JPMorgan Chase & Co. Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $33.00

by · The Cerbat Gem

Enphase Energy (NASDAQ:ENPH – Free Report) had its target price reduced by JPMorgan Chase & Co. from $37.00 to $33.00 in a research note published on Monday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the semiconductor company’s stock.

A number of other research firms also recently weighed in on ENPH. Oppenheimer set a $67.00 price target on Enphase Energy and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Barclays increased their target price on Enphase Energy from $29.00 to $33.00 and gave the company an “underweight” rating in a research note on Wednesday, October 8th. Evercore ISI set a $33.00 target price on Enphase Energy in a research report on Wednesday, October 29th. Weiss Ratings reiterated a “sell (d)” rating on shares of Enphase Energy in a research report on Wednesday, October 8th. Finally, Morgan Stanley reduced their price objective on shares of Enphase Energy from $28.00 to $26.00 and set an “underweight” rating on the stock in a research note on Thursday, October 30th. Five investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and thirteen have issued a Sell rating to the stock. According to data from MarketBeat, Enphase Energy has an average rating of “Reduce” and a consensus price target of $39.75.

View Our Latest Analysis on ENPH

Enphase Energy Stock Up 3.9%

Shares of NASDAQ ENPH opened at $32.79 on Monday. Enphase Energy has a 1 year low of $25.77 and a 1 year high of $76.90. The firm’s 50-day moving average is $32.18 and its 200-day moving average is $36.09. The company has a current ratio of 2.04, a quick ratio of 1.88 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $4.29 billion, a PE ratio of 22.61 and a beta of 1.43.

Enphase Energy (NASDAQ:ENPH – Get Free Report) last posted its quarterly earnings results on Tuesday, October 28th. The semiconductor company reported $0.90 earnings per share for the quarter, topping analysts’ consensus estimates of $0.60 by $0.30. Enphase Energy had a net margin of 12.93% and a return on equity of 25.67%. The business had revenue of $410.43 million during the quarter, compared to the consensus estimate of $364.64 million. During the same period in the previous year, the firm posted $0.65 earnings per share. Enphase Energy’s revenue for the quarter was up 7.8% compared to the same quarter last year. Equities analysts expect that Enphase Energy will post 2.08 EPS for the current year.

Insider Transactions at Enphase Energy

In other news, Director Thurman J. Rodgers sold 150,000 shares of the business’s stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $29.13, for a total value of $4,369,500.00. Following the sale, the director directly owned 1,733,596 shares in the company, valued at $50,499,651.48. The trade was a 7.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Badrinarayanan Kothandaraman bought 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 10th. The stock was purchased at an average cost of $30.69 per share, for a total transaction of $153,450.00. Following the transaction, the chief executive officer owned 1,635,632 shares in the company, valued at $50,197,546.08. The trade was a 0.31% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 3.10% of the company’s stock.

Institutional Trading of Enphase Energy

A number of institutional investors have recently made changes to their positions in the business. Invesco Ltd. increased its stake in Enphase Energy by 28.1% in the 2nd quarter. Invesco Ltd. now owns 6,743,674 shares of the semiconductor company’s stock valued at $267,387,000 after buying an additional 1,479,153 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Enphase Energy by 2.1% in the 2nd quarter. Geode Capital Management LLC now owns 3,542,878 shares of the semiconductor company’s stock valued at $140,217,000 after acquiring an additional 73,459 shares in the last quarter. Coatue Management LLC increased its position in shares of Enphase Energy by 95.3% in the third quarter. Coatue Management LLC now owns 1,647,893 shares of the semiconductor company’s stock valued at $58,319,000 after acquiring an additional 803,945 shares during the last quarter. Federated Hermes Inc. raised its holdings in Enphase Energy by 9.6% during the third quarter. Federated Hermes Inc. now owns 1,619,109 shares of the semiconductor company’s stock worth $57,300,000 after acquiring an additional 141,358 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in Enphase Energy by 827.3% during the second quarter. Assenagon Asset Management S.A. now owns 1,152,546 shares of the semiconductor company’s stock worth $45,698,000 after acquiring an additional 1,028,259 shares in the last quarter. Institutional investors own 72.12% of the company’s stock.

About Enphase Energy

(Get Free Report)

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.

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