Clearbridge Investments LLC Sells 379,045 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Clearbridge Investments LLC cut its stake in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 67.5% during the 4th quarter, Holdings Channel.com reports. The firm owned 182,115 shares of the semiconductor company’s stock after selling 379,045 shares during the period. Clearbridge Investments LLC’s holdings in SolarEdge Technologies were worth $17,046,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of SEDG. Principal Financial Group Inc. increased its holdings in shares of SolarEdge Technologies by 0.5% during the third quarter. Principal Financial Group Inc. now owns 61,301 shares of the semiconductor company’s stock worth $7,939,000 after purchasing an additional 327 shares during the period. NBC Securities Inc. acquired a new position in SolarEdge Technologies in the third quarter valued at about $25,000. Ieq Capital LLC bought a new stake in SolarEdge Technologies during the third quarter worth about $207,000. Assenagon Asset Management S.A. increased its holdings in SolarEdge Technologies by 424.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 74,137 shares of the semiconductor company’s stock valued at $9,601,000 after buying an additional 60,001 shares during the period. Finally, PFG Investments LLC raised its position in shares of SolarEdge Technologies by 3.8% in the 3rd quarter. PFG Investments LLC now owns 7,458 shares of the semiconductor company’s stock valued at $966,000 after buying an additional 274 shares in the last quarter. Institutional investors and hedge funds own 95.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SEDG shares. BMO Capital Markets dropped their price objective on SolarEdge Technologies from $73.00 to $56.00 and set a “market perform” rating for the company in a research report on Thursday, May 9th. Piper Sandler reduced their target price on shares of SolarEdge Technologies from $105.00 to $77.00 and set a “neutral” rating on the stock in a report on Wednesday, February 21st. Janney Montgomery Scott downgraded shares of SolarEdge Technologies from a “buy” rating to a “neutral” rating in a research note on Friday, March 22nd. Bank of America reduced their price objective on shares of SolarEdge Technologies from $54.00 to $44.00 and set an “underperform” rating on the stock in a research note on Friday, May 10th. Finally, Northland Securities downgraded SolarEdge Technologies from an “outperform” rating to a “market perform” rating in a report on Thursday, May 9th. Four analysts have rated the stock with a sell rating, twenty-four have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $86.38.

SolarEdge Technologies Stock Performance

Shares of NASDAQ:SEDG traded up $0.81 during midday trading on Friday, reaching $48.02. The company had a trading volume of 2,090,962 shares, compared to its average volume of 2,377,918. SolarEdge Technologies, Inc. has a 52-week low of $46.86 and a 52-week high of $306.86. The company has a current ratio of 4.54, a quick ratio of 2.19 and a debt-to-equity ratio of 0.30. The company’s 50 day moving average price is $60.03 and its 200 day moving average price is $71.73. The stock has a market cap of $2.75 billion, a P/E ratio of -10.33 and a beta of 1.53.

SolarEdge Technologies (NASDAQ:SEDG) last issued its earnings results on Tuesday, February 20th. The semiconductor company reported ($1.41) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($2.01) by $0.60. SolarEdge Technologies had a negative net margin of 11.68% and a negative return on equity of 6.43%. The business had revenue of $316.04 million for the quarter, compared to analysts’ expectations of $319.97 million. As a group, sell-side analysts anticipate that SolarEdge Technologies, Inc. will post -6.08 EPS for the current fiscal year.

Insider Activity

In related news, Director More Avery acquired 7,000 shares of the stock in a transaction dated Thursday, February 29th. The shares were purchased at an average price of $67.75 per share, for a total transaction of $474,250.00. Following the transaction, the director now owns 77,446 shares in the company, valued at approximately $5,246,966.50. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.67% of the company’s stock.

SolarEdge Technologies Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.