged, compared to its average volume of 8,639,390. The company has a 50 day moving average of $39.97 and a two-hundred day moving average of $51.24. The company has a quick ratio of 1.82, a current ratio of 1.97 and a debt-to-equity ratio of 0.65. Enphase Energy, Inc. has a 52-week low of $31.98 and a 52-week high of $130.08. The firm has a market cap of $4.23 billion, a price-to-earnings ratio of 25.28 and a beta of 1.67.

Enphase Energy (NASDAQ:ENPH - Get Free Report) last issued its quarterly earnings results on Tuesday, July 22nd. The semiconductor company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.07. The company had revenue of $363.15 million for the quarter, compared to the consensus estimate of $359.14 million. Enphase Energy had a return on equity of 24.55% and a net margin of 11.78%. Enphase Energy's revenue was up 19.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.43 EPS. Equities research analysts anticipate that Enphase Energy, Inc. will post 2.08 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ENPH. Johnson Rice lowered Enphase Energy from a "buy" rating to an "accumulate" rating and set a $45.00 target price for the company. in a research report on Wednesday. Deutsche Bank Aktiengesellschaft decreased their target price on Enphase Energy from $49.00 to $42.00 and set a "hold" rating for the company in a research report on Thursday, July 24th. BNP Paribas lowered Enphase Energy from an "outperform" rating to an "underperform" rating in a research report on Tuesday, May 13th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $37.00 price target (down previously from $64.00) on shares of Enphase Energy in a research report on Tuesday, July 15th. Finally, Morgan Stanley lowered shares of Enphase Energy from an "equal weight" rating to an "underweight" rating and set a $36.00 price target for the company. in a research report on Wednesday, April 23rd. Thirteen investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Enphase Energy currently has an average rating of "Hold" and a consensus target price of $55.51.

Enphase Energy 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.