The Goldman Sachs Group Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $47.00

Enphase Energy (NASDAQ:ENPH) had its target price decreased by The Goldman Sachs Group from $55.00 to $47.00 in a report published on Monday morning, Marketbeat.com reports. The Goldman Sachs Group currently has a buy rating on the semiconductor company’s stock.

Several other brokerages also recently weighed in on ENPH. Barclays raised Enphase Energy from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $30.00 to $51.00 in a report on Thursday, June 18th. Royal Bank Of Canada cut their price objective on Enphase Energy from $54.00 to $47.00 and set an “outperform” rating on the stock in a report on Wednesday, July 29th. Oppenheimer restated an “outperform” rating on shares of Enphase Energy in a research note on Tuesday, September 8th. Jefferies Financial Group boosted their target price on shares of Enphase Energy from $41.00 to $64.00 and gave the company a “buy” rating in a research report on Friday, June 12th. Finally, Sanford C. Bernstein started coverage on Enphase Energy in a report on Tuesday, June 16th. They issued a “market perform” rating and a $56.00 price target for the company. Nine research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $44.34.

Enphase Energy Stock Performance

Shares of NASDAQ:ENPH opened at $33.07 on Monday. The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of 33.07 and a beta of 1.65. The company has a quick ratio of 2.95, a current ratio of 3.45 and a debt-to-equity ratio of 0.48. Enphase Energy has a 52 week low of $25.77 and a 52 week high of $73.74. The firm has a 50 day moving average of $37.95 and a 200 day moving average of $42.57.

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

Insider Buying and Selling at Enphase Energy

In other news, Director Richard Mora sold 2,000 shares of the firm’s stock in a transaction dated 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 directly owned 11,922 shares of the company’s stock, valued at approximately $438,252.72. This trade represents a 14.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.90% of the company’s stock.

Hedge Funds Weigh In On Enphase Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Monaco Asset Management SAM acquired a new position in shares of Enphase Energy during the 4th quarter valued at about $2,724,000. Handelsbanken Fonder AB increased its position in Enphase Energy by 154.9% during the second quarter. Handelsbanken Fonder AB now owns 2,111,158 shares of the semiconductor company’s stock worth $103,953,000 after purchasing an additional 1,283,052 shares during the last quarter. Jupiter Topco LLC purchased a new position in Enphase Energy during the second quarter worth about $6,766,000. SIR Capital Management L.P. purchased a new position in Enphase Energy during the second quarter worth about $10,858,000. Finally, Bank of New York Mellon Corp acquired a new position in Enphase Energy in the 2nd quarter valued at about $43,921,000. Institutional investors and hedge funds own 72.12% of the company’s stock.

Enphase Energy Company Profile

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.