Westpac Banking Corp Decreases Position in Enphase Energy, Inc. (NASDAQ:ENPH)

Westpac Banking Corp lessened its holdings in Enphase Energy, Inc. (NASDAQ:ENPH) by 15.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,435 shares of the semiconductor company’s stock after selling 2,023 shares during the period. Westpac Banking Corp’s holdings in Enphase Energy were worth $710,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale boosted its position in Enphase Energy by 0.3% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 88,696 shares of the semiconductor company’s stock valued at $5,421,000 after buying an additional 238 shares during the period. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Enphase Energy by 2.5% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 10,357 shares of the semiconductor company’s stock valued at $643,000 after purchasing an additional 255 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in shares of Enphase Energy by 83.0% in the 1st quarter. First Horizon Advisors Inc. now owns 569 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 258 shares in the last quarter. Leibman Financial Services Inc. raised its holdings in shares of Enphase Energy by 1.0% in the 1st quarter. Leibman Financial Services Inc. now owns 29,474 shares of the semiconductor company’s stock valued at $1,829,000 after purchasing an additional 305 shares in the last quarter. Finally, McGowan Group Asset Management Inc. raised its holdings in shares of Enphase Energy by 2.0% in the 4th quarter. McGowan Group Asset Management Inc. now owns 16,670 shares of the semiconductor company’s stock valued at $1,145,000 after purchasing an additional 319 shares in the last quarter. Hedge funds and other institutional investors own 72.12% of the company’s stock.

Insider Activity

In other news, CEO Badrinarayanan Kothandaraman purchased 5,000 shares of the company’s stock in a transaction dated Wednesday, August 6th. The shares were acquired at an average cost of $30.82 per share, for a total transaction of $154,100.00. Following the completion of the purchase, the chief executive officer directly owned 1,620,632 shares in the company, valued at $49,947,878.24. The trade was a 0.31% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.10% of the stock is currently owned by company insiders.

Enphase Energy Trading Up 2.0%

Shares of Enphase Energy stock opened at $34.22 on Thursday. The company has a market capitalization of $4.47 billion, a P/E ratio of 26.73 and a beta of 1.59. The company’s fifty day moving average is $38.43 and its two-hundred day moving average is $49.28. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.82 and a current ratio of 1.97. Enphase Energy, Inc. has a 1 year low of $29.89 and a 1 year high of $130.08.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings results on Tuesday, July 22nd. The semiconductor company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.07. Enphase Energy had a net margin of 11.78% and a return on equity of 24.55%. The business had revenue of $363.15 million for the quarter, compared to analyst estimates of $359.14 million. During the same period in the previous year, the business posted $0.43 earnings per share. The business’s revenue was up 19.7% compared to the same quarter last year. Analysts forecast that Enphase Energy, Inc. will post 2.08 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on ENPH. The Goldman Sachs Group restated a “sell” rating and issued a $32.00 price objective (down from $77.00) on shares of Enphase Energy in a report on Wednesday, July 9th. Piper Sandler reduced their price objective on shares of Enphase Energy from $47.00 to $42.00 and set a “neutral” rating on the stock in a report on Wednesday, April 23rd. Morgan Stanley lowered shares of Enphase Energy from an “equal weight” rating to an “underweight” rating and set a $36.00 price objective on the stock. in a report on Wednesday, April 23rd. DZ Bank lowered shares of Enphase Energy from a “hold” rating to a “strong sell” rating in a report on Wednesday, April 23rd. Finally, Wall Street Zen upgraded shares of Enphase Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 2nd. Thirteen investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $55.22.

Enphase Energy Company Profile

Enphase Energy, Inc, together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control.