Ion Asset Management Ltd. trimmed its holdings in Solaredge Technologies Inc (NASDAQ:SEDG) by 21.0% in the 1st quarter, HoldingsChannel.com reports. The fund owned 1,037,687 shares of the semiconductor company’s stock after selling 275,436 shares during the quarter. Solaredge Technologies makes up approximately 14.7% of Ion Asset Management Ltd.’s holdings, making the stock its 3rd biggest holding. Ion Asset Management Ltd.’s holdings in Solaredge Technologies were worth $54,582,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of SEDG. Bank of Montreal Can purchased a new position in Solaredge Technologies in the fourth quarter worth approximately $765,000. Teacher Retirement System of Texas purchased a new position in Solaredge Technologies in the fourth quarter worth approximately $353,000. California Public Employees Retirement System grew its position in Solaredge Technologies by 113.8% in the fourth quarter. California Public Employees Retirement System now owns 40,107 shares of the semiconductor company’s stock worth $1,506,000 after acquiring an additional 21,349 shares during the period. Swiss National Bank grew its position in Solaredge Technologies by 7.4% in the fourth quarter. Swiss National Bank now owns 48,000 shares of the semiconductor company’s stock worth $1,802,000 after acquiring an additional 3,300 shares during the period. Finally, First Trust Advisors LP grew its position in Solaredge Technologies by 3.5% in the fourth quarter. First Trust Advisors LP now owns 82,852 shares of the semiconductor company’s stock worth $3,111,000 after acquiring an additional 2,772 shares during the period. Institutional investors own 63.63% of the company’s stock.
SEDG has been the subject of several analyst reports. BidaskClub lowered Solaredge Technologies from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 25th. Canaccord Genuity set a $55.00 price objective on Solaredge Technologies and gave the stock a “buy” rating in a research report on Sunday, May 6th. UBS Group initiated coverage on Solaredge Technologies in a research report on Friday, March 16th. They issued a “buy” rating and a $63.00 price objective for the company. JPMorgan Chase & Co. raised their price target on Solaredge Technologies from $52.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, March 19th. Finally, Zacks Investment Research upgraded Solaredge Technologies from a “hold” rating to a “strong-buy” rating and set a $53.00 price target for the company in a research report on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Solaredge Technologies presently has a consensus rating of “Buy” and an average target price of $56.00.
Shares of Solaredge Technologies traded up $0.20, hitting $53.70, during mid-day trading on Thursday, according to Marketbeat.com. The company had a trading volume of 15,342 shares, compared to its average volume of 1,667,157. The stock has a market cap of $2.40 billion, a P/E ratio of 23.76, a PEG ratio of 0.80 and a beta of -0.53. Solaredge Technologies Inc has a 1-year low of $18.05 and a 1-year high of $70.74.
Solaredge Technologies (NASDAQ:SEDG) last announced its quarterly earnings data on Wednesday, May 9th. The semiconductor company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.80 by $0.07. The business had revenue of $209.90 million for the quarter, compared to analysts’ expectations of $204.38 million. Solaredge Technologies had a return on equity of 32.27% and a net margin of 15.06%. The company’s revenue for the quarter was up 82.4% compared to the same quarter last year. During the same period last year, the firm earned $0.36 earnings per share. sell-side analysts expect that Solaredge Technologies Inc will post 2.78 earnings per share for the current fiscal year.
In other news, VP Meir Adest sold 1,441 shares of the stock in a transaction on Monday, June 4th. The stock was sold at an average price of $55.49, for a total value of $79,961.09. Following the sale, the vice president now directly owns 341,897 shares in the company, valued at $18,971,864.53. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Doron Inbar sold 20,000 shares of the stock in a transaction on Monday, March 12th. The shares were sold at an average price of $53.26, for a total value of $1,065,200.00. Following the completion of the sale, the director now owns 173,333 shares in the company, valued at $9,231,715.58. The disclosure for this sale can be found here. Over the last quarter, insiders sold 576,674 shares of company stock worth $33,094,679. Insiders own 9.70% of the company’s stock.
Solaredge Technologies Company Profile
SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in Israel, the United States, the Netherlands, Europe, and internationally. The company's DC optimized inverter systems include power optimizers and inverters, as well as a cloud-based monitoring platform.
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