Sumitomo Mitsui Trust Group Inc. Lowers Holdings in Enphase Energy, Inc. (NASDAQ:ENPH)

Sumitomo Mitsui Trust Group Inc. lessened its position in Enphase Energy, Inc. (NASDAQ:ENPH - Free Report) by 96.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 10,767 shares of the semiconductor company's stock after selling 297,060 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in Enphase Energy were worth $668,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Woodline Partners LP acquired a new position in Enphase Energy during the 4th quarter worth about $557,000. QRG Capital Management Inc. bought a new stake in Enphase Energy during the 1st quarter worth about $512,000. Norges Bank bought a new stake in Enphase Energy during the 4th quarter worth about $46,339,000. Bouvel Investment Partners LLC bought a new stake in Enphase Energy during the 1st quarter worth about $847,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Enphase Energy during the 4th quarter worth about $18,580,000. Institutional investors and hedge funds own 72.12% of the company's stock.

Insider Activity at Enphase Energy

In related news, CEO Badrinarayanan Kothandaraman purchased 4,000 shares of the business's stock in a transaction on Friday, April 25th. The stock was acquired at an average price of $46.35 per share, with a total value of $185,400.00. Following the completion of the acquisition, the chief executive officer owned 1,598,696 shares of the company's stock, valued at approximately $74,099,559.60. This trade represents a 0.25% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 3.10% of the stock is owned by insiders.

Enphase Energy Stock Performance

Shares of ENPH traded down $1.52 during trading hours on Tuesday, hitting $40.94. The stock had a trading volume of 9,625,433 shares, compared to its average volume of 4,990,952. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.90 and a quick ratio of 1.77. Enphase Energy, Inc. has a 12 month low of $33.01 and a 12 month high of $130.08. The firm has a market capitalization of $5.37 billion, a PE ratio of 37.91 and a beta of 1.67. The stock has a fifty day moving average price of $42.79 and a 200 day moving average price of $54.95.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. BNP Paribas Exane cut Enphase Energy from a "neutral" rating to an "underperform" rating and set a $40.00 price objective for the company. in a report on Tuesday, May 13th. Guggenheim reissued a "sell" rating and set a $33.00 price objective on shares of Enphase Energy in a report on Wednesday, April 23rd. Piper Sandler dropped their price objective on Enphase Energy from $47.00 to $42.00 and set a "neutral" rating for the company in a report on Wednesday, April 23rd. BMO Capital Markets reissued an "underperform" rating and set a $39.00 price objective (down from $46.00) on shares of Enphase Energy in a report on Tuesday, May 13th. Finally, Wells Fargo & Company lowered their price target on Enphase Energy from $65.00 to $42.00 and set an "overweight" rating for the company in a research note on Friday, June 20th. Twelve research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $65.00.

About Enphase Energy

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.