Citigroup Inc. Raises Position in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Citigroup Inc. grew its holdings in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 54.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 170,429 shares of the semiconductor company’s stock after purchasing an additional 60,309 shares during the period. Citigroup Inc. owned approximately 0.33% of SolarEdge Technologies worth $47,100,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of SEDG. Jupiter Asset Management Ltd. increased its holdings in shares of SolarEdge Technologies by 61.9% during the second quarter. Jupiter Asset Management Ltd. now owns 5,374 shares of the semiconductor company’s stock valued at $1,483,000 after acquiring an additional 2,054 shares in the last quarter. Centaurus Financial Inc. increased its stake in SolarEdge Technologies by 167.2% during the 2nd quarter. Centaurus Financial Inc. now owns 1,304 shares of the semiconductor company’s stock valued at $360,000 after purchasing an additional 816 shares in the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of SolarEdge Technologies by 50.3% in the second quarter. O Shaughnessy Asset Management LLC now owns 293 shares of the semiconductor company’s stock worth $81,000 after buying an additional 98 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of SolarEdge Technologies by 13.6% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 9,496 shares of the semiconductor company’s stock worth $2,624,000 after buying an additional 1,139 shares during the period. Finally, Duality Advisers LP purchased a new stake in shares of SolarEdge Technologies during the second quarter valued at $315,000. Hedge funds and other institutional investors own 73.10% of the company’s stock.

A number of analysts have commented on the company. Morgan Stanley lifted their price target on SolarEdge Technologies from $310.00 to $318.00 and gave the stock an “overweight” rating in a research report on Thursday, August 19th. Piper Sandler lifted their target price on SolarEdge Technologies from $342.00 to $351.00 and gave the stock an “overweight” rating in a report on Tuesday, August 3rd. Canaccord Genuity upped their target price on SolarEdge Technologies from $260.00 to $280.00 and gave the company a “hold” rating in a research report on Wednesday, August 4th. Citigroup upgraded SolarEdge Technologies from a “neutral” rating to a “buy” rating and upped their target price for the company from $300.00 to $360.00 in a research report on Tuesday, August 3rd. Finally, JPMorgan Chase & Co. upped their target price on SolarEdge Technologies from $337.00 to $373.00 and gave the company an “overweight” rating in a research report on Wednesday, July 21st. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, SolarEdge Technologies currently has a consensus rating of “Buy” and an average target price of $322.13.

In other news, VP Meir Adest sold 2,662 shares of SolarEdge Technologies stock in a transaction that occurred on Tuesday, August 31st. The shares were sold at an average price of $290.69, for a total transaction of $773,816.78. Following the sale, the vice president now owns 27,560 shares of the company’s stock, valued at approximately $8,011,416.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Marcel Gani sold 3,000 shares of the stock in a transaction on Thursday, July 1st. The stock was sold at an average price of $275.17, for a total value of $825,510.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,333 shares of company stock worth $9,377,876. 1.60% of the stock is currently owned by company insiders.

Shares of NASDAQ SEDG opened at $272.51 on Wednesday. SolarEdge Technologies, Inc. has a 12-month low of $178.32 and a 12-month high of $377.00. The stock has a market cap of $14.24 billion, a PE ratio of 107.71, a P/E/G ratio of 4.44 and a beta of 0.95. The company has a current ratio of 3.73, a quick ratio of 2.92 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average of $271.84 and a 200 day moving average of $264.07.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Sunday, August 1st. The semiconductor company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.49. SolarEdge Technologies had a net margin of 8.63% and a return on equity of 12.63%. The company had revenue of $480.10 million during the quarter, compared to analysts’ expectations of $455.66 million. During the same quarter in the prior year, the company earned $0.97 EPS. SolarEdge Technologies’s revenue was up 44.7% compared to the same quarter last year. On average, sell-side analysts forecast that SolarEdge Technologies, Inc. will post 3.42 EPS for the current fiscal year.

SolarEdge Technologies Company Profile

SolarEdge Technologies, Inc engages in the development of energy technology, which provides inverter solutions. The firm operates through the following segments: Solar and All Other. The Solar segment includes the design, development, manufacturing, and sales of an inverter solution designed to maximize power generation.

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

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