Wells Fargo & Company Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $75.00

Enphase Energy (NASDAQ:ENPH) had its price objective lowered by Wells Fargo & Company from $77.00 to $75.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

Several other brokerages also recently commented on ENPH. Canaccord Genuity Group raised Enphase Energy from a “hold” rating to a “buy” rating and lifted their price target for the stock from $76.00 to $82.00 in a research report on Wednesday, February 5th. Truist Financial reissued a “hold” rating and issued a $65.00 price target (down from $100.00) on shares of Enphase Energy in a report on Thursday, January 16th. Guggenheim upgraded shares of Enphase Energy from a “sell” rating to a “neutral” rating and set a $62.00 price target on the stock in a research report on Friday, January 31st. TD Cowen cut their price objective on shares of Enphase Energy from $120.00 to $100.00 and set a “buy” rating for the company in a research report on Monday, January 27th. Finally, Susquehanna decreased their target price on Enphase Energy from $79.00 to $76.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 5th. Four equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $90.36.

Enphase Energy Stock Up 1.5 %

Shares of Enphase Energy stock opened at $61.65 on Thursday. Enphase Energy has a 12-month low of $51.63 and a 12-month high of $141.63. The company has a quick ratio of 3.28, a current ratio of 3.53 and a debt-to-equity ratio of 1.44. The stock has a 50 day moving average price of $62.24 and a two-hundred day moving average price of $75.68. The stock has a market capitalization of $8.17 billion, a P/E ratio of 83.31 and a beta of 2.12.

Enphase Energy (NASDAQ:ENPH) last posted its quarterly earnings data on Tuesday, February 4th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.14. Enphase Energy had a net margin of 7.72% and a return on equity of 15.62%. Equities analysts expect that Enphase Energy will post 2.08 earnings per share for the current year.

Insider Transactions at Enphase Energy

In other news, CFO Mandy Yang sold 1,319 shares of Enphase Energy stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $63.32, for a total transaction of $83,519.08. Following the completion of the sale, the chief financial officer now owns 78,524 shares in the company, valued at $4,972,139.68. The trade was a 1.65 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thurman J. Rodgers sold 100,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $61.26, for a total transaction of $6,126,000.00. Following the completion of the transaction, the director now owns 1,881,760 shares in the company, valued at $115,276,617.60. This represents a 5.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in ENPH. Erste Asset Management GmbH acquired a new position in Enphase Energy in the third quarter valued at about $37,475,000. Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its position in shares of Enphase Energy by 72.7% in the 4th quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 19,000 shares of the semiconductor company’s stock valued at $1,305,000 after acquiring an additional 8,000 shares during the period. Nordea Investment Management AB boosted its stake in Enphase Energy by 131.6% during the 4th quarter. Nordea Investment Management AB now owns 2,214,999 shares of the semiconductor company’s stock worth $155,360,000 after acquiring an additional 1,258,778 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Enphase Energy during the fourth quarter valued at approximately $5,324,000. Finally, Y Intercept Hong Kong Ltd bought a new stake in Enphase Energy in the fourth quarter valued at approximately $584,000. 72.12% of the stock is currently owned by institutional investors.

Enphase Energy Company Profile

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.