Principal Financial Group Inc. Has $6.10 Million Stock Position in SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Principal Financial Group Inc. trimmed its position in shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 3.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 266,128 shares of the semiconductor company’s stock after selling 10,899 shares during the quarter. Principal Financial Group Inc. owned approximately 0.46% of SolarEdge Technologies worth $6,097,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. EntryPoint Capital LLC acquired a new position in shares of SolarEdge Technologies during the first quarter worth approximately $64,000. International Assets Investment Management LLC bought a new position in SolarEdge Technologies in the 2nd quarter valued at $28,000. State Board of Administration of Florida Retirement System acquired a new stake in shares of SolarEdge Technologies in the 1st quarter valued at $236,000. First Pacific Financial raised its position in shares of SolarEdge Technologies by 53.0% during the second quarter. First Pacific Financial now owns 5,208 shares of the semiconductor company’s stock worth $132,000 after acquiring an additional 1,805 shares during the last quarter. Finally, US Bancorp DE increased its position in SolarEdge Technologies by 243.6% in the third quarter. US Bancorp DE now owns 6,818 shares of the semiconductor company’s stock worth $156,000 after purchasing an additional 4,834 shares during the period. Institutional investors and hedge funds own 95.10% of the company’s stock.

SolarEdge Technologies Stock Up 3.9 %

Shares of SolarEdge Technologies stock opened at $10.87 on Thursday. The company has a quick ratio of 1.46, a current ratio of 2.34 and a debt-to-equity ratio of 0.39. SolarEdge Technologies, Inc. has a twelve month low of $10.24 and a twelve month high of $103.15. The company has a market cap of $629.92 million, a price-to-earnings ratio of -0.37 and a beta of 1.59. The company’s 50 day moving average is $17.73 and its 200 day moving average is $28.09.

SolarEdge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.55) by ($13.78). The business had revenue of $260.90 million during the quarter, compared to analysts’ expectations of $272.80 million. SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business’s quarterly revenue was down 64.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.03) EPS. Research analysts anticipate that SolarEdge Technologies, Inc. will post -17.69 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SEDG. Deutsche Bank Aktiengesellschaft dropped their price target on shares of SolarEdge Technologies from $40.00 to $25.00 and set a “hold” rating for the company in a research note on Friday, August 9th. Morgan Stanley reaffirmed an “underweight” rating and set a $9.00 price objective (down from $23.00) on shares of SolarEdge Technologies in a research note on Friday, November 15th. Royal Bank of Canada decreased their target price on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 15th. Canaccord Genuity Group cut their price target on shares of SolarEdge Technologies from $38.00 to $27.00 and set a “hold” rating on the stock in a research report on Thursday, August 8th. Finally, The Goldman Sachs Group lowered their target price on shares of SolarEdge Technologies from $19.00 to $10.00 and set a “sell” rating for the company in a research note on Thursday, November 7th. Nine research analysts have rated the stock with a sell rating, nineteen have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $22.79.

Insider Buying and Selling at SolarEdge Technologies

In other news, Chairman More Avery purchased 156,000 shares of the business’s stock in a transaction on Monday, November 11th. The stock was acquired at an average price of $13.65 per share, for a total transaction of $2,129,400.00. Following the acquisition, the chairman now directly owns 244,478 shares of the company’s stock, valued at $3,337,124.70. This represents a 176.32 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.67% of the company’s stock.

SolarEdge Technologies Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, manufactures, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations in the United States, Germany, the Netherlands, Italy, rest of Europe, and internationally. It operates in two segments, Solar and Energy Storage.