Solaredge Technologies (NASDAQ:SEDG) Rating Increased to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Solaredge Technologies (NASDAQ:SEDG) from a hold rating to a strong-buy rating in a research report sent to investors on Saturday morning, Zacks.com reports. They currently have $93.00 target price on the semiconductor company’s stock.

According to Zacks, “SolarEdge Technologies, Inc. provides inverter solution. The company’s SolarEdge system offers power optimizers, inverters and a cloud-based monitoring platform. It serves residential solar installations to commercial and small utility-scale solar installations. SolarEdge Technologies, Inc. is headquartered in Hod Hasharon, Israel. “

Several other equities research analysts have also commented on the stock. ValuEngine raised shares of Solaredge Technologies from a hold rating to a buy rating in a research note on Friday, May 24th. Credit Suisse Group boosted their price objective on shares of Solaredge Technologies from $43.00 to $49.00 and gave the stock a neutral rating in a research note on Tuesday, May 7th. Goldman Sachs Group raised shares of Solaredge Technologies from a sell rating to a neutral rating and boosted their price objective for the stock from $35.00 to $52.00 in a research note on Monday, June 17th. Oppenheimer boosted their price objective on shares of Solaredge Technologies from $66.00 to $78.00 and gave the stock an outperform rating in a research note on Wednesday, August 7th. Finally, Canaccord Genuity boosted their price objective on shares of Solaredge Technologies from $62.00 to $68.00 and gave the stock a buy rating in a research note on Tuesday, July 23rd. One research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $74.77.

Shares of SEDG opened at $87.78 on Friday. The company’s 50-day moving average is $65.67. The company has a market cap of $4.21 billion, a price-to-earnings ratio of 32.63, a price-to-earnings-growth ratio of 1.25 and a beta of 0.15. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.49 and a quick ratio of 1.98. Solaredge Technologies has a 1-year low of $32.42 and a 1-year high of $89.43.

Solaredge Technologies (NASDAQ:SEDG) last announced its earnings results on Tuesday, August 6th. The semiconductor company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.01. The firm had revenue of $325.00 million for the quarter, compared to analyst estimates of $315.53 million. Solaredge Technologies had a net margin of 10.09% and a return on equity of 17.81%. The company’s revenue for the quarter was up 43.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.82 EPS. As a group, sell-side analysts expect that Solaredge Technologies will post 2.99 earnings per share for the current fiscal year.

In other Solaredge Technologies news, Director More Avery sold 5,000 shares of Solaredge Technologies stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $55.10, for a total value of $275,500.00. Following the completion of the transaction, the director now directly owns 588,291 shares of the company’s stock, valued at $32,414,834.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 7.90% of the company’s stock.

Institutional investors have recently modified their holdings of the business. C M Bidwell & Associates Ltd. purchased a new position in Solaredge Technologies in the second quarter worth about $32,000. Trust Co. of Vermont raised its holdings in Solaredge Technologies by 86.0% in the first quarter. Trust Co. of Vermont now owns 941 shares of the semiconductor company’s stock worth $35,000 after buying an additional 435 shares during the last quarter. Westside Investment Management Inc. purchased a new position in Solaredge Technologies in the second quarter worth about $35,000. Tower Research Capital LLC TRC purchased a new position in Solaredge Technologies in the second quarter worth about $69,000. Finally, NumerixS Investment Technologies Inc raised its holdings in Solaredge Technologies by 44.4% in the first quarter. NumerixS Investment Technologies Inc now owns 2,600 shares of the semiconductor company’s stock worth $98,000 after buying an additional 800 shares during the last quarter. 81.64% of the stock is owned by institutional investors and hedge funds.

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 worldwide. Its SolarEdge system consists of power optimizers, inverters, communication and smart energy management solutions, and a cloud based monitoring platform.

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