Mitsubishi UFJ Asset Management Co. Ltd. Decreases Stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Mitsubishi UFJ Asset Management Co. Ltd. cut its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG - Free Report) by 77.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,528 shares of the semiconductor company's stock after selling 42,854 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in SolarEdge Technologies were worth $1,083,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. NBC Securities Inc. purchased a new position in SolarEdge Technologies in the third quarter valued at about $25,000. Kayne Anderson Rudnick Investment Management LLC boosted its stake in SolarEdge Technologies by 194.7% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 277 shares of the semiconductor company's stock valued at $36,000 after acquiring an additional 183 shares during the period. GAMMA Investing LLC acquired a new position in SolarEdge Technologies in the fourth quarter valued at approximately $30,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in SolarEdge Technologies by 4,000.0% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 410 shares of the semiconductor company's stock valued at $53,000 after acquiring an additional 400 shares during the period. Finally, NewSquare Capital LLC boosted its stake in SolarEdge Technologies by 4,066.7% in the third quarter. NewSquare Capital LLC now owns 500 shares of the semiconductor company's stock valued at $65,000 after acquiring an additional 488 shares during the period. 95.10% of the stock is owned by hedge funds and other institutional investors.

SolarEdge Technologies Stock Up 9.0 %

SEDG stock traded up $4.35 during mid-day trading on Wednesday, hitting $52.83. 3,559,691 shares of the company were exchanged, compared to its average volume of 2,392,512. The company has a debt-to-equity ratio of 0.30, a quick ratio of 2.19 and a current ratio of 4.54. The firm has a market cap of $3.03 billion, a P/E ratio of -11.01 and a beta of 1.53. The firm's 50 day simple moving average is $60.95 and its 200 day simple moving average is $72.20. SolarEdge Technologies, Inc. has a 1-year low of $47.59 and a 1-year high of $306.86.

SolarEdge Technologies (NASDAQ:SEDG - Get Free Report) last announced its earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) EPS for the quarter, topping the consensus estimate of ($2.01) by $0.60. The firm had revenue of $316.04 million for the quarter, compared to the consensus estimate of $319.97 million. SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. On average, sell-side analysts predict that SolarEdge Technologies, Inc. will post -6.08 EPS for the current fiscal year.

Insiders Place Their Bets

In other SolarEdge Technologies news, Director More Avery acquired 7,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were bought at an average cost of $67.75 per share, for a total transaction of $474,250.00. Following the completion of the acquisition, the director now directly owns 77,446 shares of the company's stock, valued at $5,246,966.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Janney Montgomery Scott cut SolarEdge Technologies from a "buy" rating to a "neutral" rating in a report on Friday, March 22nd. DZ Bank began coverage on shares of SolarEdge Technologies in a research report on Wednesday, April 17th. They set a "hold" rating and a $62.00 price objective on the stock. BMO Capital Markets lowered their price target on shares of SolarEdge Technologies from $73.00 to $56.00 and set a "market perform" rating on the stock in a report on Thursday, May 9th. Barclays boosted their price target on shares of SolarEdge Technologies from $50.00 to $61.00 and gave the company an "underweight" rating in a report on Tuesday, April 16th. Finally, Canaccord Genuity Group lowered their price target on shares of SolarEdge Technologies from $75.00 to $58.00 and set a "hold" rating on the stock in a report on Thursday, May 9th. Four investment analysts have rated the stock with a sell rating, twenty-four have assigned a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, SolarEdge Technologies has an average rating of "Hold" and an average price target of $86.38.

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.