Enphase Energy, Inc. (NASDAQ:ENPH) Shares Purchased by Covenant Asset Management LLC

Covenant Asset Management LLC increased its holdings in shares of Enphase Energy, Inc. (NASDAQ:ENPH) by 9.5% in the second quarter, Holdings Channel reports. The firm owned 13,669 shares of the semiconductor company’s stock after acquiring an additional 1,187 shares during the period. Covenant Asset Management LLC’s holdings in Enphase Energy were worth $2,289,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ENPH. Agur Provident & Training Funds Management Ltd. acquired a new stake in shares of Enphase Energy during the first quarter worth approximately $25,000. GPS Wealth Strategies Group LLC acquired a new stake in shares of Enphase Energy during the first quarter worth approximately $26,000. KB Financial Partners LLC acquired a new stake in shares of Enphase Energy during the first quarter worth approximately $28,000. Resurgent Financial Advisors LLC acquired a new stake in shares of Enphase Energy during the fourth quarter worth approximately $29,000. Finally, Venturi Wealth Management LLC acquired a new stake in shares of Enphase Energy during the first quarter worth approximately $37,000. Institutional investors and hedge funds own 71.05% of the company’s stock.

Insider Buying and Selling at Enphase Energy

In other news, Director Thurman J. Rodgers acquired 32,600 shares of the firm’s stock in a transaction on Thursday, September 14th. The shares were purchased at an average cost of $122.76 per share, with a total value of $4,001,976.00. Following the completion of the purchase, the director now owns 85,200 shares of the company’s stock, valued at $10,459,152. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Susquehanna decreased their price target on shares of Enphase Energy from $225.00 to $200.00 and set a “positive” rating for the company in a research report on Friday, July 28th. Citigroup reduced their price objective on Enphase Energy from $209.00 to $170.00 and set a “buy” rating on the stock in a research note on Monday. Northland Securities reduced their price objective on Enphase Energy from $300.00 to $235.00 in a research note on Wednesday, June 28th. Truist Financial cut Enphase Energy from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $210.00 to $135.00 in a research note on Tuesday, September 12th. Finally, Wolfe Research cut Enphase Energy from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Enphase Energy has an average rating of “Moderate Buy” and a consensus price target of $234.17.

Enphase Energy Stock Performance

Enphase Energy stock traded up $4.55 during trading hours on Tuesday, hitting $121.71. The stock had a trading volume of 2,064,836 shares, compared to its average volume of 3,976,650. Enphase Energy, Inc. has a fifty-two week low of $116.86 and a fifty-two week high of $339.92. The company has a market cap of $16.60 billion, a PE ratio of 29.51, a price-to-earnings-growth ratio of 1.38 and a beta of 1.52. The company has a 50-day moving average of $143.48 and a two-hundred day moving average of $169.96. The company has a quick ratio of 3.22, a current ratio of 3.44 and a debt-to-equity ratio of 1.23.

Enphase Energy (NASDAQ:ENPH) last issued its earnings results on Thursday, July 27th. The semiconductor company reported $1.16 EPS for the quarter, topping the consensus estimate of $0.95 by $0.21. Enphase Energy had a return on equity of 71.20% and a net margin of 20.48%. The firm had revenue of $711.12 million during the quarter, compared to analysts’ expectations of $726.94 million. On average, equities research analysts anticipate that Enphase Energy, Inc. will post 3.77 EPS for the current fiscal year.

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.