Citigroup Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $37.00

Enphase Energy (NASDAQ:ENPH) had its price objective reduced by stock analysts at Citigroup from $40.00 to $37.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the semiconductor company’s stock. Citigroup’s price objective suggests a potential upside of 18.93% from the company’s previous close.

Several other research firms have also commented on ENPH. BMO Capital Markets dropped their price objective on shares of Enphase Energy from $39.00 to $37.00 and set a “market perform” rating on the stock in a research note on Wednesday, July 29th. The Goldman Sachs Group decreased their target price on shares of Enphase Energy from $55.00 to $47.00 and set a “buy” rating for the company in a research note on Monday, September 21st. Jefferies Financial Group lowered their target price on shares of Enphase Energy from $54.00 to $42.00 and set a “buy” rating for the company in a report on Monday, September 21st. Royal Bank Of Canada dropped their price target on Enphase Energy from $54.00 to $47.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. Finally, UBS Group set a $56.00 price objective on Enphase Energy in a research report on Wednesday, July 29th. Nine equities research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $44.20.

Enphase Energy Trading Up 0.7%

ENPH traded up $0.20 during trading on Tuesday, hitting $31.11. 2,567,927 shares of the stock traded hands, compared to its average volume of 6,469,717. Enphase Energy has a 12-month low of $25.77 and a 12-month high of $73.74. The firm has a market capitalization of $4.11 billion, a P/E ratio of 31.12 and a beta of 1.65. The company has a debt-to-equity ratio of 0.48, a current ratio of 3.45 and a quick ratio of 2.95. The firm has a 50-day moving average of $37.43 and a 200 day moving average of $42.37.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings data on Tuesday, July 28th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.01). Enphase Energy had a net margin of 10.09% and a return on equity of 13.31%. The company had revenue of $291.85 million for the quarter, compared to analysts’ expectations of $289.76 million. During the same period in the previous year, the firm posted $0.69 earnings per share. The firm’s revenue for the quarter was down 19.6% compared to the same quarter last year. Equities research analysts anticipate that Enphase Energy will post 0.69 EPS for the current year.

Insiders Place Their Bets

In other news, Director Richard Mora sold 2,000 shares of the stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $36.76, for a total value of $73,520.00. Following the transaction, the director owned 11,922 shares in the company, valued at $438,252.72. This represents a 14.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Enphase Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank purchased a new position in shares of Enphase Energy during the 4th quarter worth $118,190,000. Handelsbanken Fonder AB lifted its holdings in Enphase Energy by 154.9% in the second quarter. Handelsbanken Fonder AB now owns 2,111,158 shares of the semiconductor company’s stock valued at $103,953,000 after acquiring an additional 1,283,052 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Enphase Energy by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 2,510,509 shares of the semiconductor company’s stock valued at $80,478,000 after acquiring an additional 11,220 shares during the last quarter. First Trust Advisors LP grew its position in Enphase Energy by 42.4% in the first quarter. First Trust Advisors LP now owns 1,834,416 shares of the semiconductor company’s stock worth $69,359,000 after acquiring an additional 546,460 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Enphase Energy by 37.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,361,157 shares of the semiconductor company’s stock worth $51,459,000 after acquiring an additional 373,212 shares during the last quarter. Institutional investors own 72.12% of the company’s stock.

About Enphase Energy

Enphase Energy, Inc (NASDAQ:ENPH) is a clean energy technology company that designs and manufactures systems for generating, storing and managing electricity. Its products are primarily used in residential and commercial solar installations.

The company is best known for its semiconductor-based solar microinverters, which convert the direct current produced by individual solar panels into alternating current for use in buildings or delivery to the electric grid. Enphase also offers home battery storage systems, electric vehicle chargers, energy management software and related monitoring services designed to help customers optimize solar production, energy consumption and backup power.

Founded in 2006, Enphase is headquartered in Fremont, California.