Palisade Capital Management LP Makes New $4.79 Million Investment in Power Integrations, Inc. $POWI

Key Points

• Palisade Capital Management acquired 57,159 Power Integrations shares worth approximately $4.79 million, while several other institutional investors also initiated or expanded positions during the second quarter.
• Power Integrations reported quarterly EPS of $0.37, beating estimates of $0.32, while revenue rose 2.6% year over year to $118.94 million.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and a $72.67 target price; however, company insiders recently sold shares, including a director’s $10.74 million transaction.

Palisade Capital Management LP acquired a new position in shares of Power Integrations, Inc. (NASDAQ:POWI - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 57,159 shares of the semiconductor company's stock, valued at approximately $4,788,000. Palisade Capital Management LP owned 0.10% of Power Integrations at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in POWI. Legal & General Group Plc acquired a new stake in Power Integrations during the 2nd quarter worth about $11,205,000. The Manufacturers Life Insurance Company acquired a new position in shares of Power Integrations in the second quarter valued at about $4,556,000. Sanctuary Advisors LLC purchased a new position in shares of Power Integrations in the second quarter worth about $224,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Power Integrations during the second quarter worth about $34,281,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Power Integrations in the second quarter valued at approximately $48,000.

Insider Activity at Power Integrations

In related news, Director Balu Balakrishnan sold 124,287 shares of the business's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $86.44, for a total value of $10,743,368.28. Following the completion of the sale, the director owned 279,516 shares of the company's stock, valued at approximately $24,161,363.04. The trade was a 30.78% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sunil Gupta sold 6,860 shares of the company's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $83.67, for a total transaction of $573,976.20. Following the transaction, the vice president owned 64,379 shares of the company's stock, valued at $5,386,590.93. This represents a 9.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.20% of the company's stock.

Power Integrations Stock Up 2.7%

NASDAQ:POWI opened at $54.63 on Wednesday. Power Integrations, Inc. has a 52 week low of $30.86 and a 52 week high of $91.18. The stock's 50-day moving average price is $68.61 and its 200-day moving average price is $63.29. The stock has a market capitalization of $3.05 billion, a PE ratio of 121.40 and a beta of 1.58.

Power Integrations (NASDAQ:POWI - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The semiconductor company reported $0.37 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.05. Power Integrations had a return on equity of 5.50% and a net margin of 5.58%.The company had revenue of $118.94 million during the quarter, compared to analysts' expectations of $117.44 million. During the same quarter in the prior year, the firm posted $0.35 EPS. Power Integrations's quarterly revenue was up 2.6% compared to the same quarter last year. Sell-side analysts expect that Power Integrations, Inc. will post 0.77 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on POWI. Williams Trading set a $80.00 price target on shares of Power Integrations in a research report on Thursday, August 6th. Stifel Nicolaus dropped their price objective on shares of Power Integrations from $95.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Susquehanna increased their price objective on shares of Power Integrations from $70.00 to $85.00 and gave the stock a "positive" rating in a research note on Friday, May 8th. Wall Street Zen raised shares of Power Integrations from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Zacks Research downgraded shares of Power Integrations from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 20th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, Power Integrations has an average rating of "Moderate Buy" and a consensus target price of $72.67.

Power Integrations Profile

Power Integrations, Inc, based in Hillsboro, Oregon, specializes in the design and development of high-performance analog and mixed-signal integrated circuits for energy-efficient power conversion. The company's products are used to convert and regulate electrical power in a wide range of applications, from consumer electronics and industrial systems to communications equipment and electric vehicle charging. By providing compact, reliable, and highly integrated solutions, Power Integrations aims to reduce system size, improve efficiency, and simplify thermal management for its customers.

The firm's product portfolio encompasses isolated and non-isolated switching controllers for both AC-DC and DC-DC power conversion.

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