Wells Fargo & Company Lowers Enphase Energy (NASDAQ:ENPH) Price Target to $65.00

Enphase Energy (NASDAQ:ENPH) had its target price lowered by analysts at Wells Fargo & Company from $75.00 to $65.00 in a report released on Thursday, MarketBeat reports. The firm presently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 38.80% from the company’s previous close.

Other analysts have also issued research reports about the company. Truist Financial reaffirmed a “hold” rating and issued a $65.00 price target (down previously from $100.00) on shares of Enphase Energy in a research note on Thursday, January 16th. Craig Hallum cut their target price on shares of Enphase Energy from $123.00 to $101.00 and set a “buy” rating on the stock in a research note on Wednesday, February 5th. Canaccord Genuity Group reduced their price target on shares of Enphase Energy from $70.00 to $58.00 and set a “buy” rating on the stock in a research report on Thursday. TD Cowen lowered their price objective on shares of Enphase Energy from $78.00 to $58.00 and set a “buy” rating for the company in a report on Wednesday. Finally, Glj Research reiterated a “sell” rating and set a $50.69 target price on shares of Enphase Energy in a report on Tuesday, February 4th. Seven research analysts have rated the stock with a sell rating, thirteen have given a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $70.54.

Enphase Energy Price Performance

ENPH stock opened at $46.83 on Thursday. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of 63.28 and a beta of 1.94. The firm’s 50-day moving average price is $57.84 and its two-hundred day moving average price is $67.29. The company has a current ratio of 3.53, a quick ratio of 3.28 and a debt-to-equity ratio of 1.44. Enphase Energy has a 12-month low of $44.83 and a 12-month high of $141.63.

Enphase Energy (NASDAQ:ENPH) last announced its quarterly earnings results on Tuesday, February 4th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.14. Enphase Energy had a return on equity of 15.62% and a net margin of 7.72%. As a group, equities analysts predict that Enphase Energy will post 2.08 earnings per share for the current year.

Insider Activity

In other news, Director Thurman J. Rodgers sold 100,000 shares of the business’s stock in a transaction 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 sale, the director now owns 1,881,760 shares of the company’s stock, valued at $115,276,617.60. The trade was a 5.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Mandy Yang sold 1,319 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was sold at an average price of $63.32, for a total value of $83,519.08. Following the completion of the transaction, the chief financial officer now directly owns 78,524 shares in the company, valued at approximately $4,972,139.68. This represents a 1.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.10% of the company’s stock.

Institutional Trading of Enphase Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Leibman Financial Services Inc. lifted its position in shares of Enphase Energy by 1.0% during the 1st quarter. Leibman Financial Services Inc. now owns 29,474 shares of the semiconductor company’s stock valued at $1,829,000 after buying an additional 305 shares in the last quarter. Inspire Investing LLC lifted its holdings in Enphase Energy by 2.0% during the fourth quarter. Inspire Investing LLC now owns 15,988 shares of the semiconductor company’s stock valued at $1,098,000 after purchasing an additional 318 shares in the last quarter. McGowan Group Asset Management Inc. boosted its position in shares of Enphase Energy by 2.0% in the fourth quarter. McGowan Group Asset Management Inc. now owns 16,670 shares of the semiconductor company’s stock worth $1,145,000 after purchasing an additional 319 shares during the period. GeoWealth Management LLC increased its stake in shares of Enphase Energy by 56.3% in the fourth quarter. GeoWealth Management LLC now owns 891 shares of the semiconductor company’s stock worth $61,000 after purchasing an additional 321 shares in the last quarter. Finally, Norinchukin Bank The increased its stake in shares of Enphase Energy by 6.0% in the fourth quarter. Norinchukin Bank The now owns 5,754 shares of the semiconductor company’s stock worth $395,000 after purchasing an additional 328 shares in the last quarter. Hedge funds and other institutional investors 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.