New York State Common Retirement Fund Makes New Investment in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Key Points

• The New York State Common Retirement Fund acquired 41,054 shares of SolarEdge Technologies, valued at approximately $664,000, increasing its stake to about 0.07%.
• Despite posting earnings of ($1.14) per share, SolarEdge exceeded analyst estimates, with a revenue of $219.48 million for the quarter, surpassing predictions of $205.39 million.
• Wall Street analysts have mixed opinions on SolarEdge, with target prices ranging from $17.00 to $27.00 and a consensus rating of "Hold".

New York State Common Retirement Fund purchased a new stake in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,054 shares of the semiconductor company's stock, valued at approximately $664,000. New York State Common Retirement Fund owned about 0.07% of SolarEdge Technologies as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Fifth Third Bancorp boosted its position in SolarEdge Technologies by 93.7% during the first quarter. Fifth Third Bancorp now owns 1,633 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 790 shares during the last quarter. Resona Asset Management Co. Ltd. acquired a new position in SolarEdge Technologies during the fourth quarter valued at approximately $133,000. Mercer Global Advisors Inc. ADV acquired a new position in SolarEdge Technologies during the fourth quarter valued at approximately $145,000. KLP Kapitalforvaltning AS acquired a new stake in shares of SolarEdge Technologies in the fourth quarter valued at approximately $146,000. Finally, GAMMA Investing LLC lifted its position in shares of SolarEdge Technologies by 71.9% in the first quarter. GAMMA Investing LLC now owns 9,047 shares of the semiconductor company's stock valued at $146,000 after buying an additional 3,783 shares during the last quarter. 95.10% of the stock is owned by institutional investors and hedge funds.

SolarEdge Technologies Price Performance

Shares of SolarEdge Technologies stock traded down $1.32 during trading on Tuesday, reaching $25.74. 854,144 shares of the company's stock were exchanged, compared to its average volume of 4,843,671. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.39 and a current ratio of 2.04. SolarEdge Technologies, Inc. has a 1-year low of $10.24 and a 1-year high of $32.45. The company has a market cap of $1.52 billion, a P/E ratio of -0.85 and a beta of 1.62. The firm's 50-day moving average price is $21.84 and its 200 day moving average price is $17.52.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The semiconductor company reported ($1.14) EPS for the quarter, topping analysts' consensus estimates of ($1.26) by $0.12. SolarEdge Technologies had a negative return on equity of 127.53% and a negative net margin of 182.81%. The company had revenue of $219.48 million during the quarter, compared to analysts' expectations of $205.39 million. During the same quarter in the previous year, the firm earned ($1.90) EPS. SolarEdge Technologies's revenue was up 7.4% on a year-over-year basis. As a group, research analysts anticipate that SolarEdge Technologies, Inc. will post -4.54 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on SEDG shares. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $27.00 price objective on shares of SolarEdge Technologies in a research report on Wednesday, July 9th. Guggenheim reissued a "sell" rating and set a $5.00 price target on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Jefferies Financial Group lifted their price target on SolarEdge Technologies from $10.00 to $18.00 and gave the stock an "underperform" rating in a report on Monday, July 14th. Morgan Stanley reissued an "underweight" rating and set a $10.00 price target on shares of SolarEdge Technologies in a report on Wednesday, April 23rd. Finally, UBS Group lifted their price target on SolarEdge Technologies from $17.00 to $20.00 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Eleven equities research analysts have rated the stock with a sell rating and eighteen have given a hold rating to the stock. According to data from MarketBeat, SolarEdge Technologies currently has an average rating of "Hold" and a consensus target price of $17.92.

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.