Canaccord Genuity Group Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $130.00

Enphase Energy (NASDAQ:ENPH) had its price objective lowered by Canaccord Genuity Group from $132.00 to $130.00 in a research report released on Wednesday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the semiconductor company’s stock.

Other equities research analysts have also recently issued reports about the stock. Royal Bank of Canada initiated coverage on shares of Enphase Energy in a research note on Wednesday, February 14th. They set an outperform rating and a $140.00 price objective on the stock. Piper Sandler reduced their price target on shares of Enphase Energy from $120.00 to $117.00 and set a neutral rating for the company in a research note on Friday, January 12th. Barclays raised their price objective on shares of Enphase Energy from $106.00 to $115.00 and gave the company an equal weight rating in a research note on Thursday, February 8th. B. Riley increased their price target on Enphase Energy from $121.00 to $149.00 and gave the company a buy rating in a research note on Monday, April 22nd. Finally, Roth Mkm reissued a buy rating and issued a $140.00 price objective on shares of Enphase Energy in a research note on Thursday, April 18th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, Enphase Energy presently has a consensus rating of Hold and an average price target of $137.41.

Enphase Energy Price Performance

NASDAQ ENPH opened at $111.93 on Wednesday. The company has a 50-day moving average price of $117.82 and a two-hundred day moving average price of $111.85. Enphase Energy has a 52 week low of $73.49 and a 52 week high of $192.22. The stock has a market cap of $15.23 billion, a price-to-earnings ratio of 58.30, a price-to-earnings-growth ratio of 3.17 and a beta of 1.47. The company has a current ratio of 4.16, a quick ratio of 4.19 and a debt-to-equity ratio of 1.30.

Enphase Energy (NASDAQ:ENPH) last issued its quarterly earnings data on Tuesday, February 6th. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.05. The business had revenue of $302.57 million during the quarter, compared to analyst estimates of $327.06 million. Enphase Energy had a return on equity of 31.89% and a net margin of 15.10%. Analysts forecast that Enphase Energy will post 1.96 EPS for the current year.

Insider Buying and Selling

In other Enphase Energy news, CEO Badrinarayanan Kothandaraman bought 4,000 shares of the stock in a transaction on Tuesday, February 27th. The shares were bought at an average price of $120.54 per share, with a total value of $482,160.00. Following the purchase, the chief executive officer now directly owns 1,655,171 shares in the company, valued at approximately $199,514,312.34. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Enphase Energy news, Director Richard Mora sold 24,285 shares of the stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $120.59, for a total value of $2,928,528.15. Following the completion of the sale, the director now owns 3,126 shares in the company, valued at approximately $376,964.34. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Badrinarayanan Kothandaraman purchased 4,000 shares of the stock in a transaction dated Tuesday, February 27th. The shares were bought at an average price of $120.54 per share, for a total transaction of $482,160.00. Following the completion of the acquisition, the chief executive officer now owns 1,655,171 shares in the company, valued at $199,514,312.34. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 54,285 shares of company stock valued at $6,148,228. Corporate insiders own 3.40% of the company’s stock.

Institutional Trading of Enphase Energy

A number of institutional investors have recently bought and sold shares of ENPH. Bogart Wealth LLC acquired a new position in Enphase Energy in the 4th quarter worth about $26,000. CVA Family Office LLC bought a new stake in shares of Enphase Energy in the 4th quarter valued at approximately $31,000. YHB Investment Advisors Inc. acquired a new position in Enphase Energy in the first quarter worth approximately $35,000. Parkside Financial Bank & Trust raised its position in Enphase Energy by 131.3% during the third quarter. Parkside Financial Bank & Trust now owns 310 shares of the semiconductor company’s stock valued at $37,000 after acquiring an additional 176 shares in the last quarter. Finally, Covestor Ltd lifted its stake in Enphase Energy by 61.6% in the third quarter. Covestor Ltd now owns 349 shares of the semiconductor company’s stock valued at $42,000 after acquiring an additional 133 shares during the last quarter. Institutional investors and hedge funds own 72.12% of the company’s stock.

About Enphase Energy

Enphase Energy, Inc, together with its subsidiaries, designs, develops, manufactures, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter, which converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control.