Lord Abbett & CO. LLC trimmed its position in Enphase Energy, Inc. (NASDAQ:ENPH) by 88.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 61,441 shares of the semiconductor company’s stock after selling 468,917 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Enphase Energy were worth $11,282,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the stock. Guggenheim Capital LLC raised its position in Enphase Energy by 3.0% in the 1st quarter. Guggenheim Capital LLC now owns 27,650 shares of the semiconductor company’s stock valued at $4,484,000 after buying an additional 800 shares during the last quarter. BlueCrest Capital Management Ltd lifted its position in shares of Enphase Energy by 12.9% during the 1st quarter. BlueCrest Capital Management Ltd now owns 21,345 shares of the semiconductor company’s stock worth $3,461,000 after buying an additional 2,445 shares during the last quarter. Barclays PLC lifted its position in shares of Enphase Energy by 209.5% during the 1st quarter. Barclays PLC now owns 363,644 shares of the semiconductor company’s stock worth $58,969,000 after buying an additional 246,140 shares during the last quarter. Navellier & Associates Inc increased its holdings in Enphase Energy by 16.4% in the 2nd quarter. Navellier & Associates Inc now owns 53,590 shares of the semiconductor company’s stock worth $9,841,000 after purchasing an additional 7,534 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Enphase Energy by 124.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 68,326 shares of the semiconductor company’s stock valued at $11,079,000 after buying an additional 37,819 shares during the period. Hedge funds and other institutional investors own 67.26% of the company’s stock.
Several brokerages have issued reports on ENPH. Guggenheim began coverage on Enphase Energy in a report on Wednesday, June 2nd. They issued a “neutral” rating on the stock. Citigroup assumed coverage on Enphase Energy in a research report on Friday, June 25th. They set a “buy” rating for the company. The Goldman Sachs Group raised their target price on Enphase Energy from $187.00 to $202.00 and gave the stock a “buy” rating in a research report on Friday, July 2nd. They noted that the move was a valuation call. Piper Sandler lifted their price target on Enphase Energy from $195.00 to $202.00 and gave the company an “overweight” rating in a research report on Thursday, July 15th. Finally, Seaport Global Securities began coverage on Enphase Energy in a research report on Thursday, July 15th. They issued a “neutral” rating and a $170.79 price target for the company. Ten analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $184.79.
Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings data on Tuesday, July 27th. The semiconductor company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.11. The company had revenue of $316.06 million during the quarter, compared to analysts’ expectations of $311.23 million. Enphase Energy had a net margin of 17.28% and a return on equity of 42.16%. Enphase Energy’s revenue was up 151.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.17 EPS. On average, analysts expect that Enphase Energy, Inc. will post 1.34 earnings per share for the current year.
In related news, EVP David A. Ranhoff sold 28,031 shares of the firm’s stock in a transaction dated Monday, July 12th. The shares were sold at an average price of $183.87, for a total value of $5,154,059.97. Following the completion of the sale, the executive vice president now owns 199,957 shares in the company, valued at $36,766,093.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jeff Mcneil sold 7,529 shares of the firm’s stock in a transaction dated Monday, August 2nd. The shares were sold at an average price of $183.16, for a total transaction of $1,379,011.64. Following the transaction, the chief operating officer now owns 178,319 shares of the company’s stock, valued at $32,660,908.04. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 54,726 shares of company stock worth $9,787,267. Company insiders own 5.00% of the company’s stock.
Enphase Energy Profile
Enphase Energy, Inc engages in the design, development, manufacture and sale of micro inverter systems for the solar photovoltaic industry. Its products include IQ 7 Microinverter Series, IQ Battery, IQ Envoy, IQ Microinverter Accessories, IQ Envoy Accessories and Enlighten & Apps. The company was founded by Raghuveer R.
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