Franklin Resources Inc. Sells 616,914 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Franklin Resources Inc. reduced its position in SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) by 88.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 83,098 shares of the semiconductor company's stock after selling 616,914 shares during the period. Franklin Resources Inc. owned about 0.14% of SolarEdge Technologies worth $1,130,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Millstone Evans Group LLC purchased a new position in shares of SolarEdge Technologies during the fourth quarter valued at approximately $27,000. Jones Financial Companies Lllp lifted its holdings in shares of SolarEdge Technologies by 401.2% during the 4th quarter. Jones Financial Companies Lllp now owns 2,441 shares of the semiconductor company's stock valued at $33,000 after buying an additional 1,954 shares during the period. Y.D. More Investments Ltd lifted its holdings in shares of SolarEdge Technologies by 251.8% during the 4th quarter. Y.D. More Investments Ltd now owns 3,870 shares of the semiconductor company's stock valued at $53,000 after buying an additional 2,770 shares during the period. R Squared Ltd purchased a new position in shares of SolarEdge Technologies in the 4th quarter worth $61,000. Finally, GAMMA Investing LLC grew its holdings in shares of SolarEdge Technologies by 655.2% in the fourth quarter. GAMMA Investing LLC now owns 5,264 shares of the semiconductor company's stock worth $72,000 after acquiring an additional 4,567 shares during the period. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SEDG has been the topic of several research reports. JPMorgan Chase & Co. dropped their target price on SolarEdge Technologies from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, January 23rd. Canaccord Genuity Group boosted their target price on shares of SolarEdge Technologies from $18.00 to $19.00 and gave the company a "hold" rating in a research report on Thursday, February 20th. Northland Securities downgraded shares of SolarEdge Technologies from a "market perform" rating to an "under perform" rating and set a $15.00 price target on the stock. in a research report on Thursday, February 20th. Morgan Stanley raised shares of SolarEdge Technologies from an "underweight" rating to an "equal weight" rating and boosted their price objective for the company from $11.00 to $18.00 in a research report on Thursday, February 20th. Finally, UBS Group raised their target price on SolarEdge Technologies from $18.00 to $22.00 and gave the stock a "neutral" rating in a report on Thursday, February 20th. Ten analysts have rated the stock with a sell rating, fifteen have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $21.53.

Insiders Place Their Bets

In related news, Chairman More Avery purchased 30,000 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were purchased at an average cost of $13.70 per share, for a total transaction of $411,000.00. Following the completion of the acquisition, the chairman now owns 274,478 shares in the company, valued at approximately $3,760,348.60. This trade represents a 12.27 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.67% of the stock is owned by insiders.

SolarEdge Technologies Trading Up 1.3 %

Shares of SolarEdge Technologies stock traded up $0.16 during trading on Friday, hitting $12.65. The stock had a trading volume of 1,827,501 shares, compared to its average volume of 4,210,186. The stock has a market cap of $746.78 million, a PE ratio of -0.41 and a beta of 1.63. SolarEdge Technologies, Inc. has a 12 month low of $10.24 and a 12 month high of $64.04. The firm's fifty day simple moving average is $15.67 and its 200-day simple moving average is $15.12. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.95 and a quick ratio of 1.46.

About SolarEdge Technologies

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.