BMO Capital Markets Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $37.00

Enphase Energy (NASDAQ:ENPH) had its price target cut by BMO Capital Markets from $39.00 to $37.00 in a research note released on Wednesday morning, MarketBeat Ratings reports. The firm currently has a market perform rating on the semiconductor company’s stock.

Other analysts have also recently issued reports about the company. Sanford C. Bernstein assumed coverage on Enphase Energy in a research note on Tuesday, June 16th. They issued a “market perform” rating and a $56.00 price objective on the stock. UBS Group set a $56.00 target price on Enphase Energy in a research note on Wednesday. Deutsche Bank Aktiengesellschaft upped their price target on Enphase Energy from $39.00 to $40.00 and gave the stock a “hold” rating in a report on Thursday, April 30th. Roth Capital reaffirmed a “buy” rating on shares of Enphase Energy in a research report on Friday, May 22nd. Finally, Citigroup reiterated a “neutral” rating on shares of Enphase Energy in a research note on Wednesday, July 22nd. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $45.61.

Enphase Energy Price Performance

Shares of ENPH opened at $37.54 on Wednesday. Enphase Energy has a fifty-two week low of $25.77 and a fifty-two week high of $73.74. The firm’s 50 day moving average price is $49.62 and its 200 day moving average price is $43.77. The company has a market cap of $4.96 billion, a P/E ratio of 37.54 and a beta of 1.62. The company has a quick ratio of 3.20, a current ratio of 3.45 and a debt-to-equity ratio of 0.48.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings results on Tuesday, July 28th. The semiconductor company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.01). The business had revenue of $291.85 million during the quarter, compared to analysts’ expectations of $289.76 million. Enphase Energy had a net margin of 10.09% and a return on equity of 13.31%. The business’s quarterly revenue was down 19.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.69 EPS. On average, research analysts forecast that Enphase Energy will post 0.82 earnings per share for the current fiscal year.

Insider Activity

In other Enphase Energy news, CEO Badrinarayanan Kothandaraman acquired 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were purchased at an average price of $67.50 per share, with a total value of $337,500.00. Following the completion of the acquisition, the chief executive officer directly owned 1,645,632 shares of the company’s stock, valued at approximately $111,080,160. The trade was a 0.30% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Shanker Trivedi acquired 1,000 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The shares were acquired at an average cost of $53.91 per share, for a total transaction of $53,910.00. Following the acquisition, the director directly owned 1,000 shares of the company’s stock, valued at $53,910. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 3,400 shares of company stock valued at $150,933 in the last three months. 2.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Enphase Energy

Several institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Enphase Energy by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 16,329,647 shares of the semiconductor company’s stock worth $523,365,000 after purchasing an additional 246,876 shares in the last quarter. Norges Bank purchased a new position in Enphase Energy during the 4th quarter valued at about $118,190,000. Invesco Ltd. lifted its holdings in shares of Enphase Energy by 36.2% in the fourth quarter. Invesco Ltd. now owns 3,158,931 shares of the semiconductor company’s stock valued at $101,244,000 after purchasing an additional 839,468 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Enphase Energy by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,510,509 shares of the semiconductor company’s stock valued at $80,478,000 after purchasing an additional 11,220 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its position in shares of Enphase Energy by 154.9% in the second quarter. Handelsbanken Fonder AB now owns 2,111,158 shares of the semiconductor company’s stock valued at $103,953,000 after purchasing an additional 1,283,052 shares during the last quarter. 72.12% of the stock is currently owned by hedge funds and other institutional investors.

Enphase Energy Company Profile

Enphase Energy is a global energy technology company that specializes in solar microinverters, energy storage systems and energy management software. Its core business centers on converting direct current (DC) power generated by solar panels into alternating current (AC) power suitable for use in residential and commercial applications. By integrating hardware and software solutions, Enphase Energy aims to improve solar energy yield, enhance system reliability and provide real-time monitoring capabilities to its customers.

The company’s product portfolio includes its IQ Series microinverters, which attach to individual solar panels to optimize performance at the module level and reduce the impact of shading or system failures.