Migdal Insurance & Financial Holdings Ltd. Acquires 1,002,000 Shares of SolarEdge Technologies, Inc. $SEDG

Key Points

• Migdal Insurance & Financial Holdings increased its SolarEdge stake by 59.2%, adding 1,002,000 shares in the third quarter to own 2,693,340 shares, worth about $85.8 million.
• SolarEdge reported quarterly EPS of $0.29, beating analysts’ $0.04 estimate, but revenue of $325.4 million fell short of forecasts and declined 4.2% year over year.
• Shares traded at $23.85, down 1.8% on Friday. Analysts’ average rating was “Reduce,” with a consensus price target of $36.93.

Migdal Insurance & Financial Holdings Ltd. raised its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) by 59.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,693,340 shares of the semiconductor company's stock after acquiring an additional 1,002,000 shares during the period. Migdal Insurance & Financial Holdings Ltd. owned about 4.38% of SolarEdge Technologies worth $85,836,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SEDG. State Street Corp raised its position in shares of SolarEdge Technologies by 0.7% during the second quarter. State Street Corp now owns 1,761,901 shares of the semiconductor company's stock worth $102,965,000 after purchasing an additional 12,188 shares during the period. Legal & General Group Plc bought a new position in shares of SolarEdge Technologies during the 2nd quarter valued at about $76,095,000. Handelsbanken Fonder AB lifted its holdings in shares of SolarEdge Technologies by 16.6% during the 2nd quarter. Handelsbanken Fonder AB now owns 1,230,401 shares of the semiconductor company's stock valued at $71,905,000 after purchasing an additional 175,281 shares in the last quarter. Clal Insurance Enterprises Holdings Ltd acquired a new position in shares of SolarEdge Technologies in the 2nd quarter valued at approximately $55,514,000. Finally, First Trust Advisors LP grew its position in shares of SolarEdge Technologies by 32.6% in the 1st quarter. First Trust Advisors LP now owns 916,358 shares of the semiconductor company's stock valued at $46,780,000 after purchasing an additional 225,097 shares during the period. 95.10% of the stock is owned by institutional investors and hedge funds.

SolarEdge Technologies Stock Down 1.8%

SolarEdge Technologies stock traded down $0.44 during midday trading on Friday, reaching $23.85. The stock had a trading volume of 2,558,317 shares, compared to its average volume of 3,055,704. The firm's fifty day simple moving average is $31.94 and its 200-day simple moving average is $41.90. SolarEdge Technologies, Inc. has a 1-year low of $22.96 and a 1-year high of $81.25. The stock has a market capitalization of $1.48 billion, a P/E ratio of -6.28 and a beta of 1.31. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.40 and a current ratio of 2.12.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last released its earnings results on Wednesday, November 4th. The semiconductor company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.04 by $0.25. SolarEdge Technologies had a negative return on equity of 19.80% and a negative net margin of 17.34%. The firm had revenue of $325.40 million for the quarter, compared to analysts' expectations of $326.78 million. During the same quarter in the previous year, the business posted ($0.31) EPS. The business's quarterly revenue was down 4.2% compared to the same quarter last year. As a group, analysts expect that SolarEdge Technologies, Inc. will post -1.50 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have commented on SEDG shares. Mizuho raised their target price on shares of SolarEdge Technologies from $38.00 to $40.00 and gave the stock a "neutral" rating in a report on Friday, September 11th. JPMorgan Chase & Co. cut their price target on shares of SolarEdge Technologies from $38.00 to $31.00 and set a "neutral" rating on the stock in a research note on Thursday, November 5th. Susquehanna reduced their price target on shares of SolarEdge Technologies from $32.00 to $31.00 and set a "neutral" rating for the company in a report on Thursday, November 5th. The Goldman Sachs Group lowered their price objective on shares of SolarEdge Technologies from $29.00 to $25.00 and set a "sell" rating for the company in a research report on Thursday, November 5th. Finally, Royal Bank Of Canada dropped their price objective on shares of SolarEdge Technologies from $30.00 to $25.00 and set a "sector perform" rating on the stock in a report on Friday, November 6th. Two research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and five have issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Reduce" and a consensus target price of $36.93.

About SolarEdge Technologies

SolarEdge Technologies develops smart energy technologies for residential, commercial and utility-scale applications. Founded in 2006, the company is known for its DC-optimized inverter system, which combines power optimizers with inverters to help manage solar energy production at the panel level. Its product portfolio includes solar inverters and power optimizers, energy storage systems, monitoring and energy-management software, electric-vehicle charging equipment and related services. These offerings are designed to support the generation, storage and use of electricity from solar and other energy sources.

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