Canaccord Genuity Group Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $58.00

Enphase Energy (NASDAQ:ENPH) had its price target cut by Canaccord Genuity Group from $70.00 to $58.00 in a research note issued to investors on Thursday morning, Marketbeat.com reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other equities research analysts have also issued reports on the stock. Glj Research reissued a “sell” rating and set a $50.69 target price on shares of Enphase Energy in a research note on Tuesday, February 4th. Morgan Stanley downgraded Enphase Energy from an “equal weight” rating to an “underweight” rating and set a $36.00 target price on the stock. in a research note on Wednesday. TD Cowen cut their price target on Enphase Energy from $78.00 to $58.00 and set a “buy” rating for the company in a research note on Wednesday. JPMorgan Chase & Co. lowered their price target on Enphase Energy from $112.00 to $91.00 and set an “overweight” rating for the company in a research note on Thursday, January 23rd. Finally, Craig Hallum cut their price objective on shares of Enphase Energy from $123.00 to $101.00 and set a “buy” rating on the stock in a research report on Wednesday, February 5th. Seven research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Enphase Energy presently has a consensus rating of “Hold” and an average price target of $70.54.

Enphase Energy Stock Performance

Shares of ENPH stock opened at $46.83 on Thursday. The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of 63.28 and a beta of 1.94. Enphase Energy has a 1-year low of $44.83 and a 1-year high of $141.63. The company has a current ratio of 3.53, a quick ratio of 3.28 and a debt-to-equity ratio of 1.44. The stock’s fifty day simple moving average is $57.84 and its 200-day simple moving average is $67.02.

Enphase Energy (NASDAQ:ENPH) last released its earnings results on Tuesday, February 4th. The semiconductor company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.14. Enphase Energy had a return on equity of 15.62% and a net margin of 7.72%. On average, sell-side analysts predict that Enphase Energy will post 2.08 earnings per share for the current fiscal year.

Insider Activity at Enphase Energy

In other Enphase Energy news, CFO Mandy Yang sold 1,319 shares of the company’s stock in a transaction that occurred 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 owns 78,524 shares of the company’s stock, valued at $4,972,139.68. This represents a 1.65 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Thurman J. Rodgers sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $61.26, for a total value 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. This represents a 5.05 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.10% of the company’s stock.

Institutional Investors Weigh In On Enphase Energy

Several institutional investors and hedge funds have recently bought and sold shares of ENPH. Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its position in Enphase Energy by 72.7% in the fourth quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 19,000 shares of the semiconductor company’s stock worth $1,305,000 after purchasing an additional 8,000 shares in the last quarter. Norges Bank bought a new stake in shares of Enphase Energy in the 4th quarter valued at approximately $46,339,000. Nordea Investment Management AB raised its holdings in shares of Enphase Energy by 131.6% in the 4th quarter. Nordea Investment Management AB now owns 2,214,999 shares of the semiconductor company’s stock worth $155,360,000 after buying an additional 1,258,778 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Enphase Energy during the 4th quarter worth approximately $5,324,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Enphase Energy in the 4th quarter valued at $584,000. 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.