State Board of Administration of Florida Retirement System Increases Holdings in Enphase Energy, Inc. (NASDAQ:ENPH)
State Board of Administration of Florida Retirement System lifted its position in shares of Enphase Energy, Inc. (NASDAQ:ENPH) by 4.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 142,665 shares of the semiconductor company’s stock after purchasing an additional 6,385 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Enphase Energy were worth $25,033,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. World Asset Management Inc purchased a new position in Enphase Energy in the 3rd quarter worth approximately $386,000. CENTRAL TRUST Co increased its stake in Enphase Energy by 918.5% in the 3rd quarter. CENTRAL TRUST Co now owns 2,312 shares of the semiconductor company’s stock worth $191,000 after purchasing an additional 2,085 shares during the period. Sheets Smith Wealth Management purchased a new position in Enphase Energy in the 3rd quarter worth approximately $459,000. JustInvest LLC purchased a new position in Enphase Energy in the 3rd quarter worth approximately $241,000. Finally, Xponance Inc. increased its stake in Enphase Energy by 32.7% in the 3rd quarter. Xponance Inc. now owns 24,182 shares of the semiconductor company’s stock worth $1,997,000 after purchasing an additional 5,960 shares during the period. 72.81% of the stock is currently owned by institutional investors.
A number of equities research analysts have recently weighed in on the company. TheStreet upgraded Enphase Energy from a “c+” rating to a “b” rating in a research report on Tuesday, October 27th. Credit Suisse Group lifted their price target on Enphase Energy from $93.00 to $150.00 and gave the company a “neutral” rating in a research report on Wednesday, January 20th. Bank of America lifted their price target on Enphase Energy from $116.00 to $131.00 and gave the company a “buy” rating in a research report on Monday, November 16th. Susquehanna Bancshares cut Enphase Energy from a “positive” rating to a “neutral” rating and set a $195.00 price objective for the company. in a research note on Thursday, January 7th. Finally, Roth Capital lifted their price objective on Enphase Energy from $220.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, February 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $169.65.
Enphase Energy (NASDAQ:ENPH) last released its quarterly earnings data on Monday, February 8th. The semiconductor company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.41 by $0.10. Enphase Energy had a return on equity of 30.06% and a net margin of 24.69%. The company had revenue of $264.80 million for the quarter, compared to analysts’ expectations of $254.21 million. During the same period last year, the firm posted $0.39 earnings per share. Enphase Energy’s revenue was up 26.1% compared to the same quarter last year. As a group, sell-side analysts expect that Enphase Energy, Inc. will post 0.95 EPS for the current fiscal year.
In other Enphase Energy news, Director Benjamin John Kortlang sold 50,000 shares of the firm’s stock in a transaction dated Friday, December 4th. The stock was sold at an average price of $130.30, for a total value of $6,515,000.00. Following the transaction, the director now directly owns 287,085 shares of the company’s stock, valued at $37,407,175.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David A. Ranhoff sold 82,400 shares of the firm’s stock in a transaction dated Friday, November 27th. The stock was sold at an average price of $142.46, for a total value of $11,738,704.00. Following the completion of the transaction, the executive vice president now directly owns 375,839 shares in the company, valued at $53,542,023.94. The disclosure for this sale can be found here. Insiders sold 246,678 shares of company stock worth $38,024,997 over the last three months. Insiders own 7.10% of the company’s stock.
About Enphase Energy
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 services.
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