Bank of America Increases Enphase Energy (NASDAQ:ENPH) Price Target to $84.00

Enphase Energy (NASDAQ:ENPH) had its price objective hoisted by equities researchers at Bank of America from $82.00 to $84.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “underperform” rating on the semiconductor company’s stock. Bank of America‘s price target indicates a potential downside of 16.81% from the stock’s current price.

Several other equities analysts have also weighed in on the stock. BNP Paribas upgraded shares of Enphase Energy from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $120.00 to $144.00 in a report on Wednesday, August 7th. William Blair initiated coverage on Enphase Energy in a research report on Thursday, August 29th. They issued a “market perform” rating on the stock. Glj Research assumed coverage on Enphase Energy in a research note on Tuesday, June 25th. They issued a “sell” rating and a $45.82 target price on the stock. JPMorgan Chase & Co. boosted their target price on Enphase Energy from $124.00 to $130.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 16th. Finally, Canaccord Genuity Group lowered their price target on Enphase Energy from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $126.99.

Enphase Energy Stock Up 1.8 %

NASDAQ ENPH opened at $100.97 on Thursday. The stock has a market capitalization of $13.67 billion, a P/E ratio of 110.96, a price-to-earnings-growth ratio of 5.57 and a beta of 1.72. Enphase Energy has a 52 week low of $73.49 and a 52 week high of $141.63. The company has a debt-to-equity ratio of 1.36, a quick ratio of 3.90 and a current ratio of 4.23. The stock has a fifty day moving average of $112.35 and a 200-day moving average of $113.70.

Enphase Energy (NASDAQ:ENPH) last posted its quarterly earnings results on Tuesday, July 23rd. The semiconductor company reported $0.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.06). Enphase Energy had a net margin of 9.12% and a return on equity of 17.30%. The firm had revenue of $303.80 million during the quarter, compared to the consensus estimate of $309.73 million. During the same quarter in the prior year, the business earned $1.16 EPS. Enphase Energy’s revenue was down 57.3% on a year-over-year basis. On average, equities research analysts forecast that Enphase Energy will post 1.19 EPS for the current year.

Institutional Trading of Enphase Energy

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Enphase Energy by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 15,641,335 shares of the semiconductor company’s stock worth $2,066,846,000 after acquiring an additional 192,854 shares during the last quarter. Baillie Gifford & Co. lifted its stake in Enphase Energy by 57.9% in the 2nd quarter. Baillie Gifford & Co. now owns 6,285,059 shares of the semiconductor company’s stock valued at $626,683,000 after purchasing an additional 2,304,408 shares during the last quarter. Swedbank AB acquired a new stake in Enphase Energy in the first quarter valued at approximately $424,130,000. Electron Capital Partners LLC boosted its position in Enphase Energy by 1,021.4% in the second quarter. Electron Capital Partners LLC now owns 1,183,713 shares of the semiconductor company’s stock valued at $118,028,000 after buying an additional 1,078,154 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Enphase Energy by 11.1% during the first quarter. Nordea Investment Management AB now owns 907,722 shares of the semiconductor company’s stock worth $108,927,000 after buying an additional 90,558 shares during the last quarter. 72.12% of the stock is currently owned by institutional investors.

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.