Investec Asset Management LTD Cuts Stake in SolarEdge Technologies, Inc. (SEDG)
Investec Asset Management LTD trimmed its position in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 31.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 42,997 shares of the semiconductor company’s stock after selling 19,571 shares during the quarter. Investec Asset Management LTD owned 0.10% of SolarEdge Technologies worth $1,228,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. American International Group Inc. acquired a new stake in shares of SolarEdge Technologies in the third quarter valued at about $123,000. Sei Investments Co. grew its stake in shares of SolarEdge Technologies by 380.4% in the second quarter. Sei Investments Co. now owns 6,005 shares of the semiconductor company’s stock valued at $120,000 after buying an additional 4,755 shares in the last quarter. Globeflex Capital L P acquired a new stake in shares of SolarEdge Technologies in the second quarter valued at about $157,000. Crossmark Global Holdings Inc. acquired a new stake in shares of SolarEdge Technologies in the third quarter valued at about $280,000. Finally, Wells Fargo & Company MN grew its stake in shares of SolarEdge Technologies by 19.5% in the third quarter. Wells Fargo & Company MN now owns 10,291 shares of the semiconductor company’s stock valued at $294,000 after buying an additional 1,680 shares in the last quarter. Institutional investors own 67.78% of the company’s stock.
In other SolarEdge Technologies news, VP Zvi Lando sold 6,240 shares of the firm’s stock in a transaction that occurred on Friday, November 3rd. The stock was sold at an average price of $33.50, for a total transaction of $209,040.00. Following the completion of the sale, the vice president now owns 34,573 shares in the company, valued at approximately $1,158,195.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Yoav Galin sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $26.35, for a total value of $395,250.00. Following the sale, the vice president now owns 65,000 shares of the company’s stock, valued at approximately $1,712,750. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 112,940 shares of company stock valued at $3,511,159. 16.40% of the stock is owned by insiders.
A number of research firms have recently issued reports on SEDG. Barclays reiterated an “overweight” rating and issued a $28.00 target price (up previously from $21.00) on shares of SolarEdge Technologies in a research note on Wednesday, August 9th. BidaskClub upgraded SolarEdge Technologies from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, August 8th. Canaccord Genuity reiterated a “buy” rating and issued a $30.00 target price (up previously from $25.00) on shares of SolarEdge Technologies in a research note on Wednesday, August 9th. Axiom Securities reiterated a “sell” rating on shares of SolarEdge Technologies in a research note on Thursday, August 10th. Finally, Deutsche Bank lowered SolarEdge Technologies from a “buy” rating to a “hold” rating and set a $40.00 target price for the company. in a research note on Monday, November 27th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and three have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $34.19.
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SolarEdge Technologies Company Profile
SolarEdge Technologies, Inc offers an inverter solution for a solar photovoltaic (PV) system. The Company’s products include SolarEdge Power Optimizer, SolarEdge Inverter, StorEdge Solutions and SolarEdge Monitoring Software. Its product roadmap consists of categories, including power optimizers, inverters, monitoring services, energy storage and smart energy management.
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