SolarEdge Technologies, Inc. (NASDAQ:SEDG) Shares Sold by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp decreased its holdings in SolarEdge Technologies, Inc. (NASDAQ:SEDG) by 14.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 42,520 shares of the semiconductor company’s stock after selling 7,135 shares during the period. Texas Permanent School Fund Corp owned approximately 0.07% of SolarEdge Technologies worth $1,074,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Quest Partners LLC bought a new stake in shares of SolarEdge Technologies during the 2nd quarter valued at about $294,000. Tortoise Capital Advisors L.L.C. lifted its position in SolarEdge Technologies by 31.5% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 99,522 shares of the semiconductor company’s stock worth $2,514,000 after purchasing an additional 23,844 shares during the period. Rhumbline Advisers grew its holdings in SolarEdge Technologies by 3.6% during the second quarter. Rhumbline Advisers now owns 104,092 shares of the semiconductor company’s stock worth $2,629,000 after acquiring an additional 3,572 shares during the period. Mizuho Markets Americas LLC acquired a new position in shares of SolarEdge Technologies in the 2nd quarter worth approximately $632,000. Finally, International Assets Investment Management LLC bought a new position in shares of SolarEdge Technologies in the second quarter valued at $28,000. 95.10% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SEDG. The Goldman Sachs Group dropped their price target on SolarEdge Technologies from $25.00 to $19.00 and set a “sell” rating on the stock in a research note on Friday, August 9th. JPMorgan Chase & Co. boosted their price target on shares of SolarEdge Technologies from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. Morgan Stanley decreased their price objective on shares of SolarEdge Technologies from $83.00 to $41.00 and set an “equal weight” rating for the company in a research note on Wednesday, June 26th. Scotiabank cut their target price on shares of SolarEdge Technologies from $46.00 to $41.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 8th. Finally, William Blair started coverage on SolarEdge Technologies in a report on Thursday, August 29th. They issued a “market perform” rating for the company. Five research analysts have rated the stock with a sell rating, twenty-five have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, SolarEdge Technologies has an average rating of “Hold” and a consensus target price of $49.35.

SolarEdge Technologies Price Performance

NASDAQ SEDG opened at $20.37 on Friday. SolarEdge Technologies, Inc. has a fifty-two week low of $17.12 and a fifty-two week high of $139.41. The stock’s 50-day moving average is $24.36 and its two-hundred day moving average is $42.87. The firm has a market cap of $1.17 billion, a P/E ratio of -4.56 and a beta of 1.56. The company has a debt-to-equity ratio of 0.32, a current ratio of 5.10 and a quick ratio of 2.45.

SolarEdge Technologies (NASDAQ:SEDG) last issued its quarterly earnings data on Wednesday, August 7th. The semiconductor company reported ($1.79) EPS for the quarter, missing analysts’ consensus estimates of ($1.60) by ($0.19). SolarEdge Technologies had a negative net margin of 33.86% and a negative return on equity of 18.00%. The company had revenue of $265.41 million for the quarter, compared to analyst estimates of $264.31 million. During the same period in the prior year, the company posted $2.06 EPS. The business’s revenue was down 73.2% on a year-over-year basis. On average, analysts anticipate that SolarEdge Technologies, Inc. will post -8.67 earnings per share for the current fiscal year.

About SolarEdge Technologies

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.