Raymond James Cuts Enphase Energy (NASDAQ:ENPH) Price Target to $130.00

Enphase Energy (NASDAQ:ENPH) had its price objective trimmed by Raymond James from $140.00 to $130.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has an outperform rating on the semiconductor company’s stock.

Several other equities research analysts have also issued reports on the company. Piper Sandler lowered their price objective on Enphase Energy from $105.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday. BMO Capital Markets dropped their price objective on shares of Enphase Energy from $114.00 to $104.00 and set a “market perform” rating for the company in a research note on Monday, October 14th. Canaccord Genuity Group reissued a “hold” rating and issued a $95.00 target price (down previously from $140.00) on shares of Enphase Energy in a research note on Wednesday. Bank of America lifted their price target on shares of Enphase Energy from $82.00 to $84.00 and gave the stock an “underperform” rating in a research note on Thursday, October 10th. Finally, Royal Bank of Canada lowered shares of Enphase Energy from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $125.00 to $100.00 in a research report on Tuesday, October 15th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $111.26.

Enphase Energy Trading Up 3.4 %

Shares of ENPH opened at $83.83 on Wednesday. The stock has a market capitalization of $11.41 billion, a PE ratio of 43.66, a P/E/G ratio of 5.57 and a beta of 1.72. The company’s fifty day moving average is $108.44 and its 200 day moving average is $111.79. The company has a debt-to-equity ratio of 1.36, a quick ratio of 3.90 and a current ratio of 4.23. Enphase Energy has a fifty-two week low of $73.49 and a fifty-two week high of $141.63.

Enphase Energy (NASDAQ:ENPH) last posted its earnings results on Tuesday, October 22nd. The semiconductor company reported $0.65 earnings per share for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.12). Enphase Energy had a return on equity of 17.30% and a net margin of 9.12%. The business had revenue of $380.90 million during the quarter, compared to the consensus estimate of $392.51 million. During the same quarter last year, the firm earned $0.84 earnings per share. The business’s quarterly revenue was down 30.9% on a year-over-year basis. Sell-side analysts expect that Enphase Energy will post 1.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enphase Energy

Hedge funds have recently modified their holdings of the stock. Baillie Gifford & Co. grew its position in Enphase Energy by 57.9% during the 2nd quarter. Baillie Gifford & Co. now owns 6,285,059 shares of the semiconductor company’s stock worth $626,683,000 after purchasing an additional 2,304,408 shares during the last quarter. Swedbank AB acquired a new stake in shares of Enphase Energy during the first quarter worth $424,130,000. Electron Capital Partners LLC grew its holdings in shares of Enphase Energy by 1,021.4% during 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 during the last quarter. Nordea Investment Management AB increased its position in shares of Enphase Energy by 11.1% in the 1st quarter. Nordea Investment Management AB now owns 907,722 shares of the semiconductor company’s stock valued at $108,927,000 after acquiring an additional 90,558 shares during the period. Finally, Thrivent Financial for Lutherans raised its stake in Enphase Energy by 17.6% in the 2nd quarter. Thrivent Financial for Lutherans now owns 826,742 shares of the semiconductor company’s stock worth $82,434,000 after acquiring an additional 123,856 shares during the last quarter. Institutional investors and hedge funds 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.