Principal Financial Group Inc. Sells 10,899 Shares of SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Principal Financial Group Inc. reduced its position in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 3.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 266,128 shares of the semiconductor company’s stock after selling 10,899 shares during the period. Principal Financial Group Inc. owned about 0.46% of SolarEdge Technologies worth $6,097,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in SolarEdge Technologies by 23.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 357,830 shares of the semiconductor company’s stock valued at $9,039,000 after acquiring an additional 68,444 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in SolarEdge Technologies by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,774 shares of the semiconductor company’s stock worth $1,080,000 after purchasing an additional 4,338 shares during the last quarter. International Assets Investment Management LLC bought a new stake in SolarEdge Technologies in the 2nd quarter worth approximately $28,000. Rhumbline Advisers raised its stake in SolarEdge Technologies by 3.6% during the 2nd quarter. Rhumbline Advisers now owns 104,092 shares of the semiconductor company’s stock valued at $2,629,000 after buying an additional 3,572 shares during the last quarter. Finally, Tortoise Capital Advisors L.L.C. lifted its holdings in shares of SolarEdge Technologies by 31.5% during the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 99,522 shares of the semiconductor company’s stock valued at $2,514,000 after buying an additional 23,844 shares during the period. 95.10% of the stock is currently owned by hedge funds and other institutional investors.

SolarEdge Technologies Stock Performance

NASDAQ SEDG opened at $13.60 on Thursday. The stock has a market capitalization of $788.12 million, a PE ratio of -0.47 and a beta of 1.56. SolarEdge Technologies, Inc. has a 1-year low of $10.24 and a 1-year high of $97.27. The business has a 50 day simple moving average of $14.16 and a two-hundred day simple moving average of $20.62. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.34 and a quick ratio of 1.46.

SolarEdge Technologies (NASDAQ:SEDG) last announced its quarterly earnings results on Wednesday, November 6th. The semiconductor company reported ($15.33) earnings per share for the quarter, missing the consensus estimate of ($1.55) by ($13.78). SolarEdge Technologies had a negative return on equity of 65.79% and a negative net margin of 158.19%. The business had revenue of $260.90 million during the quarter, compared to the consensus estimate of $272.80 million. During the same quarter in the prior year, the firm posted ($1.03) EPS. The company’s revenue for the quarter was down 64.0% on a year-over-year basis. On average, research analysts predict that SolarEdge Technologies, Inc. will post -19.18 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently commented on SEDG. Royal Bank of Canada cut their price objective on SolarEdge Technologies from $35.00 to $25.00 and set a “sector perform” rating for the company in a report on Tuesday, October 15th. JPMorgan Chase & Co. reduced their price target on shares of SolarEdge Technologies from $35.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, October 23rd. Barclays dropped their price objective on shares of SolarEdge Technologies from $17.00 to $7.00 and set an “underperform” rating on the stock in a report on Friday, November 15th. Glj Research upgraded shares of SolarEdge Technologies from a “strong sell” rating to a “strong-buy” rating in a research report on Tuesday, December 17th. Finally, Guggenheim raised shares of SolarEdge Technologies from a “sell” rating to a “neutral” rating in a research report on Wednesday, November 20th. Seven analysts have rated the stock with a sell rating, nineteen have issued a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, SolarEdge Technologies presently has a consensus rating of “Hold” and a consensus target price of $22.40.

Insider Activity

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

SolarEdge Technologies Company 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.