Solaredge Technologies (NASDAQ:SEDG) Raised to Buy at BidaskClub

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BidaskClub upgraded shares of Solaredge Technologies (NASDAQ:SEDG) from a hold rating to a buy rating in a report released on Saturday, BidAskClub reports.

Several other equities research analysts have also commented on the company. Cowen boosted their price objective on Solaredge Technologies from $65.00 to $74.00 and gave the stock an outperform rating in a research note on Friday, July 12th. Canaccord Genuity boosted their price objective on Solaredge Technologies from $62.00 to $68.00 and gave the stock a buy rating in a research note on Tuesday, July 23rd. Northland Securities reiterated an outperform rating and set a $72.00 price objective on shares of Solaredge Technologies in a research note on Wednesday, June 26th. Cascend Securities reiterated a buy rating and set a $75.00 price objective (up from $65.00) on shares of Solaredge Technologies in a research note on Thursday, June 27th. Finally, JMP Securities upped their price target on Solaredge Technologies to $78.00 and gave the company an outperform rating in a research report on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company’s stock. Solaredge Technologies has a consensus rating of Buy and an average target price of $62.50.

NASDAQ:SEDG opened at $62.91 on Friday. Solaredge Technologies has a 12 month low of $32.42 and a 12 month high of $69.00. The business’s 50 day moving average price is $62.20. The company has a current ratio of 2.89, a quick ratio of 2.28 and a debt-to-equity ratio of 0.05. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of 23.39, a P/E/G ratio of 1.18 and a beta of 0.15.

Solaredge Technologies (NASDAQ:SEDG) last posted its quarterly earnings data on Monday, May 6th. The semiconductor company reported $0.39 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.53 by ($0.14). Solaredge Technologies had a return on equity of 19.57% and a net margin of 11.23%. The firm had revenue of $271.90 million for the quarter, compared to analysts’ expectations of $266.11 million. During the same quarter last year, the firm posted $0.87 earnings per share. Solaredge Technologies’s quarterly revenue was up 29.5% on a year-over-year basis. Analysts anticipate that Solaredge Technologies will post 2.5 earnings per share for the current year.

In other news, Director More Avery sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $55.10, for a total value of $275,500.00. Following the completion of the sale, the director now directly owns 588,291 shares in the company, valued at $32,414,834.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 9,439 shares of company stock valued at $502,641 over the last 90 days. Company insiders own 7.90% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Northern Trust Corp lifted its stake in Solaredge Technologies by 0.4% during the 4th quarter. Northern Trust Corp now owns 165,315 shares of the semiconductor company’s stock valued at $5,802,000 after acquiring an additional 718 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Solaredge Technologies by 4.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 715,166 shares of the semiconductor company’s stock valued at $25,102,000 after acquiring an additional 33,399 shares in the last quarter. Stifel Financial Corp lifted its stake in Solaredge Technologies by 38.5% during the 4th quarter. Stifel Financial Corp now owns 20,240 shares of the semiconductor company’s stock valued at $711,000 after acquiring an additional 5,626 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Solaredge Technologies by 8.0% during the 4th quarter. Geode Capital Management LLC now owns 338,980 shares of the semiconductor company’s stock worth $11,898,000 after purchasing an additional 25,154 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Solaredge Technologies by 1.4% during the 4th quarter. Principal Financial Group Inc. now owns 351,007 shares of the semiconductor company’s stock worth $12,320,000 after purchasing an additional 4,849 shares during the period. Institutional investors and hedge funds own 82.46% of the company’s stock.

Solaredge Technologies Company Profile

SolarEdge Technologies, Inc, together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. Its SolarEdge system consists of power optimizers, inverters, communication and smart energy management solutions, and a cloud based monitoring platform.

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Analyst Recommendations for Solaredge Technologies (NASDAQ:SEDG)

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