Fideuram Intesa Sanpaolo Private Banking S.P.A. Invests $8.54 Million in Enphase Energy, Inc. $ENPH

Key Points

• Fideuram Intesa Sanpaolo Private Banking opened a new position in Enphase Energy during the fourth quarter, buying 266,502 shares valued at about $8.54 million.
• Other institutions also increased their stakes, and overall institutional investors now own 72.12% of Enphase Energy’s shares.
• Enphase reported quarterly EPS of $0.47, beating expectations, but revenue fell 20.6% year over year; meanwhile, analysts have a consensus rating of Hold with an average price target of $40.68.

Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The fund bought 266,502 shares of the semiconductor company's stock, valued at approximately $8,541,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. owned 0.20% of Enphase Energy at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Handelsbanken Fonder AB raised its stake in Enphase Energy by 3.3% in the 4th quarter. Handelsbanken Fonder AB now owns 214,071 shares of the semiconductor company's stock valued at $6,861,000 after acquiring an additional 6,800 shares during the period. Profund Advisors LLC raised its stake in Enphase Energy by 109.6% in the 4th quarter. Profund Advisors LLC now owns 20,392 shares of the semiconductor company's stock valued at $654,000 after acquiring an additional 10,664 shares during the period. Abacus Wealth Partners LLC bought a new stake in Enphase Energy in the 4th quarter valued at about $380,000. DNB Asset Management AS raised its stake in Enphase Energy by 2.0% in the 4th quarter. DNB Asset Management AS now owns 321,823 shares of the semiconductor company's stock valued at $10,314,000 after acquiring an additional 6,176 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in Enphase Energy by 6.3% in the 4th quarter. Thrivent Financial for Lutherans now owns 124,491 shares of the semiconductor company's stock valued at $3,989,000 after acquiring an additional 7,396 shares during the period. 72.12% of the stock is currently owned by institutional investors.

Insider Activity at Enphase Energy

In other 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 transaction, the director 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.90% of the company's stock.

Enphase Energy Trading Down 5.9%

Shares of ENPH opened at $46.76 on Wednesday. The business's 50-day moving average price is $38.17 and its 200-day moving average price is $36.69. Enphase Energy, Inc. has a twelve month low of $25.77 and a twelve month high of $53.89. The stock has a market cap of $6.16 billion, a PE ratio of 46.30 and a beta of 1.26. The company has a quick ratio of 3.20, a current ratio of 3.80 and a debt-to-equity ratio of 0.52.

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

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ENPH shares. TD Cowen lowered their price objective on Enphase Energy from $40.00 to $35.00 and set a "hold" rating on the stock in a research note on Wednesday, April 29th. Citigroup lowered their price objective on Enphase Energy from $37.00 to $31.00 and set a "neutral" rating on the stock in a research note on Thursday, April 30th. Barclays lowered their price objective on Enphase Energy from $31.00 to $30.00 and set an "underweight" rating on the stock in a research note on Monday, May 4th. Oppenheimer lowered their price objective on Enphase Energy from $68.00 to $57.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 29th. Finally, HSBC upgraded Enphase Energy from a "hold" rating to a "buy" rating and set a $52.00 price objective on the stock in a research note on Wednesday, February 4th. Nine equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and six have issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $40.68.

Enphase Energy Profile

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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