Russell Investments Group Ltd. Makes New $2.39 Million Investment in Solaredge Technologies Inc (NASDAQ:SEDG)

Russell Investments Group Ltd. bought a new position in Solaredge Technologies Inc (NASDAQ:SEDG) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 38,213 shares of the semiconductor company’s stock, valued at approximately $2,387,000. Russell Investments Group Ltd. owned approximately 0.08% of Solaredge Technologies at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. ARK Investment Management LLC boosted its stake in shares of Solaredge Technologies by 1.6% during the first quarter. ARK Investment Management LLC now owns 12,175 shares of the semiconductor company’s stock valued at $459,000 after purchasing an additional 197 shares in the last quarter. New York State Teachers Retirement System boosted its stake in shares of Solaredge Technologies by 0.4% during the second quarter. New York State Teachers Retirement System now owns 46,988 shares of the semiconductor company’s stock valued at $2,935,000 after purchasing an additional 200 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Solaredge Technologies by 1.5% during the second quarter. State of Alaska Department of Revenue now owns 15,196 shares of the semiconductor company’s stock valued at $949,000 after purchasing an additional 228 shares in the last quarter. Cascade Investment Advisors Inc. boosted its stake in shares of Solaredge Technologies by 1.1% during the second quarter. Cascade Investment Advisors Inc. now owns 25,110 shares of the semiconductor company’s stock valued at $1,568,000 after purchasing an additional 275 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. boosted its stake in shares of Solaredge Technologies by 3.8% during the first quarter. Piedmont Investment Advisors Inc. now owns 9,838 shares of the semiconductor company’s stock valued at $371,000 after purchasing an additional 361 shares in the last quarter. Institutional investors and hedge funds own 80.44% of the company’s stock.

A number of research firms have recently issued reports on SEDG. Goldman Sachs Group upgraded shares of Solaredge Technologies from a “sell” rating to a “neutral” rating and increased their price objective for the company from $35.00 to $52.00 in a research note on Monday, June 17th. Cascend Securities reiterated a “buy” rating and set a $75.00 price objective (up from $65.00) on shares of Solaredge Technologies in a research note on Thursday, June 27th. JPMorgan Chase & Co. increased their price objective on shares of Solaredge Technologies from $84.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, August 13th. ValuEngine upgraded shares of Solaredge Technologies from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, UBS Group downgraded shares of Solaredge Technologies from a “buy” rating to a “neutral” rating and increased their price objective for the company from $73.00 to $90.00 in a research note on Thursday, August 22nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Solaredge Technologies presently has an average rating of “Buy” and a consensus target price of $75.86.

In other Solaredge Technologies news, CEO Zvi Lando sold 28,604 shares of the firm’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $81.93, for a total value of $2,343,525.72. Following the completion of the transaction, the chief executive officer now owns 84,375 shares of the company’s stock, valued at $6,912,843.75. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director More Avery sold 14,891 shares of the firm’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $81.14, for a total transaction of $1,208,255.74. Following the completion of the transaction, the director now directly owns 585,611 shares of the company’s stock, valued at approximately $47,516,476.54. The disclosure for this sale can be found here. In the last ninety days, insiders sold 212,995 shares of company stock valued at $17,894,851. Corporate insiders own 7.90% of the company’s stock.

NASDAQ:SEDG traded down $1.52 during midday trading on Wednesday, reaching $81.54. 21,376 shares of the stock traded hands, compared to its average volume of 1,099,358. Solaredge Technologies Inc has a 12-month low of $32.42 and a 12-month high of $89.43. The business has a 50-day moving average of $78.29 and a two-hundred day moving average of $57.44. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.98 and a current ratio of 2.49. The stock has a market capitalization of $3.98 billion, a PE ratio of 30.32, a price-to-earnings-growth ratio of 1.16 and a beta of 0.05.

Solaredge Technologies (NASDAQ:SEDG) last posted its earnings results on Tuesday, August 6th. The semiconductor company reported $0.69 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.01. Solaredge Technologies had a net margin of 10.09% and a return on equity of 17.81%. The company had revenue of $325.00 million during the quarter, compared to analysts’ expectations of $315.53 million. During the same quarter in the prior year, the company posted $0.82 earnings per share. Solaredge Technologies’s revenue for the quarter was up 43.1% compared to the same quarter last year. Research analysts anticipate that Solaredge Technologies Inc will post 2.99 earnings per share for the current year.

Solaredge Technologies Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. Its SolarEdge system consists of power optimizers, inverters, communication and smart energy management solutions, and a cloud based monitoring platform.

Further Reading: Exchange-Traded Funds (ETFs)

Institutional Ownership by Quarter for Solaredge Technologies (NASDAQ:SEDG)

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