SolarEdge Technologies (NASDAQ:SEDG) Price Target Cut to $58.00 by Analysts at Canaccord Genuity Group

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) had its price target decreased by equities research analysts at Canaccord Genuity Group from $75.00 to $58.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a "hold" rating on the semiconductor company's stock. Canaccord Genuity Group's price objective points to a potential upside of 10.12% from the stock's previous close.

Other equities research analysts have also issued research reports about the stock. Piper Sandler dropped their price objective on shares of SolarEdge Technologies from $105.00 to $77.00 and set a "neutral" rating for the company in a research note on Wednesday, February 21st. The Goldman Sachs Group cut their price target on shares of SolarEdge Technologies from $64.00 to $49.00 and set a "sell" rating for the company in a research note on Thursday. Barclays upped their price objective on SolarEdge Technologies from $50.00 to $61.00 and gave the company an "underweight" rating in a research note on Tuesday, April 16th. Scotiabank decreased their price target on SolarEdge Technologies from $93.00 to $90.00 and set a "sector perform" rating on the stock in a research note on Wednesday, February 21st. Finally, Northland Securities cut SolarEdge Technologies from an "outperform" rating to a "market perform" rating in a research report on Thursday. Four analysts have rated the stock with a sell rating, twenty-two have issued a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $93.73.

SolarEdge Technologies Stock Performance

Shares of NASDAQ SEDG traded down $4.88 during mid-day trading on Thursday, hitting $52.67. The company had a trading volume of 6,388,817 shares, compared to its average volume of 2,386,478. SolarEdge Technologies has a 12 month low of $51.65 and a 12 month high of $315.34. The firm has a market cap of $3.02 billion, a P/E ratio of 118.33 and a beta of 1.53. The business's 50-day simple moving average is $64.59 and its 200-day simple moving average is $74.00. The company has a debt-to-equity ratio of 0.28, a current ratio of 3.70 and a quick ratio of 2.08.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its quarterly earnings data on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share for the quarter, topping the consensus estimate of ($2.01) by $0.60. The company had revenue of $316.04 million for the quarter, compared to analyst estimates of $319.97 million. SolarEdge Technologies had a return on equity of 5.00% and a net margin of 1.15%. As a group, analysts predict that SolarEdge Technologies will post -4.68 earnings per share for the current fiscal year.

Insider Buying and Selling at SolarEdge Technologies

In related news, Director More Avery bought 7,000 shares of the firm's stock in a transaction dated Thursday, February 29th. The stock was bought at an average cost of $67.75 per share, for a total transaction of $474,250.00. Following the transaction, the director now owns 77,446 shares of the company's stock, valued at $5,246,966.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.17% of the company's stock.

Hedge Funds Weigh In On SolarEdge Technologies

Several institutional investors and hedge funds have recently made changes to their positions in SEDG. Yelin Lapidot Holdings Management Ltd. lifted its holdings in SolarEdge Technologies by 0.6% during the fourth quarter. Yelin Lapidot Holdings Management Ltd. now owns 21,513 shares of the semiconductor company's stock worth $2,014,000 after acquiring an additional 130 shares in the last quarter. Legacy Wealth Asset Management LLC lifted its stake in SolarEdge Technologies by 9.4% in the third quarter. Legacy Wealth Asset Management LLC now owns 1,684 shares of the semiconductor company's stock valued at $218,000 after buying an additional 145 shares in the last quarter. Liberty One Investment Management LLC lifted its stake in SolarEdge Technologies by 4.2% in the fourth quarter. Liberty One Investment Management LLC now owns 3,683 shares of the semiconductor company's stock valued at $345,000 after buying an additional 148 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC increased its position in shares of SolarEdge Technologies by 194.7% during the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company's stock worth $36,000 after acquiring an additional 183 shares in the last quarter. Finally, South Street Advisors LLC raised its holdings in shares of SolarEdge Technologies by 2.9% during the third quarter. South Street Advisors LLC now owns 6,512 shares of the semiconductor company's stock worth $843,000 after acquiring an additional 185 shares during the period. Institutional investors and hedge funds own 95.10% of the company's stock.

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.

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